By Subrat Patnaik and Charles Capel

(Bloomberg) -- SK Hynix Inc. is looking to raise 45.45 trillion won ($29.4 billion) by selling depositary receipts on the Nasdaq exchange.

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The company expects trading to start on July 10, according to a statement on Wednesday.

The three leading makers of high-bandwidth memory, Samsung Electronics Co., Micron Technology Inc. and SK Hynix sit at the chokepoint of the global AI buildout, with their products forming a critical bottleneck for data-center expansion.

SK Hynix controlled 57% of the global market share by revenue in the fourth quarter of 2025, according to data from Counterpoint Research. The firm, however, trades at a discount to both Micron and Samsung Electronics.

The insatiable demand for memory chips has fueled breakneck rallies in these stocks, with SK Hynix stock listed in Seoul climbing more than 300% this year.

A US listing would give the company access to a fresh pool of investors and could help SK Hynix narrow a gap in its valuation compared with its competitors. Asian issuers that have already been listed in the US include Taiwanese chipmaker Taiwan Semiconductor Manufacturing Co. TSMC's US listing enabled it to tap into foreign investor flows, cementing its status as a US investor favorite — particularly as part of the AI-driven rally.

SK Hynix's operating profit for the first quarter jumped to 37.61 trillion won ($25.4 billion), a record high that compares with the average estimate by analysts for 35.7 trillion won. Sales nearly tripled to 52.58 trillion won.

The offering is being led by Bank of America Corp, Citigroup Inc., Goldman Sachs Group Inc. and JP Morgan Chase & Co..

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