Nvidia supplier SK Hynix files for massive $29.4B Nasdaq offering

South Korean memory chipmaker SK Hynix has filed a registration statement with the US Securities and Exchange Commission for a Nasdaq listing that could raise as much as $29.4 billion.

The company plans to list its American Depositary Shares on the Nasdaq Global Select Market under the ticker SKHY. The offering could include up to 17.79 million newly issued common shares, representing about 2.5% of its current share count. Ten ADSs will represent one common share.

At the maximum size, the offering would raise about 45.45 trillion won. The initial valuation implies a price near $166 per ADS, although the final price will be determined after discussions with underwriters and the completion of the bookbuilding process.

SK Hynix plans to begin bookbuilding on July 6, set the final price on July 9 and start trading on Nasdaq on July 10. BofA Securities, Citigroup, Goldman Sachs and JPMorgan are managing the offering.

The transaction is not a traditional initial public offering because SK Hynix is already publicly traded in South Korea. Instead, the ADS offering will give US investors more direct access to the company and allow it to raise capital through a second listing.

SK Hynix said it will use the proceeds for general corporate purposes and capital expenditures. Planned investments include new semiconductor factories in South Korea and advanced chipmaking equipment such as extreme ultraviolet lithography machines produced by ASML.

The company has emerged as one of the largest beneficiaries of the AI infrastructure boom. SK Hynix is a major supplier of high bandwidth memory chips used in AI systems developed by customers including Nvidia and Google. Its shares have quadrupled this year as demand for advanced memory has tightened global supplies.

The Nasdaq listing could also help narrow the company’s valuation gap with US rival Micron. HSBC estimates that improved access for global investors could lift SK Hynix’s price to book ratio to 3.4 from 2.8, representing an increase of roughly 20%.

The filing comes as South Korea accelerates a broader expansion of its semiconductor industry. Samsung Electronics and SK Hynix plan to build four new fabrication plants under an 800 trillion won chip manufacturing project intended to double the country’s memory production capacity over the next five years.