South Korean memory chip manufacturer SK hynix announced on Wednesday its plan to raise 45.45 trillion won (approximately $29 billion) through a public offering of American Depositary Receipts (ADRs) on the Nasdaq stock exchange. This move aims to strengthen the company’s presence in US capital markets and support its expansion in artificial intelligence (AI) chip production.

The offering, scheduled for July 10, will involve the issuance of 17.79 million new shares. ADRs allow American investors to purchase shares of foreign companies on US exchanges, facilitating broader investment opportunities. SK hynix stated that the proceeds from this sale would be directed toward expanding its manufacturing capabilities, including the construction of its first semiconductor fabrication plant at Yongin, South Korea, as well as an advanced packaging facility in Cheongju and the acquisition of additional chipmaking equipment.

SK hynix, a major supplier to Nvidia, the world’s most valuable technology company, has experienced a significant increase in profits driven by global demand for hardware powering AI applications. The company’s shares on the Seoul Stock Exchange have risen more than 300 percent this year, pushing its market capitalization above $1 trillion in May for the first time.

In a regulatory filing, SK hynix emphasized that the Nasdaq listing is expected to diversify its investor base, enable a more accurate valuation of the company, and elevate its global status by expanding its footprint in the United States, which it described as the “epicenter of AI technological innovation.”

The firm initiated the listing process with an application to the US Securities and Exchange Commission in March. This anticipated $29 billion offering could rank among the largest share sales on the Nasdaq, underscoring the growing investor appetite for companies involved in AI chip manufacturing.