South Korean memory chip giant SK Hynix has announced plans to sell 17.8 million shares in a US IPO, a move that is expected to net the company around $28 billion.In an SEC filing dated July 6, SK Hynix said it would be offering American depositary receipts (ADRs), with each ADR representing a tenth of a common share.ADRs are shares of a foreign company that are traded on US exchanges.It is expected that the company will price the shares on Thursday, July 9, and begin trading on Friday, July 10.In the prospectus SK Hynix attached to the filing, it claims to be one of the world’s “largest memory semiconductor companies and [to] engage in the design, manufacture and sale of advanced memory semiconductors,“ stating that, based on revenue, it ranked second in the global DRAM market, which includes high-bandwidth memory (HBM). Within the HBM market, SK Hynix said it ranked first based on Q1 2016 revenue.The company said it is also the second largest supplier of NAND flash memory, based on revenue.For Q1 2026, SK Hynix posted revenue of $34.51 billion.The IPO comes as memory chip makers such as SK Hynix warn that the ongoing memory shortage is expected to continue well beyond 2027, with consumer electronics likely to suffer the most in the face of ongoing supply issues, as capacity will increasingly be allocated to AI infrastructure projects.In an effort to address the capacity crunch, earlier this month, the company announced that, alongside Samsung, it plans to invest a cumulative $513bn to build four memory fabs in South Korea – two each in the Jeonnam-Gwangju Integrated Special City – as well as an additional 81 trillion won ($52bn) for HBM packaging fabs in the Chungcheong region.SK Hynix also pledged to build 5GW of data center capacity in the country, with an additional 10GW capacity build-out planned between 2029 and 2035 depending on the “results of the first phase and market demand.”