SK Hynix's monumental $28 billion US share offering has garnered more than seven times the demand for available shares, according to a source familiar with the matter. The stock, which is deeply integrated into the AI supply chain, will see its American Depositary Receipts (ADRs) commence trading on the Nasdaq on July 10, 2026. This surge in investor interest underscores the robust appetite for AI-related equities, particularly those linked to high-bandwidth memory (HBM) chips essential for AI servers.
The offering ranks as the world's second-largest share sale, trailing only SpaceX's $85.7 billion IPO. SK Hynix intends to utilize the proceeds to fund the construction of new manufacturing facilities and acquire advanced chipmaking equipment. The strong demand reflects a favorable equity window, though not all companies can access such capital under current market conditions.
Investors are increasingly focusing on HBM memory chips, which are critical components in AI data centers and graphic processors. Professor Yoo Hoi-jun of the Korea Advanced Institute of Science & Technology emphasized SK Hynix's indispensable role in the AI ecosystem, stating, "As long as there is demand for graphic processors and AI data centers, SK Hynix is indispensable." This sentiment is echoed by the company's valuation metrics, with SK Hynix's 12-month forward price-to-earnings ratio at 5.5, compared to rival Micron's 6.66. Ryu Young-ho, senior analyst at NH Investment & Securities, noted that the Nasdaq listing provides SK Hynix "an opportunity to be re-rated in the U.S. market."
In other market developments, India's State Bank of India and Amundi have filed a red herring prospectus for their joint venture SBI Funds Management, with an IPO priced between 545 and 574 rupees. Public bidding opens July 14, with a planned listing on July 21. The offering is a pure sale by existing owners, meaning SBI Funds Management will not raise fresh capital. The firm could achieve a valuation of up to 1.17 trillion rupees ($12.24 billion) if priced at the top of its range, placing it close to HDFC Asset Management's $12.5 billion market cap but below ICICI Prudential Asset Management's $17.2 billion.
European banking consolidation is also in focus, with UniCredit now holding 47.6% of Commerzbank, advancing its €45 billion hostile bid. The move faces opposition from Germany's government, unions, and Commerzbank itself. Investor Manfred Pointke of MPPM commented, "It's inevitable that UniCredit will gain a majority stake here and that the whole thing will go through. It's just a matter of time."
In Australia, Steadfast Group has received a revised A$7.7 billion ($5.34 billion) takeover offer from Amwins Group and Dragoneer Investment at A$6 per share, the third and largest bid to date. The exclusivity period has been extended by four weeks. Meanwhile, Bank of America has extended a $520 million credit line to OpenAI, marking its first loan to the AI firm, and is eyeing advisory roles for upcoming IPOs of OpenAI and Anthropic.
Despite the positive sentiment, market volatility persists. SK Hynix shares closed up 5% on Thursday but have fallen 25% over the past two weeks. Lee Min-hee at BNK Investment & Securities cautioned that the US listing might not significantly boost local shares due to the persistent "Korea discount" stemming from governance concerns. Additionally, US states may soon file lawsuits to block Paramount's $110 billion Warner Bros. Discovery deal, according to sources.
Overall, buyers remain selective, favoring AI-linked offerings with clear capital use, financial-sector deals with visible control, and issuers large enough to attract global funds before sentiment shifts. The current market dynamics suggest a cautious yet opportunistic approach among institutional investors.
