SK Hynix Shares to List on Nasdaq With Trading Starting July 10

SK Hynix shares will list on the Nasdaq, with trading scheduled to begin on July 10. The offering is expected to raise about $29 billion, the largest first-time share sale by a foreign company. The company's Korean-listed stock has risen 770 percent over the past 12 months, even after a 20 percent selloff from its June peak.

That gain outpaced Micron Technology's 700 percent advance over the same period. SK Hynix is the top supplier of high-bandwidth memory and Nvidia's primary provider. Last month SK Hynix stated it planned to slow its AI memory business.

The announcement triggered the Kospi index's fifth-worst daily plunge. James Reilly, senior markets economist at Capital Economics, wrote that the volatility shows excessive froth and questions the rally's sustainability. SpaceX completed an $86 billion IPO last month.

Its shares jumped initially, then fell and remain near the first-day close. Bonds issued afterward traded at levels comparable to junk-rated debt despite investment-grade ratings. Bank of America analysts warned in a Tuesday note that stocks are headed lower and reaffirmed a year-end S&P 500 target of 7,100, a 5 percent drop from the week's close.

Bloomberg reported that SK Hynix will issue up to 25 percent of its total shares. Reuters reported that book building for the ADR offering begins July 6 and the final offer price will be set July 9.