US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>SK Hynix delivered a strong debut, opening 14.1% above its IPO price before finishing up 13.1%, validating exceptional institutional demand. </li>
<li>The offering was reportedly more than 7x oversubscribed, with cornerstone investors receiving reduced allocations despite the transaction's record size. </li>
<li>We believe AI memory demand, attractive valuation versus peers, and HBM leadership could provide continued upside over the short to medium term.</li>
</ul>


SK Hynix delivered a strong debut, opening 14.1% above its IPO price before finishing up 13.1%, validating exceptional institutional demand. 
The offering was reportedly more than 7x oversubscribed, with cornerstone investors receiving reduced allocations despite the transaction's record size. 
We believe AI memory demand, attractive valuation versus peers, and HBM leadership could provide continued upside over the short to medium term.


SK Hynix (SKHY): AI Memory Leader Delivers: SK Hynix Climbs Double Digits in U.S. Debut

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Derivatives

<ul>
<li><em><strong>Following SK Hynix ADR listing on NASDAQ on 10 July, it is expected that numerous 2x leveraged ETFs based on SK Hynix ADR shares will be launched in the U.S.</strong></em></li>
<li>On 13 July (Monday), the "T-REX 2X Long SK Hynix Daily Target" ETF will be launched in the U.S. The ticker for this 2x leveraged ETF will be HYNX.</li>
<li>At least 10 fund managers have filed registrations to list single-stock ‌exchange-traded funds tracking SK Hynix ADRs soon after it starts trading on 10 July.</li>
</ul>


Following SK Hynix ADR listing on NASDAQ on 10 July, it is expected that numerous 2x leveraged ETFs based on SK Hynix ADR shares will be launched in the U.S.
On 13 July (Monday), the "T-REX 2X Long SK Hynix Daily Target" ETF will be launched in the U.S. The ticker for this 2x leveraged ETF will be HYNX.
At least 10 fund managers have filed registrations to list single-stock ‌exchange-traded funds tracking SK Hynix ADRs soon after it starts trading on 10 July.


Launch of SK Hynix ADR Based 2x Leveraged ETFs in the US

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Citi ADR headroom timing is not just about premium management. It is equally driven by how quickly Korean regulators get comfortable with impacts on KOSPI liquidity and the FX tape.</li>
<li>Near term focus is FX over KOSPI turnover. ADR conversion can add repatriation risk, but real money driven flows create USD demand and support KRW, giving regulators a usable lever.</li>
<li>If post listing pressure hits Hynix local and semis and destabilizes FX, regulators may step in aggressively, flipping positioning fast and driving a sharp bounce. Key setup to watch.</li>
</ul>


Citi ADR headroom timing is not just about premium management. It is equally driven by how quickly Korean regulators get comfortable with impacts on KOSPI liquidity and the FX tape.
Near term focus is FX over KOSPI turnover. ADR conversion can add repatriation risk, but real money driven flows create USD demand and support KRW, giving regulators a usable lever.
If post listing pressure hits Hynix local and semis and destabilizes FX, regulators may step in aggressively, flipping positioning fast and driving a sharp bounce. Key setup to watch.


Mapping Out the Moving Parts Around Hynix ADR Headroom

<ul>
<li>Channel checks indicate SK Hynix's ADS offering is 5x+ oversubscribed, driven by strong demand from technology specialists, sovereign wealth funds, and global institutions.</li>
<li>The AI memory leader enters the U.S. market with dominant HBM leadership, broad international investor interest, and books closing ahead of Friday's debut.</li>
<li>We believe SK Hynix remains attractively valued versus Micron Technology despite superior HBM leadership and exposure to the accelerating AI infrastructure buildout.</li>
</ul>


Channel checks indicate SK Hynix's ADS offering is 5x+ oversubscribed, driven by strong demand from technology specialists, sovereign wealth funds, and global institutions.
The AI memory leader enters the U.S. market with dominant HBM leadership, broad international investor interest, and books closing ahead of Friday's debut.
We believe SK Hynix remains attractively valued versus Micron Technology despite superior HBM leadership and exposure to the accelerating AI infrastructure buildout.


