South Korean memory chip maker SK Hynix has filed a registration statement with the U.S. Securities and Exchange Commission in preparation for a Nasdaq listing that could raise up to $29.4 billion.
The company plans to list its American Depositary Shares on the Nasdaq Global Select Market under the ticker SKHY. The offering may include up to 17.79 million newly issued common shares, representing approximately 2.5% of the current number of shares. Ten ADSs represent one ordinary share.
At its largest scale, this offering would raise approximately 45.45 trillion won. Initial valuations suggest a price near $166 per ADS, but the final price will be determined after discussions with underwriters and the completion of the bookbuilding process.
SK Hynix plans to start book building on July 6th, set the final price on July 9th, and start trading on the Nasdaq on July 10th. BofA Securities, Citigroup, Goldman Sachs and JPMorgan are managing the offering.
The transaction is not a traditional initial public offering, as SK Hynix is already listed in South Korea. Instead, the ADS offering will give U.S. investors direct access to the company and allow it to raise capital through a second public offering.
SK Hynix said it will use the proceeds for general corporate purposes and capital expenditures. Planned investments include a new semiconductor factory in South Korea and advanced chip manufacturing equipment, including extreme ultraviolet lithography equipment manufactured by ASML.
The company has emerged as one of the biggest beneficiaries of the AI infrastructure boom. SK Hynix is a leading supplier of high-bandwidth memory chips used in AI systems developed by customers such as Nvidia and Google. The company’s stock has quadrupled this year as demand for advanced memory tightens global supplies.
A Nasdaq listing could also help narrow the valuation gap with U.S. rival Micron. HSBC estimates that SK Hynix’s price-to-book ratio could rise from 2.8x to 3.4x, or about 20%, if access to global investors improves.
The filing comes as South Korea accelerates the broader expansion of its semiconductor industry. Samsung Electronics and SK Hynix plan to build four new manufacturing plants under an 800 trillion won chip manufacturing project aimed at doubling domestic memory production capacity over the next five years.
