South Korea’s SK Hynix says to raise up to $29 billion in ADR listing

SEOUL: South Korea’s SK Hynix said on Wednesday it plans to raise up to 45.45 trillion won ($29.43 billion) via the listing of American Depositary Receipts, as it seeks to expand its investor base and production capacity for chips used ‌in artificial ⁠intelligence.

The amount ⁠could change after bookbuilding, the company said in a regulatory filing.

The world’s second-largest memory chipmaker plans to issue 17.79 million new shares to back a listing of ADRs on the Nasdaq market on July 10, it said.