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>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

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.

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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> raised US$26.5bn selling 177.9m shares of <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> at US$149/share. <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> closed at a 15.5% premium to the local line.</li>
<li>There will be passive buying in the local shares and the ADR line over the next few months. The ADR line could trade at a premium in the near-term.</li>
<li>We expect the ADR to trade between a 30-35% premium in the very short-term and that could drift lower following the limited passive buying in the ADR.</li>
</ul>



SK Hynix (000660 KS) raised US$26.5bn selling 177.9m shares of SK Hynix (SKHY US) at US$149/share. SK Hynix (SKHY US) closed at a 15.5% premium to the local line.
There will be passive buying in the local shares and the ADR line over the next few months. The ADR line could trade at a premium in the near-term.
We expect the ADR to trade between a 30-35% premium in the very short-term and that could drift lower following the limited passive buying in the ADR.


SK Hynix (000660 KS; SKHY US): Updated Index Flows/Timing & Where Could the Premium Settle?

<ul>
<li>SK Hynix dominates AI memory with the leading HBM market share, positioning it at the center of the industry's largest infrastructure spending cycle.</li>
<li>Revenue has nearly tripled over two years while margins expanded dramatically as AI demand transformed memory from a commodity into a premium product.</li>
<li>Although structured as an ADS offering, this represents the largest foreign capital raise since Alibaba and should command significant institutional attention.</li>
</ul>


SK Hynix dominates AI memory with the leading HBM market share, positioning it at the center of the industry's largest infrastructure spending cycle.
Revenue has nearly tripled over two years while margins expanded dramatically as AI demand transformed memory from a commodity into a premium product.
Although structured as an ADS offering, this represents the largest foreign capital raise since Alibaba and should command significant institutional attention.


SK Hynix (SKHY): Breaking the Memory Wall: SK Hynix Targets Largest Foreign Raise Since Alibaba

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>SK hynix Inc. (Nasdaq: SKHY) has filed to offer 177.9 million American Depositary Shares (ADSs), with each ADS representing one-tenth of one common share, in a proposed offering expected to raise approximately $28 billion based on the company's current Korean market value.</li><li>The company, which carries an approximate $1.1 trillion market capitalization, has applied to list its ADSs on the Nasdaq Global Select Market under the symbol SKHY. BofA Securities, Citigroup, Goldman Sachs and J.P. Morgan are serving as global coordinators alongside an extensive underwriting syndicate.</li><li>If completed as proposed, the transaction would rank among the largest IPO-related capital markets transactions ever brought to U.S. investors, highlighting continued institutional demand for companies powering the global artificial intelligence infrastructure buildout.</li></ul>

SK hynix Inc. (Nasdaq: SKHY) has filed to offer 177.9 million American Depositary Shares (ADSs), with each ADS representing one-tenth of one common share, in a proposed offering expected to raise approximately $28 billion based on the company's current Korean market value.The company, which carries an approximate $1.1 trillion market capitalization, has applied to list its ADSs on the Nasdaq Global Select Market under the symbol SKHY. BofA Securities, Citigroup, Goldman Sachs and J.P. Morgan are serving as global coordinators alongside an extensive underwriting syndicate.If completed as proposed, the transaction would rank among the largest IPO-related capital markets transactions ever brought to U.S. investors, highlighting continued institutional demand for companies powering the global artificial intelligence infrastructure buildout.

SK Hynix (SKHY) Targets Landmark $28 Billion IPO as AI Memory Leader Expands U.S. Investor Access

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): 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 (000660 KS; SKHY US): Updated Index Flows/Timing & Where Could the Premium Settle?

With the market appearing to have finally worked out (as we stated in the Insight and based on the prospectus) that SK Hynix's conversion could be...

Brian Freitas

SK Hynix (SKHY): Breaking the Memory Wall: SK Hynix Targets Largest Foreign Raise Since Alibaba

SK Hynix leads in AI memory market share, benefiting from industry's infrastructure spending cycle, revenue growth, and increased margins due to...

IPO Boutique

SK Hynix (SKHY) Targets Landmark $28 Billion IPO as AI Memory Leader Expands U.S. Investor Access

Global leader in AI memory technology seeks one of the largest IPO-related capital markets transactions ever brought to U.S. investors while giving...

IPO Prophet

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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 (000660 KS; SKHY US): Updated Index Flows/Timing & Where Could the Premium Settle?

With the market appearing to have finally worked out (as we stated in the Insight and based on the prospectus) that SK Hynix's conversion could be...

Brian Freitas

SK Hynix (SKHY): Breaking the Memory Wall: SK Hynix Targets Largest Foreign Raise Since Alibaba

​SK Hynix leads in AI memory market share, benefiting from industry's infrastructure spending cycle, revenue growth, and increased margins due to...

IPO Boutique

SK Hynix (SKHY) Targets Landmark $28 Billion IPO as AI Memory Leader Expands U.S. Investor Access

Global leader in AI memory technology seeks one of the largest IPO-related capital markets transactions ever brought to U.S. investors while giving...

IPO Prophet

SK Hynix leads in AI memory market share, benefiting from industry's infrastructure spending cycle, revenue growth, and increased margins due to...