SK Hynix Nasdaq Listing Draws Heavy Demand
SK Hynix Nasdaq listing will raise about $28 billion to fund HBM and AI capacity, likely concentrating investor demand and U.S. ADR flows.
KEY TAKEAWAYS
- Offering aims to raise about $28 billion in a U.S. ADR sale.
- Order book was more than seven times oversubscribed.
- Proceeds are earmarked to expand HBM and AI manufacturing capacity.
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SK Hynix Nasdaq listing is drawing heavy demand ahead of final pricing on July 9, with trading expected to begin around July 10, 2026, for an offering that would rank among the largest U.S. share sales and fund AI-memory capacity expansion.
Listing Structure, Timing, and Demand
SK Hynix Inc. (Nasdaq: SKHY), the South Korean memory-chip maker and major supplier of DRAM, NAND flash, and high-bandwidth memory (HBM) used in advanced AI accelerators, filed an F-1 registration statement with the U.S. Securities and Exchange Commission in June 2026 to list American Depositary Receipts (ADRs) on the Nasdaq Global Select Market. Each ADR will represent one-tenth of a common share, with the company’s primary listing remaining on the Korea Exchange (KOSPI: 000660). The final ADR price will be set on July 9, with trading expected to begin around July 10, subject to SEC approval and market conditions.
The U.S. listing will sell 17.79 million new common shares, represented by 177.9 million ADRs, equal to roughly 2.5% of SK Hynix’s 712.7 million outstanding shares. The company launched the U.S. share sale on July 6, marketing the ADR offering in a price range tied to its Seoul trading levels.
Demand has exceeded expectations, with the order book more than seven times oversubscribed. Interest comes from global long-only funds, technology-sector funds, sovereign-wealth funds, and Asia-focused investors. Lead underwriters include Bank of America Securities, Citigroup, Goldman Sachs, and J.P. Morgan. Several cornerstone investors, such as Baillie Gifford, Coatue Management, and Situational Awareness Partners, have indicated interest in allocations totaling as much as $7 billion.
An exchange release on July 8 described the listing as the largest ADR offering in market history, surpassing Alibaba’s 2014 U.S. debut and ranking the transaction among the biggest equity raisings globally.
Use of Proceeds and Strategic Implications
SK Hynix intends to raise about $28 billion in the U.S. listing. The proceeds will finance new factories and manufacturing equipment to expand HBM and other AI-related capacity. This includes building out the Yongin Y1 fabrication plant and acquiring advanced lithography tools. The capital raise aims to respond to surging AI demand and broaden SK Hynix’s capacity to serve AI-accelerator makers.
Directing funds to HBM and fabrication expansion will accelerate SK Hynix’s role in the AI-memory supply chain while bringing a major foreign memory maker directly to U.S. trading screens.
"SK hynix is set to list its shares in the US under the ticker SKHY," the exchange said in its July 8 release.
