South Korean semiconductor giant SK hynix has finalized the pricing for its mega stock sale in the United States, aiming to secure $26.5 billion amid the accelerating global artificial intelligence boom, as reported by The Guardian.
The Asian memory chip maker intends to issue approximately 18 million American depositary shares (ADS) on Wall Street's technology-focused Nasdaq index, with each ADS representing one-tenth of a regular share priced at $149.00.
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AI Boom Fuels Demand
As a key supplier of advanced high-bandwidth memory chips to Nvidia, SK hynix has experienced skyrocketing profits driven by the international race to construct artificial intelligence datacentres.
The Nasdaq listing has drawn substantial investor interest and was oversubscribed more than seven times, according to US media reports, defying recent tech stock volatility fueled by valuation concerns.
While the capital raised does not surpass the record $75 billion secured by SpaceX last month, it eclipses Saudi Aramco's $25.6 billion debut in 2019 and Alibaba's $21.8 billion initial public offering.
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Following the announcement, SK hynix shares advanced 2.7% on Seoul's Kospi index, where the company's total market capitalization surpassed the $1 trillion threshold earlier in May.
This valuation milestone places SK hynix alongside its domestic competitor Samsung Electronics and US manufacturer Micron, forming a dominant trio controlling the global high-bandwidth memory market.
Counterpoint Research analyst MS Hwang noted that SK hynix aims to secure volume leadership in addition to its existing technology advantages, supported by the proceeds from the US listing.
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The company announced plans to utilize the newly raised capital to fund the construction of its first fabrication hub within a semiconductor cluster in Yongin and an advanced packaging facility in Cheongju.
