SK Hynix's U.S. IPO is oversubscribed 7 times; it could raise $24 billion — Bloomberg

The order book for the offering of American Depositary Receipts (ADRs) by South Korean chipmaker SK Hynix, which is arranging a secondary listing of its securities in the U.S., was oversubscribed more than seven times, Bloomberg reports, citing sources familiar with the offering.

The company is offering 177.9 million ADRs on the U.S. market, each of which represents one-tenth of a common share of SK Hynix. Based on the closing price in Seoul on Wednesday, July 8, of 2.076 million won ($1.38), the company’s U.S. listing is expected to raise about $24.5 billion, according to Bloomberg. If this happens, SK Hynix’s offering will be the second-largest U.S. IPO by a foreign issuer in history, second only to Alibaba Group’s record-breaking $25 billion offering in 2014, the agency noted. On Thursday, SK Hynix shares in Seoul rose 5.3% to 2.186 million won.

Discussions regarding the deal are ongoing, and the details of the listing may still change, Bloomberg sources cautioned. A spokesperson for SK Hynix declined to comment to the agency. Global funds with long-term strategies, technology-focused funds, sovereign wealth funds, and global investors focused on Asia have expressed interest in the deal, the sources said.

Trading in SK Hynix’swhen-issued receipts on the Nasdaq Global Select Market will begin on Friday, July 10, under the ticker symbol SKHYV, and regular trading will commence on July 13 under the ticker symbol SKHY. The offering is being led by Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, joined by nine other banks.

Since the beginning of 2026, SK Hynix’s stock price in Seoul has more than tripled—rising 236%. The stock fell in the second half of June and early July from the peak it reached last month. The sell-off among chipmakers also affected SK Hynix’s competitors, including South Korea’s Samsung Electronics and the U.S.-based Micron: investors were taking profits and shifting their money to other companies and sectors.

SK Hynix’s plans to list in the U.S. were announced in March 2026. The company filed a confidential application for a secondary offering, hoping to use the proceeds to build factories in Yeongin, South Korea, and the U.S. state of Indiana, Reuters reported.

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