SK Hynix Prepares $29 Billion Nasdaq Listing as Largest Ever Foreign IPO

SK Hynix Co., the world’s second-largest maker of high-bandwidth memory chips for artificial intelligence, is preparing to list on the Nasdaq with a $29 billion sale of American depositary receipts. The offering could become the largest initial public offering by a foreign company on record, according to people familiar with the matter. The South Korean chipmaker plans to complete the listing this Friday.

As part of the transaction, SK Hynix is considering paying an underwriting fee of approximately 0.5% of the total proceeds to the banks assisting with the deal, Bloomberg reported. The capital raise positions the memory chipmaker to fund research and production expansion as demand for AI-focused hardware continues to accelerate, allowing the company to compete aggressively with rivals in the semiconductor market.