SK Hynix Inc (KS:000660) is poised to price a $28 billion U.S. American Depositary Receipt (ADR) offering after the South Korean market closes on Thursday, with the ADRs slated to commence trading on the Nasdaq Global Select Market on Friday. In Asian trading, SK Hynix shares surged 7.1%, outperforming the broader KOSPI, which rose 2.4%, partially recouping losses from the prior two sessions that were driven by profit‑taking amid AI‑related chip valuation concerns.
The offering consists of 17.79 million new shares, representing roughly 2.5% of the company’s outstanding equity. Media reports indicate the deal is multiple times oversubscribed, with institutional investors in the United States placing orders ranging from $200 million to more than $1 billion. Investment firms such as Baillie Gifford, Coatue Management, and Situational Awareness Partners have signaled potential purchases totaling up to $7 billion of the ADRs.
SK Hynix intends to deploy the proceeds to expand its manufacturing capacity for high‑bandwidth memory chips that are increasingly demanded by artificial‑intelligence servers, reinforcing its growth trajectory despite recent sector volatility.