SK Hynix’s $28B U.S. listing is multiple times oversubscribed

SK Hynix's roughly $28 billion U.S. listing is multiple times oversubscribed ahead of pricing on Thursday, according to Bloomberg News, reflecting strong appetite from global investors eager for exposure to the South Korean memory chipmaker at the center of the AI boom.tradingview+1

The offering, which launched on Monday, will see order books close at 4:00 p.m. New York time on July 8, with underwriters ceasing to accept new subscriptions due to overwhelming demand. Trading under the ticker SKHY on the Nasdaq ↗ 0.99% is expected to begin on Friday.mezha+3

Cornerstone Investors and Deal Structure

Three cornerstone investors — Baillie Gifford Overseas Limited, Coatue Management, and Situational Awareness Partners — collectively indicated approximately $7 billion in interest ahead of the formal launch. The company is issuing 17.79 million new shares in American Depositary Receipt form, with each ADR representing one-tenth of a common share.eciks+2

SK Hynix revised its fundraising target to 43.14 trillion won (approximately $28.21 billion) from a prior aim of 45.45 trillion won, following a recent pullback in its Seoul-traded shares. The reference price was set at 242,500 won per ADR based on the company's July 3 close on the Korea Exchange, according to Reuters.qz+1

AI Demand Underpins Investor Appetite

The deal could rank as the largest first-time share sale by a foreign company in the United States, eclipsing Saudi Aramco's 2019 IPO. SK Hynix's market capitalization has more than tripled this year to above $1 trillion, driven by its dominance in high-bandwidth memory chips used in AI data centers.bloomberg+2

The company held 56–58% of the HBM chip market in the first quarter of 2026, with revenue surging 198% year-over-year and operating margins exceeding 70%. SK Hynix has said its entire memory chip lineup for 2026 is already pre-sold to customers.eciks

Proceeds from the listing will fund capacity expansion and new fabrication plants to meet AI-driven demand, according to The Wall Street Journal News Corp ↘ 3.58%. SK Hynix plans to begin transferring funds to South Korea by around July 15, converting part of the dollar proceeds into won, Reuters reported.wsj+1