Seoul: SK hynix Inc. announced plans to raise up to 45.45 trillion won (US$29.4 billion) through a stock offering for the listing of its American depositary receipts (ADRs) on the Nasdaq market. The funds will be used to finance the purchase of production facilities.

According to Yonhap News Agency, SK hynix stated that the new shares will be sold at 2.55 million won and are set to be listed on July 29. The ADRs, priced at 255,500 won each, will be listed on Nasdaq on July 10. The final size of the stock offering and ADRs will be determined after the bookbuilding process.

The world's second-largest memory chipmaker plans to use the proceeds from the stock sale to construct a chip factory, an advanced packaging fab in South Korea, and acquire chipmaking equipment, including an extreme ultraviolet scanner (EUV).

On Wednesday, shares of SK hynix closed at 2.58 million won on the Seoul bourse, marking a 0.98 percent increase from the previous session's close.

The company had announced its plan in March this year to list on the U.S. stock market, aiming to enhance access to global investors as it pushes forward with its artificial intelligence (AI) initiatives. ADRs are securities issued in the U.S. stock market that facilitate the trading of shares in foreign firms, enabling companies to attract U.S.-based investors without a full listing of common shares.