SK Hynix cancels US initial public offering for chip maker Solidigm

South Korean memory chip maker SK Hynix has canceled plans to launch an initial public offering in the United States for its Solidigm unit, according to reports by CNBC and Bloomberg Tech. Bloomberg Tech and Bilyonaryo Business reported that the decision followed opposition from regulators and shareholders, including concerns raised by authorities in Seoul. [1][2][3][4][5][6]

Outlets differed on the potential valuation of the canceled offering. Bloomberg Tech reported that SK Hynix scrapped a potential 10 billion dollar United States listing, while investingLive reported that the market had previously eyed a valuation of up to 150 billion dollars for the listing. [3][5]

Despite canceling the public offering, Tom's Hardware reported that Solidigm confirmed plans to build a 3D NAND semiconductor fabrication plant in the United States. Tom's Hardware noted that strong enterprise solid-state drive margins could enable parent company SK Hynix to finance the expansion without relying on outside investors. [2]

SK Hynix is a South Korean semiconductor manufacturer that produces dynamic random-access memory chips and flash memory chips, making it one of the largest memory vendors alongside Samsung Electronics and Micron. CNBC Tech reported that the decision to pull the offering coincides with broader financial pressures across the artificial intelligence sector, marked by slumping stock prices and rising credit default swaps. [1][7]