SK Hynix (SKHY): Demand Continues to Pour In for Mega ADS Offering

Event-Driven

<ul>
<li>Hynix could announce KRW 100tn shareholder returns this week, with a 60:40 dividend buyback mix. Yeouido is increasingly positioning for this outcome.</li>
<li>KRW 40tn buyback matches the ADR proceeds, with Hynix repurchasing below the issuance price. The broader package also creates a timely window to upstream excess cash to SK.</li>
<li>Square looks set to outperform Hynix near term as the return mix reinforces the cash upstreaming narrative. A long Square, short Hynix or market setup looks compelling into the announcement.</li>
</ul>


Hynix could announce KRW 100tn shareholder returns this week, with a 60:40 dividend buyback mix. Yeouido is increasingly positioning for this outcome.
KRW 40tn buyback matches the ADR proceeds, with Hynix repurchasing below the issuance price. The broader package also creates a timely window to upstream excess cash to SK.
Square looks set to outperform Hynix near term as the return mix reinforces the cash upstreaming narrative. A long Square, short Hynix or market setup looks compelling into the announcement.


Hynix Dividend Heavy Return Likely Friday: Square Outperformance Setup in Focus

South Korea

SK hynix Inc. provides products and services for the electronic components industries. The Company manufactures semiconductors such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (SKHY US)

SK Hynix (SKHY): AI Memory Leader Delivers: SK Hynix Climbs Double Digits in U.S. Debut

SK Hynix's strong IPO debut reflects high institutional demand, with potential for continued growth driven by AI memory demand and leadership in...

IPO Boutique

Launch of SK Hynix ADR Based 2x Leveraged ETFs in the US

Following SK Hynix ADR listing on NASDAQ on 10 July, it is expected that numerous 2x leveraged ETFs based on SK Hynix ADR shares will be launched...

Douglas Kim

Mapping Out the Moving Parts Around Hynix ADR Headroom

I confirmed Citi and KSD are engaging on full fungibility for Hynix ADR. Given the scale, KSD is building new settlement infra before guiding on...

Sanghyun Park

SK Hynix (SKHY): Demand Continues to Pour In for Mega ADS Offering

The AI memory leader enters the U.S. market with dominant HBM leadership and international investor interest. Despite superior HBM leadership, SK...

IPO Boutique

Hynix Dividend Heavy Return Likely Friday: Square Outperformance Setup in Focus

Dividend disclosure is locked for the late October 3Q earnings call. The key swing factor is the special dividend, with local chatter now pointing...

Sanghyun Park

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SK Hynix (SKHY): AI Memory Leader Delivers: SK Hynix Climbs Double Digits in U.S. Debut

​SK Hynix's strong IPO debut reflects high institutional demand, with potential for continued growth driven by AI memory demand and leadership in...

IPO Boutique

Launch of SK Hynix ADR Based 2x Leveraged ETFs in the US

Following SK Hynix ADR listing on NASDAQ on 10 July, it is expected that numerous 2x leveraged ETFs based on SK Hynix ADR shares will be launched...

Douglas Kim

Mapping Out the Moving Parts Around Hynix ADR Headroom

I confirmed Citi and KSD are engaging on full fungibility for Hynix ADR. Given the scale, KSD is building new settlement infra before guiding on...

Sanghyun Park

SK Hynix (SKHY): Demand Continues to Pour In for Mega ADS Offering

The AI memory leader enters the U.S. market with dominant HBM leadership and international investor interest. Despite superior HBM leadership, SK...

IPO Boutique

Hynix Dividend Heavy Return Likely Friday: Square Outperformance Setup in Focus

Dividend disclosure is locked for the late October 3Q earnings call. The key swing factor is the special dividend, with local chatter now pointing...

Sanghyun Park

SK Hynix's strong IPO debut reflects high institutional demand, with potential for continued growth driven by AI memory demand and leadership in...