SK Hynix US offering is more than seven times oversubscribed

Published Wed, Jul 8, 2026 · 06:41 AM — Updated Thu, Jul 9, 2026 · 10:17 AM

[NEW YORK/ SEOUL] SK Hynix’s US listing is more than seven times oversubscribed, according to people familiar with the matter, as the South Korean memory chipmaker prepares to price its offering Thursday (Jul 9).

The South Korean chipmaker is seeking to raise 43 trillion won (US$28 billion) in one of the world’s largest new share sales, Reuters reported. This comprises the sale of 177.9 million American depositary receipts (ADRs).

The offering has attracted demand from institutional investors including global long-only funds, technology sector-focused funds, sovereign wealth funds and Asia-focused global investors, some of the people said.

Each SK Hynix ADR is equivalent to a tenth of a common share, according to an earlier filing with the US Securities and Exchange Commission.

Based on Wednesday’s closing price in Seoul of 2.076 million won each, the US offering would raise about US$24.5 billion, according to Bloomberg calculations.

At that size, it would rank among the largest ever debuts in the US by a foreign company, second only to Alibaba Group’s US$25 billion debut, according to data compiled by Bloomberg.

Deliberations are ongoing and details of the US listing could change, the people said. A spokesperson for SK Hynix declined to comment.

Underwriters have told investors that pricing guidance is expected to come after the South Korean stock market closes on Thursday with allocations finalised later in the day in US time, a separate source has previously said.

The offering comes as the Korea-listed shares of SK Hynix as well as rivals such as US-listed Micron Technology have fallen sharply in recent days, as runaway enthusiasm for artificial intelligence infrastructure bets appeared to cool.

SK Hynix shares declined 5.7 per cent in Korea on Wednesday and are now down 30 per cent from a record-high close in late June, though they remain roughly triple where they started the year.

Banks leading the SK Hynix offering said they expected to stop taking orders at 4 pm on Wednesday.

The offering is being led by Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase, with nine other firms participating.

SK Hynix has attracted indications of interest from Baillie Gifford, Coatue Management and Situational Awareness Partners for as much as US$7 billion worth of ADRs in the offering.

The firm and its longtime rival Samsung Electronics are poised to ramp up investment in the country as part of a South Korean government-led initiative worth US$880 billion.

The ADRs are set to begin when-issued trading Friday on the Nasdaq Global Select Market under the symbol SKHYV, which will change to SKHY when they begin regular-way trading Jul 13. BLOOMBERG, REUTERS