South Korea's SK Hynix says to raise $29 bln in ADR listing
The chipmaker plans to use all proceeds for semiconductor projects and global expansion, with trading expected to start on Nasdaq on July 10, officials said.
- The chipmaker plans to raise $29.4 billion through an American depositary receipt offering, with securities set to debut on the Nasdaq Global Select Market Composite on July 10.
- Approved by the board on Wednesday, the issuance includes each ADR representing 0.1 of a common share, aimed at funding capital expenditures and expanding the global investor base.
- Serving as lead underwriters, Citi, Goldman Sachs, and Morgan join The Korea Securities Depository, which will act as custodian with Citibank as the depositary bank.
- Following regulatory filings with the Securities and Exchange Commission, the company will conduct roadshows across the United States, Europe, and Asia to engage institutional investors.
- Proceeds will fund capital expenditures including a semiconductor cluster in Yongin, Gyeonggi Province, and a facility in Cheongju, North Chungcheong Province dedicated to advanced HBM packaging.
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South Korean chip company SK Hynix aims to raise tens of billions by also obtaining a listing on Wall Street. The company is already listed in South Korea, where its stock rose by a staggering 850 percent in twelve months. The company intends to capitalize on this success by making its US stock market debut.
South Korean SK Hynix informed this Wednesday that it plans to raise up to US$ 29.4 billion through a listing in the stock market of the United States, in one of the largest stock offers in the world, while Nvidia's supplier seeks to take advantage of the strong appetite of investors for shares linked to artificial intelligence. If completed at the maximum expected value, the transaction will be the second largest stock sale in history, behind o…
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