#SKHynixADRIndicativePrice149

SK Hynix Lands on Nasdaq: $149 ADR Pricing Taps $26.5B for AI Memory Buildout
SK Hynix just made AI memory a U.S.-listed asset. The South Korean chipmaker priced its American Depositary Receipts at $149 per ADR on Thursday, raising about $26.5 billion in the year’s second-largest share sale globally.

Demand reached 7x available shares. Large U.S. funds placed $200M to $1B orders and closed books early. The ticker “SKHY” began trading Friday on Nasdaq. ADRs were indicated to open near $180 against the $149 offer price.

Each 10 ADRs represent 1 common share traded in Seoul. The $149 level is roughly a 3.1% premium to Thursday’s Seoul close of 2,186,000 won. Proceeds will fund new fabs, advanced packaging in South Korea, and 11.9 trillion won in EUV equipment through end-2026.

SK Hynix holds 57% of the HBM market and supplies 70% of Nvidia’s HBM for the Vera Rubin platform. Q1 operating profit jumped 400% YoY as HBM demand outpaced supply. The company trades at 5.5x forward P/E compared with Micron at 6.66x. The ADR listing aims to narrow that gap.

ETF and index inclusion could drive $340M to $450M in passive inflows, according to analyst models. Options on SKHY are set to list 2 business days after debut, improving liquidity and price discovery.

SK Hynix and Samsung plan hundreds of billions in new capacity to meet AI-driven demand, raising oversupply concerns in the cyclical memory market. Management still sees DRAM supply constrained until 2030.

The $149 pricing sits below the $166 initially discussed. Bankers described it as tight to sustain momentum. If U.S. investors continue paying a premium, Seoul shares could re-rate higher. If ADRs trade at a discount, arbitrage will open.

The re-rating game for AI memory starts now.