SK Hynix is selling 177.9 million American depositary receipts (ADRs) valued at about $28 billion as part of a US listing that represents roughly 2.5% of the semiconductor giant's market value, which has surpassed $1 trillion in 2026 [1, 2, 3].
The offering has drawn strong demand from global long-only funds and technology-focused investors, with participation from about 1,000 institutional investors during a management marketing call held on July 6 in New York [1, 2, 3]. Reuters sources indicated that demand exceeded supply by more than seven times, revealing very robust investor interest [4].
Notable investors such as Baillie Gifford, Coatue Management, and Situational Awareness Partners have expressed interest in purchasing up to $7 billion in ADRs, underlining confidence in SK Hynix's growth prospects [1, 2, 3]. Underwriters managing the offering include Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase [2, 3].
The ADRs are expected to price on July 9 in New York before South Korean markets reopen, with the shares debuting on the Nasdaq Global Select Market on July 10 [1, 2, 3]. Due to restrictions on converting local South Korea-listed shares into ADRs, there may be limited arbitrage opportunities, potentially causing the ADRs to trade at a premium to the home market shares [1, 2, 3].
SK Hynix began marketing the offering on July 6, the same day the investor call took place. The listing allows the company to tap US investors directly while continuing to expand its valuation well above $1 trillion [1, 2, 3]. Pricing and the Nasdaq debut are the next key events in the transaction process [1, 2, 3, 4].
