TradingKey - SK Hynix officially confirmed on July 6 that it will raise 43 trillion won through an American Depositary Receipt (ADR) listing (approximately $28.075 billion). The company expects to list on the Nasdaq Global Select Market on Friday, July 10, under the ticker "SKHY". This offering is expected to become the largest-ever initial public offering by a foreign company in the US stock market.

If successfully completed, this listing will rank as the second-largest stock offering in global history, trailing only SpaceX's $85.7 billion IPO record set in June 2026, and surpassing Saudi Aramco's $25.6 billion in 2019 and Alibaba's approximately $25.0 billion in 2014.

All proceeds will be allocated to capital expenditures, including the construction of the Phase 1 wafer fab in the Yongin Semiconductor Cluster, the expansion of the P&T7 advanced packaging plant in Cheongju, and the procurement of equipment such as EUV lithography machines from ASML.

In terms of cornerstone investors, Baillie Gifford Overseas Limited, funds managed by Coatue Management, and Situational Awareness Partners LP have indicated an interest in purchasing up to $7 billion in ADRs, representing about a quarter of the total offering. Among them, Baillie Gifford has held shares in SK Hynix since 2000, with SK Hynix accounting for approximately 3.92% of its emerging markets equity fund as of March 31, 2026. Coatue Management is a tech investment firm founded by the well-known hedge fund manager Philippe Laffont.

The core logic of this listing lies in valuation rerating. SK Hynix currently trades at 6.2 times its forward 12-month expected price-to-earnings (P/E) ratio, lower than its US peer Micron Technology's 7 times (Micron's valuation had once exceeded 11 times before June 22).

According to tech media outlet The Information, SK Hynix trades at 3.6 times its forward price-to-sales (P/S) ratio, also lower than Micron's 4.6 times, and is similarly discounted on a price-to-book (P/B) basis.

Market analysis suggests that after listing on Nasdaq, SK Hynix is expected to be included in the Nasdaq 100 Index, triggering systematic buying from passive funds, while also attracting arbitrage capital to trade actively between the ADRs and the Korean local shares, thereby pushing its valuation closer to its US peers.

UBS released a research report on July 3, raising its 12-month target price for SK Hynix from 3 million won to 3.2 million won and reiterating its "Buy" rating. The report pointed out that three major catalysts—the finalization of long-term supply agreements, the official mass production and shipment of HBM4, and potential share buybacks after the ADR listing—will drive valuation repricing.

The listing is jointly underwritten by Bank of America, Citi ( C ), Goldman Sachs ( GS) and JPMorgan Chase ( JPM ). The final pricing will be completed on July 9, with trading officially commencing on July 10.

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