Overview
- Bookbuilding for the Nasdaq ADR offering closed on July 9 after demand topped supply by more than seven times for roughly $28 billion in new capital.
- The deal issues 17.79 million new common shares as 177.9 million ADRs and is slated to begin Nasdaq trading around July 10 under the ticker SKHY.
- Cornerstone investors including Baillie Gifford, Coatue and Situational Awareness Partners signaled up to $7 billion of interest, helping secure large allocations.
- SEC filings show ADR holders can cancel receipts into Seoul shares while reconverting Seoul shares into ADRs may need Korean approval, a structure that could sustain a persistent U.S. premium.
- Proceeds are earmarked to expand HBM production capacity, buy scarce ASML EUV scanners and build advanced packaging fabs, a move that could ease AI memory shortages but raises execution and market‑volatility risks.