SK Hynix Trims Fundraising Target for U.S. Listing to $28 Billion

By Kwanwoo Jun

South Korea's SK Hynix has lowered the fundraising target for its U.S. listing to about $28 billion after a recent decline in its share price.

The world's second-largest memory chip maker said in a regulatory filing with the Korea Exchange on Monday that it is seeking to raise 43.141 trillion won, equivalent to $28.21 billion, by issuing American depositary receipts on the Nasdaq. The target is down from its earlier goal of 45.453 trillion won.

Despite the downward revision, the deal would still rank among the biggest share sales in history, second only to SpaceX's record IPO raising $75 billion last month.

SK Hynix said it would use the offering's proceeds to expand chip-making facilities in South Korea and purchase chip-making equipment such as ASML's extreme ultraviolet scanners. The company, a major supplier of components for artificial-intelligence chips, is seeking to ramp up output to meet soaring demand driven by investments in AI data centers and related infrastructure.

SK Hynix plans to issue 17.8 million new shares, with pricing lowered to 2,425,000 won from 2,555,000 won each, in the ADR issuance. The company expects trading to begin July 10, with 10 ADRs representing one common share.

In Seoul trading, SK Hynix shares have lost 12% so far in July, reflecting renewed market concerns over the sustainability of AI spending and the possibility of excess AI computing capacity. Still, the stock has more than tripled so far this year.

Meritz Securities analyst Kim Sun-woo said in a recent note that the planned ADR listing would help SK Hynix, a top Nvidia supplier, narrow the valuation gap with U.S. rival Micron Technology. The listing could also pave the way for the South Korean memory-chip maker to join the Philadelphia Semiconductor Index, a U.S. chip benchmark tracked by global passive funds, potentially prompting a re-rating of the stock, Kim said.

Meritz expects SK Hynix to continue delivering strong earnings on robust chip demand and tight supply, despite expected increases in output throughout this year.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

July 06, 2026 07:07 ET (11:07 GMT)