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#SK海力士ADR获超额认购 SK Hynix ADR offering size reduced to $28 billion, heavily oversubscribed!
SK Hynix lists in the U.S., offering size cut to $28 billion yet still heavily oversubscribed — can this HBM giant continue its legend on Nasdaq?
SK Hynix officially started the American ADR bookbuilding on July 6, with the offering size reduced from approximately $29 billion to about $28 billion, a decrease of roughly $1 billion. The company plans to issue 17.79 million common shares in the form of ADS, with trading expected to begin on Nasdaq as early as July 10 under the ticker symbol SKHY.
Despite the lower reference price, market demand remains strong, with investors already indicating interest in subscribing to up to $7 billion in ADS, representing about 25% of the fundraising size. The offering size is comparable to Saudi Aramco's $29 billion IPO in 2019 and could rank among the top three largest IPOs globally. The company's first-quarter operating profit surged to 37.61 trillion won, hitting a record high, while revenue nearly tripled to 52.58 trillion won. In the HBM sector, SK Hynix, leveraging its earlier strategic positioning compared to Samsung, has become a key supplier to NVIDIA, holding a 57% share of the global HBM market revenue in the fourth quarter of 2025. The proceeds will be directed toward capital expenditures and the purchase of extreme ultraviolet lithography machines, with construction capex of approximately 45.5 trillion won and EUV lithography machine costs of about 11.9 trillion won. The offering is jointly led by Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase.
Industry impact: SK Hynix's U.S. listing will further open channels for international investors, helping to narrow the valuation gap with comparable peers such as TSMC. This move also reflects the broader tech industry's accelerated bet on AI infrastructure, with memory chip demand shifting from cyclical to long-term structural growth.
Can SK Hynix, landing on Nasdaq with a $28 billion offering, replicate the valuation uplift path of TSMC's ADR? Will investors buy into the capital story of the HBM leader? Leave your thoughts in the comments!
SK Hynix's US listing, with scale reduced to $28 billion, still receives massive oversubscription — can this HBM giant continue its legend on Nasdaq?
SK Hynix officially launched its US ADR bookbuilding on July 6, with the offering size reduced from approximately $29 billion to approximately $28 billion, a decrease of about $1 billion. The company plans to issue 17.79 million common shares in the form of ADSs, expected to start trading on Nasdaq as early as July 10 under the ticker SKHY.
Despite the lowered reference price, market demand remains strong, with investors already indicating interest in subscribing up to $7 billion in ADSs, accounting for about 25% of the fundraising size. The offering size is comparable to Saudi Aramco's $29 billion IPO in 2019 and could rank among the top three IPOs in global history. The company's operating profit surged to 37.61 trillion Korean won in the first quarter of this year, a record high, with revenue nearly tripling to 52.58 trillion won. In the HBM sector, SK Hynix, with its earlier strategic deployment compared to Samsung, has become a key supplier to NVIDIA, capturing a 57% share of global HBM market revenue in the fourth quarter of 2025. The proceeds will be directed toward capital expenditures and the purchase of extreme ultraviolet (EUV) lithography equipment, with construction CapEx of about 45.5 trillion won and EUV lithography machine procurement costs of about 11.9 trillion won. The offering is jointly underwritten by Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase.
Industry impact: SK Hynix's US listing will further open up channels for international investors, helping to narrow the valuation gap between it and comparable peers like TSMC. This move also reflects the broader trend of the tech industry accelerating bets on AI infrastructure, with memory chip demand shifting from cyclical to long-term structural growth.
SK Hynix listing on Nasdaq with a $28 billion scale — can it replicate the valuation uplift path of TSMC's ADR? Will investors buy into the capital story of the HBM leader? Leave your thoughts in the comments section!