SK hynix Inc. (SKHY) — IPO Dossier

The high-bandwidth memory (HBM) monopoly-adjacent giant behind the AI buildout lists on Nasdaq — $149 per ADS confirmed by the 424B4, ~$26.5B raise wrapped around a 2.44% float, priced not by a roadshow range but by negotiation off its live Korean print.

Demand read

BDI on SKHY is armed but deliberately unscored at this stage: the deal has no marketed price range (pricing is negotiated off the KRX reference), so the Pricing Signal factor is structurally excluded rather than treated as missing data. The score computes and freezes at pricing — expected the evening of July 9 — under the negotiated-offering methodology: Underwriter Quality (a four-coordinator Tier-1 book) and Sector Momentum (semiconductors, running hot) carry renormalized weight alongside the live Market Regime read. Because there is no range, there is no below/in/above-range bucket for this deal: the frozen score will be graded on offer→open alone. The frozen BDI appears here the morning of July 10, before the open.

The Bellipo take

This is the largest US listing since SpaceX, and it breaks almost every rule of a normal IPO read. There is no marketed range — the price gets negotiated off the KRX close, so "priced above range" signals don't exist here. There is no greenshoe — Korean law forbids it. The lockup is 90 days, not 180. And the float is the story: 177.9 million ADSs sounds enormous until you convert it — one-tenth of a share each, about 2.44% of the company (own calc: 17,790,000 of 728,865,500 shares). A ~$28 billion raise with a fractional float, three cornerstone indications up to $7B, and deep home-market liquidity one hedge away on the KRX. The fundamentals underneath are the cleanest supercycle print in the dataset: a ₩9.1 trillion loss in 2023 to record profit in 2025, and a single quarter in 2026 that nearly matched that record year. What we can't tell you is what it's worth — that's the KRX's job, live, every day. What we can tell you is how this structure trades: thin ADS float, anchored reference price, scarcity on day one. Watch the open, not the pricing.