SK Hynix, the world’s second-largest memory chipmaker, is set to debut on Nasdaq Friday with a $28 billion initial public offering that has drawn demand exceeding seven times the shares available, marking one of the largest equity offerings in history.
The South Korean company’s $28 billion listing attracted orders from long-only funds, technology-focused investors, sovereign wealth funds, and Asia-focused institutions, according to Bloomberg and Reuters. The 177.9 million American depositary receipts (ADRs) are scheduled to price Thursday and begin trading on the Nasdaq Global Select Market under the ticker SKHY on Friday, July 10, 2026.
At pricing levels matching Thursday’s Seoul close of 2.186 million won, the offering would generate roughly $25.71 billion in proceeds, according to Barron’s calculations. This would make it the largest ADR offering ever completed, surpassing Alibaba’s $25 billion U.S. market entry in 2014. Only SpaceX’s $75 billion listing in June 2026 and Saudi Aramco’s $25.6 billion 2019 IPO exceed it globally.
SK Hynix plans to use the proceeds to expand South Korean manufacturing capacity and purchase equipment including extreme ultraviolet lithography scanners. The company has emerged as a dominant force in high-bandwidth memory (HBM), the specialized chips that power artificial intelligence accelerators. It holds roughly 57% of global HBM revenue, according to Counterpoint Research data cited by Bloomberg.
The frenzied demand reflects investor appetite for AI-driven memory chip exposure. SK Hynix has surged as much as 273% year-to-date, driven by unprecedented demand from tech companies competing for AI memory supplies. Goldman Sachs raised its 2028 operating profit forecast for the company by 24% to 454 trillion won, reflecting sustained AI-driven demand.
Three anchor investors—Baillie Gifford Overseas, Coatue Management, and Situational Awareness Partners—have signaled combined appetite for as much as $7 billion worth of ADRs. Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase are leading the offering alongside nine other institutions.
Vey-Sern Ling, managing director at Union Bancaire Privee, told Bloomberg: “I think it shows strong investor interest. There’s no evidence of a slowdown in demand for memory chips, even though market participants have appeared jittery in recent days.”
Analysts see the Nasdaq debut as a potential catalyst for narrowing the valuation gap between SK Hynix and U.S. rival Micron Technology. SK Hynix currently trades at a forward earnings multiple of 5.5 times, compared to Micron’s 6.66 times, according to Reuters. The listing could also signal whether the market believes the AI memory boom will sustain or retreat after a year of explosive gains across semiconductor stocks.
Sources
- Quartz — SK Hynix Nasdaq ADR offering more than 7 times oversubscribed; anchor investor appetite; analyst commentary from Union Bancaire Privee; pricing details and historical IPO comparison
- Reuters — ADR offering structure; oversubscription confirmation; analyst perspective on valuation gap with Micron
- Bloomberg — Oversubscription details; investor composition; HBM market share; AI demand context
- NasdaqTrader.com — Official listing date and trading details for July 10, 2026
- Barron’s — Pricing calculations and historical IPO ranking
