South Korea’s biggest chipmaker SK Hynix plans to raise $29 billion via Nasdaq listing

SK Hynix, South Korea's most valuable company, plans to raise around $29 billion on the Nasdaq by issuing American depositary receipts (ADRs), 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.

SK Hynix is expanding rapidly to accommodate soaring demand for AI. It's building a massive new campus of memory chip fabrication plants in South Korea, known as the Yongin Cluster, which is set to begin coming online in 2027, as well as building in the U.S. for the first time with a $4 billion packaging plant in Indiana.

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

This is a breaking story. More to follow.