SK Hynix Plans $29 Billion Nasdaq Listing
South Korean chip company SK Hynix plans to list on Nasdaq on July 10. It wants to raise up to $29 billion.
SK Hynix is the world's second-largest memory chip maker. It will issue 17.79 million new shares worth 45.45 trillion won.
The company will offer ADRs giving US investors access to the listing. If completed at the top price this would be the largest ADR offering ever.
It would beat Alibaba's $21.8 billion New York debut in 2014. The money will fund more chip production to meet demand from AI.
SK Hynix will build a chip factory in Yongin and a packaging facility in Cheongju. Funds will also buy chipmaking equipment including an Extreme Ultraviolet Scanner.
Klear Note — Memory chips store data in phones, computers, and AI servers. SK Hynix is South Korea's largest chipmaker. Nasdaq listings let US investors buy shares in foreign companies.
Key Terms 5
- Nasdaq A major US stock exchange focused on technology companies
- ADR American Depository Receipt — a way for US investors to buy foreign company shares
- Bookbuilding Process where a company tests investor demand to set a final share price
- Extreme Ultraviolet Scanner Very advanced machine used to print tiny circuits onto computer chips
- AI Artificial intelligence — computer systems that can learn and make decisions