【New Stock IPO】SK hynix shares have reportedly already been oversubscribed by several times. The company has brought in 3 cornerstone investors, with total subscriptions of $7 billion, while its planned $28.2 billion US listing is expected to become the world’s third-largest IPO.

South Korean memory-chip giant SK hynix (SK Hynix, KR: 000660) officially kicked off its planned $28.2 billion (about HK$220 billion) U.S. listing on Monday (the 6th). It is expected to begin trading on the Nasdaq on Friday (the 10th), positioning it as the largest overseas-company IPO in U.S. history. The stock ticker is “SKHY”.

Foreign media reports that SK Hynix has already received multiple times oversubscription. Other reports say this IPO introduces three cornerstone investors—Baillie Gifford, Coatue Management, and Situational Awareness Partners—collectively subscribing to $7 billion worth of shares.

According to documents submitted by the company to the U.S. Securities and Exchange Commission, SK Hynix will issue 17.79 million American depositary receipts (ADRs), with a target fund-raising amount of $28.21 billion. This will place it among the global tech stocks with the highest market value; each 10 ADRs represent 1 ordinary share. The group’s listing in the U.S. makes it the third-largest IPO in history, only after SpaceX (US: SPCX) which set a record with an $87.5B IPO last month, and Saudi Aramco’s $29.4B.

SK Hynix roadshow this week, pricing on Thursday

Benefiting from strong demand for artificial intelligence (AI), SK Hynix is up about 273% year-to-date, far outperforming its main rivals Samsung Electronics (KR: 005930) and Micron (US: MU).

Regulatory filings indicate that SK Hynix will hold a roadshow this week, price on Thursday, and start trading on Friday. SK Hynix said last week that it will invest 100 trillion Korean won to build a new chip factory, including a NAND facility.