SK Hynix Files for Nasdaq ADR Listing, Set to Launch July 10 with $29B Fundraise

According to multiple institutions, South Korean semiconductor giant SK Hynix filed for a U.S. IPO to list American Depositary Receipts (ADRs) on Nasdaq, targeting a July 10 launch and July 29 official listing. The offering aims to raise 45.45 trillion won (approximately $29 billion), marking the largest ADR issuance on record.

As a core HBM supplier to Nvidia, SK Hynix holds over 50% of the global HBM market share, with Q1 2026 revenue growth of 198% year-over-year and an operating margin of 71%. However, the company trades at a 3-4x price-to-earnings ratio on Seoul exchanges, significantly below Micron's 9x valuation, reflecting what analysts call the "Korea discount" attributed to geopolitical concerns and governance questions. Analysts project that if SK Hynix achieves comparable valuations to Micron post-listing, the ADR could trade at a 20-45% premium to its Seoul listing.