SK Hynix launches $28 billion U.S. ADR share sale
South Korean chipmaker SK Hynix launched a large U.S. American depositary receipt (ADR) offering to raise 43 trillion won (about $28.07 billion) by selling 17.79 million new shares, with 10 ADRs representing one common share and a reference price of 242,500 won per ADR. Baillie Gifford Overseas, Coatue Management and Situational Awareness Partners separately indicated interest for up to a combined $7 billion. The deal comes amid an AI-driven memory chip boom, recent stock volatility and a new South Korean government semiconductor and AI investment program anchored by SK Hynix and Samsung.
SK Hynix launched a $28 billion ADR sale
Context
Chip demand from artificial intelligence has risen. Asian chip companies have tapped strong global demand. The company may broaden its investor base and fund expansion next.
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