SK Hynix plans to raise up to $29B in US listing, marking one of the largest ADR offerings ever

SK Hynix, the world’s second-largest memory chipmaker, is preparing to raise as much as $29.4 billion through an American Depositary Receipt listing on Nasdaq. If the deal goes through at that size, it would rank among the largest ADR offerings in history.

The company plans to issue approximately 17.79 million new shares, with trading expected to begin on July 10. BofA Securities, Citigroup Global Markets, Goldman Sachs, and JP Morgan Securities are underwriting the deal.

Why a US listing, and why now

Many US institutional funds face restrictions on holding foreign-listed stocks. An ADR listing removes that barrier entirely, giving pension funds, index trackers, and large asset managers a clean way to buy in.

SK Hynix already trades on the Korea Exchange, and its stock has surged more than 300% year-to-date in 2026. The company recently overtook Samsung to become South Korea’s most valuable firm.

SK Hynix commands an estimated 50-60% market share in high-bandwidth memory, the specialized chips that power AI accelerators like Nvidia’s GPUs.

SK Hynix filed a confidential F-1 registration with the SEC back in March, meaning this has been in the works for months. The public announcement landed on June 24.

Where the money is going

The proceeds will fund construction of a new fabrication plant in Yongin, South Korea, along with an advanced packaging expansion in Cheongju. Part of the capital will also go toward extreme ultraviolet lithography equipment.

What this means for investors

The ADR listing puts SK Hynix in direct competition for investor attention with Micron Technology, the only pure-play memory chipmaker currently listed in the US.

There’s also the dilution question. Issuing 17.79 million new shares at current valuations is a meaningful addition to the share count. Existing shareholders on the Korean exchange are effectively sharing future earnings with a larger pool of owners.

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