SK Hynix, South Korea’s largest listed company, has submitted plans to raise approximately $29 billion by issuing American depositary receipts (ADRs) on the Nasdaq, as detailed in a regulatory filing. The anticipated US listing aims to attract a wider group of investors and potentially reduce the valuation gap between SK Hynix and global rivals.
According to company filings, SK Hynix will issue 17.79 million new shares, translating to a total value of nearly 45.45 trillion won, or about $29.65 billion. This forthcoming ADR sale would be one of the largest in history. Each ADR will represent one-tenth of a common share, with final pricing determined through a bookbuilding process ahead of the projected July 10 trading launch. The timing of the listing remains tentative, as stated by the company.
Financial institutions leading the transaction include BofA Securities, Citigroup, Goldman Sachs, and JP Morgan. Regulatory assessments for the ADR program are slated to close by July 3, while registration of the new shares on the Korea Exchange is expected on July 29.
Market demand for high-performance memory—particularly high bandwidth memory (HBM) used in artificial intelligence applications—has led to a global supply crunch, notably increasing SK Hynix’s significance. Industry estimates indicate the company commands roughly 60% of the HBM sector.
To address surging needs, SK Hynix is expanding operations with a major chip manufacturing complex in South Korea’s Yongin region, scheduled to partially open in 2027, and is establishing a $4 billion packaging plant in Indiana, USA, marking its first such project in the country.
