South Korea’s SK Hynix is about to pull off something that would make most CFOs weep with joy. The world’s second-largest memory chipmaker is listing on the Nasdaq through an American depositary receipts offering worth approximately $28 billion, which would make it the second-largest equity offering in history.
The only deal that tops it? SpaceX’s roughly $85.7 billion IPO. Not bad company to keep.
The deal breakdown
SK Hynix plans to issue 17.79 million new common shares through an ADR structure, where 10 ADRs represent one common share. The reference pricing sits around 242,500 won per ADR, based on the Seoul close.
Trading is expected to kick off on the Nasdaq Global Select Market around July 10, with pricing anticipated around July 9. The offering was initially targeting roughly $29 billion before being revised down to the $28 billion figure.
