SK Hynix launches Nasdaq debut with $28B US share offering

SK Hynix (KRX:000660) has launched its U.S. initial public offering on the Nasdaq, with the South Korean memory chipmaker seeking to raise up to $28 billion through an American Depositary Share (ADS) listing as it looks to expand manufacturing capacity to meet rising demand for AI-related semiconductors.

The offering consists of 177.9 million ADSs, with each ADS representing one-tenth of a share of SK Hynix’s common stock.

The company’s Nasdaq debut is set to begin with temporary trading on Friday, July 10, under the ticker ‘SKHYV’ on a when-issued basis, before regular trading starts under ‘SKHY’ on Monday, July 13.

Investor demand for the share sale has been strong, with institutional orders reportedly exceeding available shares by more than seven times.

The company’s South Korean-listed shares added 5% on Thursday, up about 223% so far this year.