South Korean memory chipmaker SK Hynix debuts on U.S. markets today (July 10).
The company based in Seoul will begin trading on the Nasdaq (NDAQ) exchange under the ticker symbol “SKHY.”
SK Hynix, whose shares are already traded on South Korea’s Kospi index, is expected to raise $29 billion U.S. from its American initial public offering (IPO).
Media reports say that the U.S. IPO is heavily oversubscribed amid strong demand from both individual retail investors and institutions.
SK Hynix is one of South Korea’s most valuable publicly traded companies after its share price increased more than sevenfold in the past year, lifting its market capitalization to $1 trillion U.S.
The chipmaker is looking to list shares in the U.S. as it seeks to raise capital to fund its global expansion plans, notably in the U.S.
Along with Micron Technology (MU), SK Hynix is one of only a few makers of computer memory chips that are used in laptop computers, smartphones, and artificial intelligence data centres.
Demand for the memory chips is especially high due to A.I. data centre use, resulting in shortages worldwide that have driven SK Hynix’s profits and stock to new heights.
Importantly, SK Hynix is the leader in the high-performance memory chips that are used in conjunction with A.I. microchips from Nvidia (NVDA).
SK Hynix is building its first production facility in the U.S., which is scheduled for completion in 2028.
The $4 billion U.S. plant located in Indiana will be used for advanced packaging of SK Hynix’s memory chips.
