SK Hynix is set to price a roughly $28 billion U.S. share sale on Wednesday, with trading on the Nasdaq expected to begin Thursday, in what ranks as the world's second-largest equity offering after SpaceX's $85.7 billion debut last month.
The demand signals extraordinary investor appetite for memory chips. The offering is more than seven times oversubscribed, with Baillie Gifford, Coatue Management and Situational Awareness Partners expressing interest in up to $7 billion of ADRs combined. The company plans to sell 17.79 million new shares represented by ADRs at a reference price based on the July 3 Seoul close. SK Hynix stock has surged roughly 260% this year as first-quarter revenue nearly tripled.
Proceeds will fund new chip factories in South Korea and equipment purchases, including an ASML EUV lithography scanner. The listing comes amid broader sector strength, as rival Micron posted a 346% year-over-year revenue jump in its latest quarter.