SK Hynix 000660.KS has appointed Citigroup C.N, JPMorgan JPM.N, Goldman Sachs GS.N, and Bank of America BAC.N as underwriters for its upcoming US initial public offering, the Korean Economic Daily reported on Friday.
Last month, the South Korean chipmaker announced that it was planning a confidential filing to list its shares on the American market in the second half of 2026. SK Group President Chey Tae-won stated that the US listing could help expand SK Hynix’s shareholder base beyond Korea, increase exposure to American and international investors, and strengthen its global presence.
Here are some details:
- The US listing is expected to raise between 10,000 and 15,000 billion won (6.63 billion to 9.95 billion dollars), the newspaper reported, citing anonymous investment banking sources. The funds would be used to finance AI infrastructure, including the development of the company’s chip cluster in Yongin.
- Last month, Reuters reported that the US listing could raise up to 14 billion dollars, with the funds going towards chip manufacturing plants in Yongin and Indiana.
- The South Korean company’s US listing could be more than double the IPO of e-commerce group Coupang CPNG.N in the US in 2021, which raised 4.6 billion dollars.
- “We cannot confirm at this time as the process is still in a preliminary stage, and since the selection of underwriters is yet to happen, we cannot say more,” SK Hynix said in a statement to Reuters.
- Citi declined to comment. JPMorgan, Goldman Sachs, and Bank of America were not immediately available for comment outside of business hours.
- SK Hynix’s shares were up 5.8% in early trading, compared to the 2.7% rise in the benchmark KOSPI index KS11.
(1 $ = 1,509.1000 won)
