Institutional demand for SK Hynix Inc.’s monumental U.S. share sale has reportedly reached over seven times the available supply, according to individuals familiar with the transaction.
This $28 billion capital raise marks a pivotal moment for the South Korean memory specialist as it seeks to capitalize on a year of extraordinary growth and a market valuation that recently eclipsed the $1 trillion mark. The offering has captured the attention of a wide array of global technology-focused investors, sovereign wealth funds, and long-only funds, positioning it as one of the most significant international equity events in U.S. market history.
The transaction involves the issuance of 177.9 million American depositary receipts (ADRs). Valued based on the recent closing price of the company’s common stock in Seoul, the total size of the offering is projected at approximately 43 trillion won, or $28 billion. This scale would place the debut as the second-largest U.S. listing for a non-domestic firm, trailing only the $25 billion Alibaba offering. Each ADR being offered to the market represents one-tenth of a single common share. In total, the volume of securities being sold represents roughly 2.5% of the company’s total market value.
Enthusiasm for the sale was evident from the start of the marketing process on Monday, July 6, 2026. Approximately 1,000 institutional participants joined a management call to discuss the offering. High-profile investment firms, including Baillie Gifford, Situational Awareness Partners, and Coatue Management, have indicated a collective interest in acquiring as much as $7 billion of the new ADRs. This robust appetite persists despite the inherent volatility of the global semiconductor market, as SK Hynix’s valuation has more than tripled throughout the current year.
Financial experts suggest the ADRs could trade at a higher price than the underlying shares listed in South Korea. This predicted premium is attributed to limitations on swapping domestic shares for ADRs, a factor that could restrict arbitrage opportunities. The deal is being managed by a high-profile consortium of banks, including Citigroup, Bank of America, Goldman Sachs, and JPMorgan Chase.
The subscription period concluded at 4 p.m. Eastern time on Wednesday. Final pricing is expected to be established during the afternoon of Thursday, July 9, 2026, in New York, after the Seoul markets have closed. Following the finalization of investor allocations, the ADRs are scheduled to commence trading on the Nasdaq Global Select Market on Friday, July 10, 2026, under the ticker symbol SKHY.
