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 support the company's acquisition of production facilities.

According to Yonhap News Agency, SK hynix will sell the new shares at 2.55 million won each, with the listing scheduled for July 29. The ADRs will be priced at 255,500 won each, as stated in a regulatory filing. However, the final size of the new stock sales and ADRs will be determined after the bookbuilding process.

The decision to list on the U.S. stock market was initially announced in March this year. This strategic move is part of SK hynix's efforts to enhance access to global investors as it focuses on its artificial intelligence (AI) initiatives.

ADRs are securities issued in the U.S. stock market that enable the trading of shares in foreign companies. They offer a way for companies to attract investors based in the U.S. without requiring a full listing of common shares.