NEW YORK – SK Hynix’s US$28 billion (S$36 billion) US listing is multiple times oversubscribed ahead of pricing on July 9, according to people familiar with the matter.
The South Korean memory chip giant’s offering has drawn strong early demand from global long-only funds and technology-focused investors, the people said.
About 1,000 institutional investors joined a management marketing call on July 6, the people said. A representative for SK Hynix didn’t immediately respond to a request for comment. International Financing Review earlier reported the offering’s subscription level.
SK Hynix began marketing the sale on July 6 of 177.9 million American depositary receipts (ADR) valued at about US$28 billion, based on the July 3’s closing price of its common shares in Seoul. That would put it on track for the biggest-ever US listing by a foreign company later this week.
Each ADR represents one-tenth of a common share. The offering amounts to 2.5 per cent of SK Hynix’s market value, which has more than tripled in 2026 to more than US$1 trillion, despite sharp swings in chip stocks globally.
The ADR offering is expected to price in New York on July 9, before the shares reopen for trading in South Korea and ahead of the ADRs’ Nasdaq Global Select Market debut on July 10, the people said.
Limits on converting the South Korea-listed shares into ADRs may restrict arbitrage, which could cause the ADRs to trade at a premium.
Baillie Gifford, Coatue Management and Situational Awareness Partners have indicated an interest in buying as much as US$7 billion worth of ADRs in the first-time share sale. BLOOMBERG
