South Korea’s SK Hynix to launch $28 billion US listing to ride global AI wave

South Korean chipmaker SK Hynix will on Monday launch its about $28 billion U.S. listing, according to its regulatory filings, in one of the world’s largest new share sales as it capitalizes on the global AI boom. The company will sell 17.79 million new shares in the depository receipt listing on ‌the Nasdaq, ⁠making ⁠it one of the world’s most valuable tech firms.

Ten ADRs will represent one common share and the stock will be sold in a price range due to be revealed on Monday, based on SK Hynix’s Seoul trading price.