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SK Hynix Halts Solidigm US IPO Review, Shelving Up-to-$15B Listing
SK Hynix said in a Seoul regulatory filing on Oct 23 that its US unit Solidigm has halted all review of a pre-IPO round and IPO, citing market conditions and shareholder value; the listing was once reported to raise up to $15 billion.
Why it matters
One of the semiconductor industry's biggest capital-markets stories this year. Solidigm is the US NAND and enterprise-SSD subsidiary SK Hynix created after its $9 billion acquisition of Intel's storage business in late 2021; its IPO was seen as a test of the AI storage boom. The halt reflects both tighter Korean listing rules and a pullback in US chip stocks.
Full report
SK Hynix said in a regulatory filing in Seoul before the market opened on Oct 23 that its US subsidiary Solidigm has halted all review of a pre-IPO financing round and an IPO, citing capital market conditions and shareholder value. The company stressed the move does not reflect any change in Solidigm's growth outlook or investment needs, and said it will continue to explore other financing options.
The listing had been highly anticipated: Reuters previously reported it could raise up to $15 billion; Bloomberg reported on Oct 7 that the valuation could reach $100 billion; another report citing the Wall Street Journal said a $150 billion valuation had been discussed. Goldman Sachs and Morgan Stanley had been selected as underwriters.
The backdrop is Korean regulators' wariness of duplicate listings: financial authorities have publicly voiced concern, and Korea tightened its duplicate-listing review rules effective Aug 3. Some shareholders also worried a spin-off would dilute the value of their indirect holdings.
Markets reacted swiftly: SK Hynix shares in Seoul fell about 3% at the open on Oct 23 and were down 2.53% at 1,192,000 won as of 9:41 a.m. KST. In the US, the semiconductor index fell 6.72% in the prior session, with Micron down 6.26%.
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