SK hynix eyes June-July US listing, $10b deal seen

SK hynix is accelerating plans for a US listing, targeting June or July for its American depositary receipt offering, according to an exclusive Herald Business report Thursday.

The report said the chipmaker had recently indicated the timeline to underwriters, signaling a shift from its earlier stance that the schedule remained undecided. Last month, SK hynix said it had confidentially filed a draft registration statement (Form F-1) with the US Securities and Exchange Commission, aiming to go public within the year.

The move underscores the company’s push to expedite its entry into US capital markets and expand access to global funding.

Industry officials said the listing timeline is unlikely to hinge on short-term share price movements, reflecting a strategic focus on securing a US market presence.

Attention is now turning to the deal size, with estimates around $10 billion.

Despite holding nearly 35 trillion won ($24 billion) in cash, SK hynix faces heavy demands for investment to keep pace with AI chip growth. The company has committed to investing 21.6 trillion won through 2030 for its first fab in a new semiconductor cluster in Yongin, Gyeonggi Province, with total investment expected to reach about 31 trillion won. Over the longer term, it plans to invest up to 600 trillion won by 2050.

The ADR is expected to be backed by new share issuance after the company canceled 12.24 trillion won worth of treasury stock earlier this year.

Analysts say a sizable deal will be key to improving liquidity and narrowing SK hynix’s valuation gap with US peers, as the stock trades at a forward price-to-earnings ratio of around 3 to 4.

SK hynix is also preparing a US roadshow, likely after first-quarter earnings, to gauge investor demand.

The company said details of the offering, including size, structure and timing, have yet to be finalized and will depend on regulatory review and market conditions.