South Korean memory chipmaker SK Hynix has filed a registration statement with the US Securities and Exchange Commission for a Nasdaq listing that could raise as much as $29.4 billion.
The company plans to list its American Depositary Shares on the Nasdaq Global Select Market under the ticker SKHY. The offering could include up to 17.79 million newly issued common shares, representing about 2.5% of its current share count. Ten ADSs will represent one common share.
At the maximum size, the offering would raise about 45.45 trillion won. The initial valuation implies a price near $166 per ADS, although the final price will be determined after discussions with underwriters and the completion of the bookbuilding process.
SK Hynix plans to begin bookbuilding on July 6, set the final price on July 9 and start trading on Nasdaq on July 10. BofA Securities, Citigroup, Goldman Sachs and JPMorgan are managing the offering.
The transaction is not a traditional initial public offering because SK Hynix is already publicly traded in South Korea. Instead, the ADS offering will give US investors more direct access to the company and allow it to raise capital through a second listing.
