Analysis
SK Hynix kicked off bookbuilding on July 6 for a $28.13 billion Nasdaq offering of 177.9 million American Depositary Shares priced around $158.14 each -- a deal that would rank as the second-largest share sale in history, trailing only SpaceX's $75 billion IPO and surpassing Saudi Aramco's $25.6 billion 2019 listing.
Three cornerstone investors -- Baillie Gifford Overseas, Coatue Management and Situational Awareness Partners -- have indicated interest in buying up to $7 billion of the offering at the final public price, an unusually large anchor commitment that suggests underwriters are working to de-risk pricing on a deal of this size before it ever reaches the broader market.
“Final pricing is set for July 9, with SKHY shares set to begin Nasdaq trading July 10.”
The offering hasn't been friction-free. SK Hynix shares slid 6.7% in Seoul trading on July 7, just days before the scheduled Nasdaq debut, as investors weighed dilution from the new ADS issuance against macro headwinds and questioned how much of the stock's post-announcement rally was durable versus short-lived enthusiasm. Final pricing is set for July 9, with SKHY shares set to begin Nasdaq trading July 10.
The listing is being closely watched as the next real-time test of investor appetite for AI-infrastructure mega-IPOs, following SpaceX's record-breaking June debut and ahead of memory-chip rival Samsung's own earnings read on AI-driven chip demand. For public-market investors, a soft Seoul reaction days before a record US listing is worth watching as an early signal of whether AI-hardware valuations broadly are due for a gut check.
