South Korean chipmaker SK Hynix will launch its roughly $28 billion U.S. listing on Monday, according to regulatory filings. The move ranks among the world’s largest share sales and aims to benefit from surging global demand for artificial intelligence technology.
The company intends to offer 17.79 million new shares through depository receipts on Nasdaq. Ten ADRs will equal one common share, with the price range to be set on Monday using its Seoul trading value.
SK Hynix shares rose 1 percent recently and have gained about 273 percent this year, fueled by investor enthusiasm for AI stocks. South Korea’s KOSPI index edged up 0.2 percent early Monday.
The firm has emerged as a major winner from the AI boom, outperforming rivals Samsung Electronics and Micron.
Final pricing for the New York listing is expected Thursday, with trading to begin Friday. Company leaders will meet investors during a roadshow this week.
The offering is forecast to become the second-largest share sale after SpaceX’s record $85.7 billion IPO last month, ahead of Saudi Aramco’s $25.6 billion deal in 2019 and Alibaba’s similar-sized offering in 2014.
SK Hynix supplies high-bandwidth memory chips for AI systems to customers such as Nvidia and Google.
Last week the company announced plans to invest 100 trillion won ($64.38 billion) in new chip plants, including a NAND flash memory facility, as part of a broader South Korean push to extend gains from the AI expansion.
