July 6 (Reuters) – South Korean chipmaker SK Hynix will on Monday launch its about $28 billion U.S. listing, according to its regulatory filings, in one of the world’s largest new share sales as it capitalizes on the global AI boom.
The company will sell 17.79 million new shares in the depository receipt listing on the Nasdaq, making it one of the world’s most valuable tech firms.
Ten ADRs will represent one common share and the stock will be sold in a price range due to be revealed on Monday, based on SK Hynix’s Seoul trading price.
SK Hynix’s share price was trading 1% higher and the stock is up about 273% this year, as it rides surging global investor demand for AI stocks. Korea’s KOSPI was up 0.2% early Monday.
SK Hynix has been among the world’s largest beneficiaries of the AI boom as it outperformed its major rivals Samsung Electronics and Micron.
The final price of the New York listing is due to be set on Thursday, ahead of the stock starting trade on Friday, regulatory filings showed. The company’s management will meet global investors on a roadshow this week.
The deal is expected to be the second-biggest share sale after a record $85.7 billion initial public offering by SpaceX last month, surpassing Saudi Aramco’s $25.6 billion IPO in 2019 and Alibaba’s similar-sized offering in 2014.
SK Hynix is a key supplier of high-bandwidth memory chips used in AI systems by customers such as Nvidia and Google.
The company last week said it would invest 100 trillion won ($64.38 billion) to build new chip plants, including one for NAND flash memory, as part of a massive South Korean investment drive aimed at spreading returns from the AI boom.
(Reporting by Scott Murdoch; Editing by Stephen Coates)
