South Korean chipmaker SK Hynix kicked off on Monday a U.S. share sale to raise 43 trillion won ($28.07 billion) and attracted interest for up to $7 billion from major investors, as it strongly capitalizes on the artificial intelligence boom with one of the world's largest new share sales.
Baillie Gifford Overseas, investment funds managed by Coatue Management and Situational Awareness Partners have each separately indicated interest in buying up to a combined $7 billion worth of SK Hynix's American depositary receipts (ADRs), SK Hynix said.
The company will sell 17.79 million new shares through the ADRs on the Nasdaq; 10 ADRs will represent one common share and a Monday filing gave a reference price of 242,500 won per ADR, based on SK Hynix's July 3 closing price in Seoul.
The deal comes as Asian chip companies tap strong global demand for AI-related stocks.
Taiwan's Unimicron Technology is also seeking to raise about $1.4 billion through a sale of global depositary shares, or shares listed overseas that represent its local stock.
