SK Hynix surges 11% after filing for blockbuster Nasdaq listing

Shares of South Korean chip giant SK Hynix surged 11% on Thursday after the company said it plans to raise as much as $29.4 billion in a U.S. stock market listing.

The company plans to issue 17.79 million new shares in the form of American depositary receipts through a Nasdaq listing, according to a regulatory filing. The offer could raise 45.45 trillion won ($29.65 billion).

Trading is expected to begin July 10, although the company said the timetable remains subject to change.

SK Hynix said the ADR listing would broaden its investor base and allow “its true corporate value to be properly evaluated.”  

“We expect to elevate our status as a global company by broadening our touchpoints in the United States, the epicenter of AI technological innovation,” the company said.

The company has been ramping up investment to meet booming demand for artificial intelligence chips. It is developing its Yongin semiconductor cluster in South Korea, which is expected to begin operations in 2027, while also constructing its first U.S. production facility, a $4 billion advanced chip-packaging plant in Indiana.