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The Economic Times
The Economic Times
Business

South Korea's SK Hynix slides over 5% ahead of $29 billion Wall Street debut

SK Hynix South Korea United States Semiconductor Micron Samsung

Shares of South Korea's SK Hynix slipped over 5%, hitting an intraday low on Monday ahead of its Wall Street debut, with the company set to launch a US listing expected to raise about $29 billion, Reuters reported. The blockbuster offering comes as the chipmaker looks to capitalise on surging global demand for artificial intelligence.

The company will issue 17.79 million new shares in the form of American Depositary Receipts (ADRs) on Nasdaq, with every 10 ADRs representing one common share.

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