SK Hynix Targets Up to $29.4B Nasdaq ADR Deal, Poised to Be a Record-Setter

SK Hynix, the world's No. 2 maker of memory chips, is preparing a Nasdaq American Depositary Receipt (ADR) offering that could raise as much as $29.4 billion. At that size, the transaction would rank among the largest ADR offerings on record. The company plans to sell about 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 acting as underwriters. A key driver is access to U.S. capital. Many U.S. institutional investors face limitations on holding foreign-listed shares. An ADR structure eliminates that hurdle, giving pension funds, index-tracking strategies, and large asset managers a straightforward way to gain exposure. SK Hynix already trades on the Korea Exchange, where the stock is up more than 300% year-to-date in 2026. The company recently surpassed Samsung to become South Korea's most valuable firm. In high-bandwidth memory (HBM) — a specialized segment used in AI accelerators such as Nvidia's GPUs — SK Hynix is estimated to control roughly 50% to 60% market share. The company filed a confidential Form F-1 with the U.S. Securities and Exchange Commission in March, indicating preparations have been underway for months. The deal was publicly announced on June 24. Proceeds are slated for a new fabrication plant in Yongin, South Korea, an advanced packaging expansion in Cheongju, and purchases of extreme ultraviolet (EUV) lithography equipment. For investors, the listing would place SK Hynix more directly in the U.S. market's spotlight alongside Micron Technology, currently the only pure-play memory chipmaker listed in the United States. The offering also introduces dilution risk: issuing 17.79 million new shares at current valuations would materially increase the share count, meaning existing Korea-listed shareholders would be sharing future earnings across a larger ownership base.