SK Hynix Raises $29B

SK Hynix plans to list ADRs on the Nasdaq on July 10.

The world's second-largest chipmaker is looking to expand its market to U.S. investors.

A host of large banks are managing the offering, per Reuters.

SK Hynix, South Korea's most valuable company, plans to raise around $29 billion on the Nasdaq via an American depositary receipt (ADR) listing, according to the firm's regulatory filing.

The company plans to issue 17.79 million new shares at a value of 45.45 trillion won ($29.65 billion).

SK Hynix said it expects to start trading on July 10, but added that the dates were tentative and subject to change.

The firm added that it anticipates that the ADR listing will expand its investor base, "ultimately allowing 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," SK Hynix said in the filing.

A host of large banks are managing the offering, including BofA Securities, Citigroup Global Markets, Goldman Sachs and JP Morgan Securities, according to Reuters.

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