South Korea chip maker SK hynix rides AI boom raising $26.5bn in huge US listing

Key Points:

• South Korean chipmaker SK hynix set its US listing price at $149 per American depositary share (ADS), aiming to raise $26.5 billion in one of the largest stock sales globally, driven by the AI boom.
• The company plans to issue about 18 million ADS on Nasdaq and has seen its shares soar over 220% this year in Seoul, benefiting from strong demand for advanced memory chips used in AI datacenters.
• The offering was more than seven times oversubscribed and surpassed the size of Saudi Aramco's 2019 IPO and Alibaba's New York listing, though it did not reach SpaceX's recent $75 billion record.
• SK hynix intends to use the proceeds to build a new semiconductor fabrication hub near Seoul and an advanced packaging facility, supporting its goal to lead the memory chip market alongside rivals Samsung and Micron.
• The AI chip boom has also sparked discussions in South Korea about tax revenues and labor demands, with major chipmakers involved in large public-private investments to expand the country's semiconductor industry.