South Korean chipmaker SK Hynix initiated a U.S. share sale to raise approximately $28.07 billion. This move capitalizes on surging global demand for AI-related technologies.
The offering involves 17.79 million new shares through American Depositary Receipts on the Nasdaq. Investors including Baillie Gifford Overseas, Coatue Management, and Situational Awareness Partners have indicated interest for up to $7 billion.
SK Hynix will use the proceeds to construct new chip factories in South Korea. The funds will also support the procurement of advanced chipmaking equipment.
The listing provides the company with direct access to a new pool of investors. SK Hynix expects to set the final price on Thursday. Trading is scheduled to commence on Friday.