SK Hynix Launches Nasdaq Listing Seeking $28 Billion Valuation

South Korean semiconductor manufacturer SK Hynix has launched its US listing, seeking a valuation of approximately US$28 billion as global investor demand for artificial intelligence-related chipmakers remains strong, Rian Howlett reported for Yahoo Finance.

SK Hynix is pursuing a Nasdaq listing as investor demand for artificial intelligence semiconductor companies remains strong. (Photo: SK Hynix)

The company plans to sell 17.79 million new shares through American Depositary Receipts (ADRs) listed on the Nasdaq Stock Market.

Under the offering structure, 10 ADRs will represent one common share, with the price range to be determined based on SK Hynix's share price in Seoul.

SK Hynix shares were trading about 1 percent higher on Monday and have gained approximately 273 percent this year as investors continue to favor AI-related semiconductor companies. South Korea's KOSPI index rose 0.2 percent in early trading.

Regulatory filings show the final offering price is expected to be set on Thursday before trading begins on Friday. Company executives are also scheduled to meet global investors during a roadshow this week.