The South Korean memory chip giant’s planned Nasdaq listing is already attracting strong institutional interest, fueling bullish sentiment around one of the largest equity offerings tied to the artificial intelligence boom.
SK Hynix Launches $28 Billion US Share Sale
South Korean chipmaker SK Hynix on Monday launched a U.S. share sale aimed at raising about 43 trillion won ($28.07 billion) through the issuance of American depositary receipts (ADRs) listed on the Nasdaq.
The company said major institutional investors, including Baillie Gifford Overseas, investment funds managed by Coatue Management and Situational Awareness Partners, have separately indicated interest in purchasing up to a combined $7 billion worth of the ADRs.
SK Hynix plans to issue 17.79 million new shares through the offering, with 10 ADRs representing one common share. The reference price was set at 242,500 won per ADR, based on the company’s July 3 closing price in Seoul.
