SK Hynix launches $28 billion Nasdaq ADR listing

SK Hynix launched the ceremonial selling process for its U.S. listing connected Monday, seeking to rise 43.14 trillion won ($28.21 billion) done American depositary receipts connected the Nasdaq — a people the institution revised down aft its banal fell successful caller weeks.

Each ADR volition correspond a tenth of a communal share, with 17.79 cardinal caller shares being issued successful total. The last terms is expected to beryllium acceptable Thursday, with trading acceptable to statesman Friday, the institution said. At the revised size, the woody would fertile among the largest stock income successful history, according to The Wall Street Journal.

The institution said cornerstone investors — including Baillie Gifford Overseas, Coatue Management-managed funds, and Situational Awareness Partners — person collectively expressed involvement successful purchasing arsenic overmuch arsenic $7 cardinal of the ADRs. Company absorption volition conscionable planetary investors connected a roadshow this week.

Funds raised done the offering are earmarked for expanding South Korean manufacturing facilities and acquiring instrumentality specified arsenic ASML's utmost ultraviolet lithography scanners, the Dutch semiconductor tools specialist. BofA Securities, Citigroup, Goldman Sachs, and J.P. Morgan are serving arsenic planetary coordinators, joined by 9 different fiscal institutions participating successful the transaction. Once trading begins, the ADRs volition look connected the Nasdaq Global Select Market nether the awesome SKHY.

Despite a beardown year-to-date rally of astir 260%, SK Hynix shares slipped 3.4% successful Monday's Seoul league to adjacent astatine 2,343,000 won. Using SK Hynix's Seoul adjacent connected July 3 arsenic its benchmark, the regulatory filing established a notation terms of 242,500 won for each ADR, according to Reuters.

The chipmaker filed with the SEC successful precocious June to rise astir $29.65 cardinal done the ADR listing, astatine a per-share terms of 2.555 cardinal won. The revised people of 2.425 cardinal won per stock reflects a diminution successful the banal since that filing. SK Hynix said astatine the clip that it expected the listing to broaden its capitalist basal and let it to beryllium valued alongside U.S. peers connected the Nasdaq.

Beyond the superior raise, analysts spot a U.S. listing arsenic a imaginable catalyst for a re-rating: rank successful the Philadelphia Semiconductor Index — which passive funds globally usage arsenic a benchmark — could follow, portion the valuation discount comparative to Micron Technology mightiness besides shrink, according to the Journal. Counterpoint Research information cited by Bloomberg enactment SK Hynix's stock of planetary high-bandwidth representation gross astatine 57% for the last 4th of 2025.