SK Hynix launches USD29b Nasdaq raising in second-biggest ever share sale

The news: SK Hynix said it plans to raise up to USD29.4 billion through a US stock market listing in what would be among the biggest listings globally, as the Nvidia supplier seeks to capitalise on strong investor appetite for AI stocks.

The South Korean memory chipmaker plans to issue up to 17.79 million new shares via an American Depositary Receipt listing on the Nasdaq, with trading expected to start on 10 July, according to a regulatory filing.

BofA Securities, Citigroup, Goldman Sachs and JP Morgan are managing the offering.

The numbers: If completed at the top end, the deal would be the second-biggest share sale after SpaceX’s record USD85.7 billion IPO earlier this month.

The context: SK Hynix has emerged as the top supplier of high-bandwidth memory used in AI systems, this week overtaking Samsung to become South Korea’s most valuable company. Its Seoul-listed shares have climbed about 300% this year, exceeding USD1 trillion in market value.