SK Hynix will launch a U.S. listing valued at roughly $28 billion on Monday, according to regulatory filings, marking one of the biggest new share sales globally and reflecting intense investor demand for companies tied to artificial intelligence.
The Seoul-based chipmaker plans to offer 17.79 million new shares through a depository receipt structure on the Nasdaq. Under the planned arrangement, ten American depositary receipts will equal one common share. The filings state that the stock will be sold within a price range to be disclosed on Monday, based on SK Hynix's trading price in Seoul.
Market data in the filings showed the company's shares trading about 1% higher on the day of the filing, and SK Hynix's stock has risen approximately 273% so far this year as investors have sought exposure to AI-related semiconductor names. Korea's benchmark KOSPI index was up 0.2% early on Monday.
Regulatory documents set the final pricing of the New York offering for Thursday, with the securities slated to begin trading on Friday. Company executives are scheduled to meet global investors on a roadshow this week, according to the filing.
At the center of investor interest is SK Hynix's role as a supplier of high-bandwidth memory chips used in AI systems by customers such as Nvidia and Google. The filings highlight that the company has been a major beneficiary of the AI-driven surge in demand, outpacing rivals including Samsung Electronics and Micron in recent performance.
The anticipated U.S. sale would rank among the largest global share offerings. Filings and accompanying material note that the transaction is expected to be the second-largest share sale after a recent $85.7 billion offering by SpaceX, and would exceed the size of Saudi Aramco's $25.6 billion initial public offering in 2019 as well as Alibaba's similarly sized U.S. listing in 2014.
Separately, the company announced last week plans to invest 100 trillion won, equivalent to $64.38 billion, to build new chip fabs, including a plant for NAND flash memory. The investment was presented as part of a broad South Korean industrial push to distribute gains from the global AI upswing.
The filings and accompanying market moves show a company positioning itself to capture continued investor enthusiasm for AI infrastructure components while timing a major international offering and preparing for investor outreach this week.