SK Hynix eyes $28 billion US listing to ride global AI wave

South Korean semiconductor giant SK Hynix is set to launch a significant U.S. listing on the Nasdaq, aiming to raise around $28 billion. This move positions the company to capitalize on the burgeoning global demand for artificial intelligence technologies and marks one of the largest new share sales worldwide.

The company will offer 17.79 million new shares through depository receipts, with the final price range to be determined based on its current trading value in Seoul. SK Hynix's stock has seen remarkable growth, climbing approximately 273% this year, fueled by investor enthusiasm for AI-related stocks. This surge has allowed SK Hynix to outperform major competitors like Samsung Electronics and Micron.

The final pricing for the New York listing is scheduled for Thursday, with trading expected to commence on Friday. SK Hynix management will engage with global investors through a roadshow this week to promote the offering. The deal is anticipated to be the second-largest share sale on record, following SpaceX's recent $85.7 billion IPO, and surpasses significant offerings from Saudi Aramco and Alibaba.

SK Hynix plays a critical role in the AI ecosystem as a key supplier of high-bandwidth memory (HBM) chips, essential components for AI systems used by tech giants such as Nvidia and Google. This strategic U.S. listing follows the company's recent announcement of a massive 100 trillion won ($64.38 billion) investment plan to build new chip manufacturing facilities in South Korea, aiming to expand its capacity and leverage the AI boom.