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SK Hynix’s $28 Billion ADR Sale Draws Heavy Demand Before Nasdaq Debut

SK Hynix’s $28 billion ADR bookbuild is set to close after heavy oversubscription, with investors lining up for a Nasdaq-traded AI memory play even as the Seoul shares wobble.

Published about 2 hours ago
reuters

SK Hynix to close $28 billion ADR bookbuild on Wednesday after oversubscription, source says

wdez

SK Hynix to close $28 billion ADR bookbuild on Wednesday after oversubscription, source says | WDEZ

tradingview

SK Hynix to close $28 billion ADR bookbuild on Wednesday after oversubscription, source says — TradingView News

top1markets

SK Hynix Stock: $28B Offering Covered Multiple Times as July 10 Debut Approaches

marketscreener

SK Hynix's $28 Billion ADR Offering Multiple Times Oversubscribed Ahead of Nasdaq Debut

SK Hynix’s $28 Billion ADR Sale Draws Heavy Demand Before Nasdaq Debut
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AI memory demand meets a giant share sale

SK Hynix’s U.S. bookbuild is set to close at 4 p.m. Eastern time Wednesday after orders covered the deal multiple times, with final pricing guidance expected after Thursday’s close in Seoul and allocations later Thursday in the United States.wdez +1 The company has said the American depositary receipts are scheduled to begin trading on Nasdaq on July 10, turning one of Asia’s hottest AI-chip stocks into a dollar-traded security for U.S. investors.wdez +1

Demand has been unusually concentrated at the top end of the order book. U.S.-based investors submitted orders starting around $200 million, while larger tickets exceeded $1 billion, Reuters reported through WDEZ.wdez Baillie Gifford Overseas, Coatue-managed funds and Situational Awareness Partners have separately indicated interest in buying as much as $7 billion of the ADRs, giving underwriters a large anchor for a sale that could rank among the biggest share offerings on record.wdez +1

The deal converts AI enthusiasm into fresh capital

The offering covers 17.79 million new common shares, with 10 ADRs representing one SK Hynix common share and a reference price of 242,500 won per ADR based on the company’s July 3 Seoul close.wdez +1 Quartz reported that proceeds are earmarked for South Korean manufacturing facilities and equipment, including ASML extreme ultraviolet lithography scanners, rather than a secondary sale by existing holders.qz

The market pitch rests on SK Hynix’s position in high-bandwidth memory, the specialized chips used alongside AI processors. The company supplies HBM for customers including Nvidia and Alphabet’s Google, while Bloomberg reporting carried by the Financial Post cited Counterpoint Research data showing SK Hynix controlled 57% of global HBM revenue in the fourth quarter of 2025.wdez +1 MarketScreener’s company profile describes SK Hynix as a memory specialist across DRAM, NAND flash and related semiconductor products, underscoring why investors view the listing as a direct AI-infrastructure play.marketscreener

Strong orders do not erase market risks

The transaction is already rippling beyond equity books. Dollar-selling linked to the share sale appeared in South Korea’s forwards market Wednesday, helping push the won past 1,500 per dollar to its strongest level since May 29, a source familiar with the matter told Reuters through The Star.thestar The expected conversion of some U.S. proceeds into won-denominated capital spending has made the deal a live foreign-exchange event, not just a listing story.thestar

The stock signal is more mixed. SK Hynix shares fell as much as 3.59% in Seoul on Wednesday even as ADR demand built, and Quartz noted the fundraising target had been revised down from an earlier filing after a pullback in the local share price.wdez +1 Dan Coatsworth of AJ Bell told the Financial Post that investors may see strong long-term prospects, but questioned whether the listing is arriving after memory-chip stocks have already lost momentum.financialpost