SK Hynix raised approximately US$26.5 billion [1] through an American Depositary Receipt offering on the Nasdaq stock exchange.
The move provides a massive liquidity injection for South Korea's foreign-exchange market and secures capital for the company to expand during the current AI-driven chip boom [2].
The chipmaker priced the ADRs at US$149 each [1]. The company planned to issue 17.79 million ADRs [3] as part of the offering. The listing debuted on the Nasdaq on Friday, July 12, 2024, following the pricing of the receipts on Thursday, July 11, 2024 [1].
SK Hynix intends to deposit the proceeds from the U.S. listing into South Korea's foreign-exchange market [2]. This strategy allows the company to leverage the U.S. capital market while supporting the domestic financial stability of its home country.
Industry analysts have noted the scale of the offering, with some reports describing it as the largest foreign IPO in U.S. history [2]. The timing coincides with a period of intense demand for high-bandwidth memory chips used in artificial intelligence servers.
While the company has successfully raised US$26.5 billion [1], other reports suggested a higher target of US$45.45 billion [3]. The discrepancy highlights the volatility of pricing during the offering process. Despite these variations, the company has secured a significant capital reserve to fund its next phase of growth.
“SK Hynix raised approximately US$26.5 billion through an American Depositary Receipt offering on the Nasdaq stock exchange.”
This capital raise signals SK Hynix's intent to aggressively scale its infrastructure to meet AI demand while simultaneously acting as a stabilizing force for the South Korean won. By channeling U.S. dollar proceeds into the domestic foreign-exchange market, the company is aligning its corporate growth with national economic interests.
