SK hynix eyes massive Nasdaq debut as HBM demand fuels IPO buzz (SKHY)
Briefing.com Summary:
SK hynix (SKHY) is expected to begin trading on the Nasdaq on Friday, July 10, in what is better described as a major U.S. ADS listing and capital raise rather than a traditional IPO, since its common shares already trade on Korea’s KRX KOSPI Market.
The company is offering 177.9 mln ADSs, with each ADS representing one-tenth of a common share, implying 17.79 mln underlying common shares and expected proceeds of roughly $28+ bln, making this one of the largest equity offerings ever.
The offering is being led by BofA Securities, Citigroup, Goldman Sachs, and J.P. Morgan as global coordinators, with a broader underwriting group that includes Cantor, Mizuho, Needham, RBC, Rosenblatt, Stifel, Wedbush, William Blair, and Wolfe/Nomura.
Cornerstone investors, including Baillie Gifford, Coatue, and Situational Awareness Partners, have indicated interest in purchasing up to $7 bln of the ADSs, underscoring the institutional demand behind the deal.
Demand appears exceptionally strong. Reuters reported that the offering is more than 7x oversubscribed, reflecting both SKHY’s central role in the AI memory supply chain and the broader bullish tone surrounding high-quality semiconductor names. That creates a favorable setup for the debut, although it also raises the bar because heavy oversubscription can push pricing, valuation, and first-day expectations higher.