An aerial view of SK hynix's plant in Icheon, Gyeonggi Province / Courtesy of SK hynix
SK hynix is set to raise up to 45.45 trillion won ($29.4 billion) through an American depositary receipt (ADR) offering backed by newly issued shares, expanding its global investor base and funding major semiconductor projects.
The chip giant said Wednesday that its board approved the ADR issuance, with the securities set to debut on Nasdaq on July 10.
Depositary receipts are bank-issued securities that represent shares in a foreign company, allowing investors to trade them on local exchanges.
Under the offering structure, newly issued common shares will be deposited with a local custodian in Korea, and a U.S. depositary bank will issue ADRs representing those underlying shares for trading on Nasdaq.
