SK hynix set for Nasdaq ADR debut, eyes $24.5bn raise
2026.07.09 11:01
The offering drew demand exceeding seven times the shares available during book-building and is expected to raise about $24.5 billion, based on SK hynix’s Wednesday closing price of 2.08 million won ($1,378.94).
SK hynix will issue up to 17.79 million new shares, or about 2.5 percent of its outstanding shares, for the listing.
The proceeds will fund construction of the first fabrication plant at the Yongin semiconductor cluster, the P&T7 advanced packaging facility in Cheongju, and the purchase of manufacturing equipment, including extreme ultraviolet (EUV) lithography scanners.
SK Group Chairman Chey Tae-won and SK hynix Chief Executive Officer Kwak Noh-Jung are expected to attend the listing ceremony.
Industry observers said Chey’s attendance underscores the company’s efforts to highlight its artificial intelligence (AI) memory leadership and growth prospects to global investors.
The ADR listing is aimed at securing a valuation that more accurately reflects SK hynix’s position as a key supplier supporting the expansion of AI infrastructure.
In his book “Super Momentum,” published earlier this year and chronicling SK hynix’s success in high bandwidth memory (HBM), Chey said the market continued to view the company as a commodity memory manufacturer, limiting its ability to command a higher valuation.
He added that SK hynix “needs to become 10 times larger than it is today.”
His comments reflected his ambition to transform SK hynix from a conventional memory supplier into a provider of customized AI memory solutions, further enhancing the company’s value.
During the U.S. trip, Chey is also expected to meet executives from major technology companies, including Nvidia Corp. and Tesla Inc., according to industry sources.
In February, Chey met Nvidia Chief Executive Officer Jensen Huang in Silicon Valley to discuss long-term cooperation spanning HBM, next-generation server memory modules known as SOCAMM, NAND flash memory and AI data center development.
He met Huang again during the Nvidia chief’s visit to Korea in June, reaffirming the companies’ partnership.
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