SK Hynix to List on Nasdaq on July 10, Poised to Set Record for Overseas Company Listing in US

TradingKey - SK Hynix officially confirmed on July 6 that it will raise 43 trillion won through an American Depositary Receipt (ADR) listing (approximately equivalent to $28.075 billion). The company expects to list on the Nasdaq Global Select Market on Friday, July 10, under the ticker symbol "SKHY." This offering is poised to become the largest-ever initial public offering by a foreign company in the U.S. stock market.

If successfully completed, this listing will trail only SpaceX's $85.7 billion IPO record set in June 2026, making it the second-largest equity offering in global history, surpassing Saudi Aramco's $25.6 billion in 2019 and Alibaba's approximately $25.0 billion in 2014.

All proceeds will be allocated to capital expenditures, including the construction of the Phase I wafer fab at the Yongin Semiconductor Cluster, the expansion of the P&T7 advanced packaging facility in Cheongju, and the procurement of equipment such as EUV lithography systems from ASML.

The core thesis of this listing lies in valuation rerating. SK Hynix is currently trading at a 12-month forward price-to-earnings (P/E) ratio of 6.2x, lower than the 7x of its U.S. peer Micron Technology (which had a valuation exceeding 11x prior to June 22).

According to tech media outlet The Information, SK Hynix trades at a forward price-to-sales (P/S) ratio of 3.6x, also lower than Micron's 4.6x, and remains discounted on a price-to-book (P/B) basis.

Market analysts believe that after listing on Nasdaq, SK Hynix is expected to be included in the Nasdaq 100 Index, triggering systematic buying by passive funds, while also attracting arbitrage capital active between the ADRs and Korean local shares, thereby driving its valuation closer to its U.S. peers.

UBS released a research report on July 3, raising the 12-month target price for SK Hynix from 3 million won to 3.2 million won and reiterating its "Buy" rating. The report pointed out that three major catalysts—the finalization of long-term supply agreements, the official mass production and shipment of HBM4, and potential share buybacks after the ADR listing—will drive valuation repricing.

The listing is jointly underwritten by Bank of America, Citigroup ( C ), Goldman Sachs ( GS) and JPMorgan Chase ( JPM ), with final pricing to be completed on July 9, and official trading to commence on July 10.