SKHX Rebounds as SK Hynix's $28B Nasdaq Bookbuild Closes Oversubscribed

The Catalyst

This is the offering repricing itself. SK Hynix closed the bookbuild on its roughly $28 billion Nasdaq ADR sale after orders covered the deal several times over, with the final price to be set Thursday, July 9 in Seoul and trading opening on the Nasdaq Global Select Market under ticker SKHY on July 10. It is the largest-ever U.S. listing by a foreign company and the second-biggest global share sale of the year behind SpaceX, eclipsing Saudi Aramco's 2019 IPO and Alibaba's 2014 debut.

SKHX tracks one SK Hynix common share, and one common share splits into 10 ADRs, so the ~₩242,500 / $158.26 indicative offer per ADR implies roughly $1,583 per share. That is the anchor the perp is trading against right now.

Still Below the Offer

Even after a 7.69% bounce, the perp isn't rich — it's catching up. At $1,443 SKHX equals about $144.30 per ADR-equivalent, which is still roughly 9% under the ~$158.26 the deal is being marketed at. The underlying Korean shares (000660) sat near ₩2,076,000 on July 8, and because the oracle converts KRW spot to USD at the prevailing FX rate, SKHX moves with both the equity and the won.

The practical read: as long as the perp trades under the offer, the market is effectively saying the ADR could open below its indicative price, or that pre-listing supply and higher margin requirements are capping the underlying. A move that closes that gap into Thursday's print is the underlying agreeing with the demand signal; a fade back toward last week's lows would say the book is being padded by allocation-hungry accounts rather than conviction.

Why the Book Is Overflowing

The demand isn't a mystery. SK Hynix is the memory name most directly levered to AI: it holds roughly 62% of the HBM market and has locked up about two-thirds of Nvidia's HBM4 orders for the Vera Rubin platform, with DRAM, NAND and HBM capacity effectively sold out through 2026. That scarcity showed up in the numbers — a record 72% operating margin in Q1 2026, ahead of both Micron and TSMC.

That profile is why anchors are lining up. Baillie Gifford, Coatue and Situational Awareness Partners have indicated interest in up to $7 billion combined — roughly a quarter of the entire allocation — giving the deal a base of long-horizon buyers before it prices. For SKHX, the offering is less a wildcard and more a live vote on how U.S. investors value the AI-memory leader, settled in real time on-chain a day before the shares actually change hands.