SK Hynix, the world’s second-largest memory chipmaker, has filed to raise up to 45.45 trillion won, approximately $29 billion, through a listing of American depositary receipts on Nasdaq. The company has tentatively set July 10 for the debut.
To support the listing, SK Hynix plans to issue 17.79 million new shares. The deal would be one of the biggest share sales in history, comparable to Saudi Aramco’s 2019 IPO.
The move comes as companies along the artificial intelligence supply chain rush to increase capacity to meet memory chip demand. By seeking these funds, SK Hynix is tapping into investor demand for memory-chip stocks, even after a major selloff shook the group this week.