SK Hynix, a South Korean memory chipmaker, plans to raise about US$29 billion through a Nasdaq American depositary receipt listing expected on July 10.

The deal could become the largest first-time US share sale by a foreign company and help narrow SK Hynix’s valuation gap with Micron Technology.

The company has benefited from rising AI demand and holds about 60% of the global high-bandwidth memory (HBM) market, supplying chips used in AI servers and processors.

Separately, SK Hynix is building its first US manufacturing facility, a US$3.87 billion advanced chip packaging plant in West Lafayette, Indiana.

Mass production there is expected to begin in 2028.

Industry data shows the Indiana project is set to receive US$458 million in grants and US$500 million in loans under the US CHIPS program.

Available coverage of the listing has not said whether the ADR proceeds would fund that plant.

🔗 Source: Bloomberg