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SK hynix selects Citigroup and JPMorgan as lead underwriters for U.S. ADR listing
Tuesday, March 17, 2026 at 12:12 AM
SK hynix has reportedly selected Citigroup, JPMorgan, Goldman Sachs, and Bank of America as lead underwriters for its planned American Depositary Receipt (ADR) listing in the United States. This move would provide the South Korean memory giant with increased access to international capital markets to fund its semiconductor manufacturing expansion.
Context
SK hynix has selected Citigroup, JPMorgan Chase, Goldman Sachs, and BofA Securities as lead underwriters for a planned U.S. American Depositary Receipt (ADR) listing expected in the second half of 2026. This confidential filing follows the company's strategic push to raise between $9.6 billion and $14.4 billion by issuing approximately 2% to 3% of its total shares. The move aims to diversify its global shareholder base and secure a market valuation more in line with U.S. peers like Micron, as its current P/E ratio sits at roughly half that of its competitors.
The capital infusion is critical for financing SK hynix's massive infrastructure projects, including the $450 billion (600 trillion won) semiconductor cluster in Yongin, South Korea, and a $3.9 billion advanced packaging facility in Indiana. As the dominant supplier in the HBM (high-bandwidth memory) market with a 57% share, the company is scaling production to meet unprecedented AI-driven demand from partners like NVIDIA. This listing represents one of the largest U.S. market entries by a foreign firm in recent years, reinforcing the chipmaker's central role in the global AI supply chain.
Sources (9)
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