Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeInvestorMemory chipmaker SK Hynix kicks off US$28 billion U.S. listingThe South Korean chipmaker looks to capitalize on surging investor demand for the high-flying memory-chip sectorAuthor of the article:Last updated 31 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.SK Hynix is making an outsize bet on the market’s ability to absorb more fresh supply of AI-related stock. Photo by Lam Yik Fei/BloombergSK Hynix Inc. kicked off the formal marketing process for its U.S. listing on Monday, as the South Korean chipmaker looks to capitalize on surging investor demand for the high-flying memory-chip sector.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe company is seeking to sell American depositary receipts representing about 17.79 million common shares, according to a filing with the U.S. Securities and Exchange Commission Monday, which would be valued at about US$28 billion based on Friday’s closing price in Seoul. The offering of ADRs comes after the firm’s Seoul-traded stock rallied about 260 per cent this year, propelling the company’s market capitalization above US$1 trillion.A U.S. listing for SK Hynix opens up a powerful fundraising channel for the world’s top supplier of high-bandwidth memory (HBM), as demand for equipment used in artificial intelligence computing turbocharges companies’ spending plans. The company, and longtime rival Samsung Electronics Co., are poised to ramp up investment in the country as part of a South Korean government-led initiative worth US$880 billion.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againThe offering has already drawn more orders than there are ADRs available, according to terms of the deal seen by Bloomberg News. Baillie Gifford, Coatue Management and Situational Awareness Partners have indicated an interest in buying as much as US$7 billion worth of ADRs in the first-time share sale.SK Hynix’s U.S. listing joins a rush of tech giants tapping the market’s deep pools of capital to fund the buildout of AI infrastructure. SpaceX (formally Space Exploration Technologies Corp.) held the largest initial public offering in history earlier in June, while Alphabet Inc. is set to raise US$85 billion to fund its AI plans.The South Korean company expects the ADRs to begin trading on July 10, according to an earlier regulatory filing. At the proposed size, SK Hynix’s ADR sale would be among the top three first-time share sales ever, depending on the exchange rate. It would rival Saudi Aramco’s US$29.4 billion 2019 debut, according to data compiled by Bloomberg.Each ADR represents a 10th of a common share of SK Hynix, the filing shows. The shares fell 3.4 per cent in Korea on Monday, bringing down the potential size of the U.S. offering from US$29 billion when the company filed in late June.SK Hynix is planning to “capitalize on global investor interest with a U.S. stock listing” said Dan Coatsworth, head of markets at AJ Bell.“The big question is whether this listing has come a little too late. Memory chip stocks have lost momentum in recent weeks, but investors might take the view that SK Hynix has solid long-term prospects rather than just being a flash in the pan.”With an offering that is expected to be the biggest ever listing by a foreign company on a U.S. exchange, SK Hynix is making an outsize bet on the market’s ability to absorb more fresh supply of AI-related stock, even from a pioneer.The company’s early shift to embrace HBM made it the go-to provider for Nvidia Corp., bringing a huge windfall. It controlled 57 per cent of the global HBM market share by revenue in the fourth quarter of 2025, according to data from Counterpoint Research.SK Hynix’s operating profit for the first quarter jumped to 37.61 trillion won (the equivalent of about US$24.6 billion), a record high that compares with the average estimate by analysts for 35.7 trillion won (about $US$23.3 billion). Sales nearly tripled to 52.58 trillion won (about US$34.3 billion).U.S. investors are betting that robust AI-related demand represents a secular growth story for memory stocks, which have traditionally been viewed as more cyclical in nature, with demand and growth rising and falling alongside PC and smartphone cycles. Memory and storage companies comprise the top four stocks in the S&P 500 index this year.The offering is being led by Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co., with nine other banks also working on the deal. The company expects the ADRs to trade on the Nasdaq Global Select Market under the symbol SKHY.—With assistance from Bailey Lipschultz. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.