TLDR
- SK Hynix plans to raise up to $29.4 billion (KRW 45.45 trillion) through a U.S. ADR listing, one of the largest ever
- The offering is led by Bank of America, Citigroup, Goldman Sachs, and JPMorgan
- Trading is expected to begin around July 10, pending regulatory review completion by July 3
- Proceeds will fund additional production capacity for AI-related semiconductors
- SK Hynix holds a 57% share of the global HBM market by revenue as of Q4 2025
SK Hynix (HXSCL) is moving to list American Depositary Receipts on a U.S. exchange, targeting up to $29.4 billion in what could rank among the five largest share sales in history.
The South Korean chipmaker filed a regulatory disclosure Wednesday outlining plans to issue KRW 45.45 trillion worth of ADRs. Frankfurt-listed DRC shares rose 1.4% following the announcement, after climbing as much as 2% earlier in the session.
The company said the final amount raised could change after the bookbuilding process wraps up. Analysts had previously estimated the offering could reach around $26 billion.
SK Hynix first signaled plans for a U.S. listing back in March. The move is aimed at expanding production capacity and broadening its global investor base.
The offering is being underwritten by four major Wall Street banks: Bank of America, Citigroup, Goldman Sachs, and JPMorgan.
Under the structure outlined in the filing, SK Hynix plans to issue new stock in South Korea and deposit it with the Korea Securities Depository, which will serve as the underlying securities for the ADRs.
Regulatory review could wrap up by July 3, which would allow trading to begin as early as July 10.
If completed at the proposed size, the deal would sit alongside Saudi Aramco’s 2019 IPO among the biggest capital raises ever recorded, according to Bloomberg data.
Record Earnings Backing the Move
The listing comes off the back of a record-breaking quarter. SK Hynix reported Q1 operating profit of KRW 37.61 trillion ($25.4 billion), topping analyst estimates of KRW 35.7 trillion.
Revenue nearly tripled year over year to KRW 52.58 trillion, driven largely by surging demand for high-bandwidth memory chips.
HBM Market Dominance
SK Hynix is a key supplier of HBM chips used in Nvidia’s AI processors. According to Counterpoint Research, the company held a 57% share of the global HBM market by revenue in Q4 2025.
That puts it well ahead of rivals Micron Technology (MU) and Samsung Electronics in the HBM space.
The company said proceeds from the ADR offering will go toward funding additional production capacity to meet ongoing demand for AI-related semiconductors.
SK Hynix’s 57% HBM market share and record Q1 results make this one of the more closely watched listings of the year.
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