South Korean chipmaker SK hynix, known for its high-bandwidth memory chips, is preparing to raise roughly $28 billion (€24.5bn) on Wall Street, a sum surpassed only by SpaceX's record flotation last month.
It is an extraordinary outcome for a firm that once survived on job cuts and asset sales.
Pricing is due on Thursday, with trading expected to begin on Friday under the ticker SKHY.
SK hynix is issuing 17.79 million new shares in the form of American depositary receipts (ADRs), each representing a tenth of a Seoul-listed share, and cornerstone investors including Baillie Gifford and funds run by Coatue Management have signalled interest in up to $7 billion (€6.1bn) worth of stock.
The target was trimmed from an initial $29.6 billion (€25.9bn) after the shares slipped in recent weeks.
