SK Hynix's $29.4 Billion Nasdaq ADR Listing: The Largest Ever

SK Hynix, the world's second-largest memory chipmaker and a key supplier of High-Bandwidth Memory (HBM) to Nvidia, is set to make history with its Nasdaq ADR listing. The offering, approved by the board on June 24, 2026, is the largest American Depositary Receipt (ADR) transaction ever, surpassing Alibaba's $21.8 billion debut in 2014 and Saudi Aramco's $25.6 billion IPO . Here's a breakdown of all the key details.

Timeline: When Will SK Hynix Trade on Nasdaq?

The ADR listing is scheduled for July 10, 2026, on the Nasdaq Global Select Market, subject to SEC approval and market conditions . The subscription and payment date is July 14, and the new underlying shares will list on the Korea Exchange on July 29 . The bookbuilding process targeting overseas institutional investors begins on July 6, with final pricing determined on July 9 . Pricing is based on the June 23 closing price of 2,555,000 won per common share .

Note on timeline: While the July 10 debut and July 14 settlement are confirmed across major sources , specific sub-dates (July 6 for bookbuilding, July 9 for final pricing) come from a regulatory filing covered by The Sun .

Offering Size: A Record $29.4 Billion

SK Hynix plans to issue up to 17.79 million new shares, valued at approximately 45.45 trillion won (~$29.4 billion) . This figure more than doubled from an earlier $14 billion target discussed in March 2026, reflecting surging investor appetite for AI-adjacent assets .

ADR Price & Conversion Ratio

The indicative ADR price is approximately $166 per ADR, with 10 ADRs representing one common share of SK Hynix . The conversion ratio is set at 0.1 common share per DR .

HSBC's 20% Valuation Premium

HSBC analysts published a note on June 25, 2026, applying a 20% valuation premium ahead of the listing. They forecast the ADR can start trading above the implied Korean-market valuation due to expected multiple expansion from U.S. investor demand, helping it catch up with U.S.-based Micron Technology in valuation terms .

Use of Proceeds: Funding AI Memory Factories

All proceeds will go directly to physical manufacturing capacity for AI memory chips :

• Construction of the first fabrication plant at the Yongin semiconductor cluster in South Korea
• Development of the Cheongju P&T7 advanced-packaging facility for high-bandwidth memory (HBM)
• Purchases of ASML EUV lithography equipment — SK Hynix has a separate $7.9 billion (11.9 trillion won) EUV equipment deal with ASML valid through 2027

Managing Underwriters

Four global investment banks are serving as joint lead underwriters: BofA Securities, Citigroup Global Markets, Goldman Sachs, and JPMorgan Chase . Citibank will act as the depositary bank, and the Korea Securities Depository as custodian .

Strategic Rationale

SK Hynix is the dominant supplier of High-Bandwidth Memory (HBM) to Nvidia for AI accelerators. The U.S. listing gives American investors direct access to a critical AI supply-chain stock that previously required Korea Exchange trading via costly OTC ADR programs . The listing comes amid surging AI-driven demand and is expected to broaden the global investor base and intensify competition with Samsung for global capital . Shares of SK Hynix jumped approximately 12% on June 25, 2026, the day after the plan was announced .

What This Means for Investors

This listing is a significant milestone for the semiconductor industry. It provides a liquid, exchange-traded vehicle for U.S. investors to gain exposure to the AI memory market without the friction of trading on the Korea Exchange. The offering also underscores how deeply AI infrastructure demand is reshaping capital markets — the final raise more than doubled from initial expectations in just three months .