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Solidigm IPO sparks debate over SK hynix shareholder value. Published: Oct. 11, 2026 - 15:24:03 Choi Yeon-jae Potential US listing could unlock NAND value but raises concerns over parent shareholders' stake in future growth SK hynix's potential US listing of its NAND flash subsidiary Solidigm is dividing investors over whether the move could unlock hidden value for the South Korean chipmaker or dilute the interests of existing shareholders. According to investment banking sources on Sunday, Solidigm has held meetings with several investment banks to discuss underwriters for a potential US listing. Market watchers estimate it could be valued at up to $150 billion and raise as much as $15 billion. Solidigm was established in December 2021 as SK hynix's US subsidiary following its acquisition of Intel's NAND flash and solid-state drive business for $9 billion. The transaction was completed in two stages, in late 2021 and March 2025. After combined net losses of more than 7 trillion won in 2022 and 2023, Solidigm returned to profitability, posting first-half 2026 revenue of 12.25 trillion won ($9.1 billion), up 265 percent year-on-year, and net profit of 5.84 trillion won. SK hynix said it was exploring ways to strengthen Solidigm's competitiveness but had made no final decision. IPO divides market over shareholder value Supporters of the potential IPO argue that a separate listing could prompt investors to reassess SK hynix's valuation by highlighting its NAND business, which has been overshadowed by high-bandwidth memory and DRAM. If Solidigm were valued at 200 trillion won and SK hynix retained a 90 percent stake, its holding would be worth 180 trillion won. "SK hynix shareholders have mainly focused on DRAM market conditions and shareholder returns, rather than NAND," an analyst at a semiconductor research firm said. A successful listing could bring Solidigm's value into focus and prompt a reassessment of SK hynix, the analyst added. Proponents also argue that the case differs from LG Chem's spin-off and listing of LG Energy Solution, which drew criticism that the move eroded the parent company's value. They argue SK hynix investors have focused primarily on HBM and DRAM growth, rather than Solidigm's NAND business. Solidigm accounted for about 9.3 percent of SK hynix's consolidated revenue and 5.9 percent of its consolidated operating profit in the first half of 2026, according to an analyst. A 20 percent listing would represent roughly 1.2 percent of the parent's operating profit on a simple proportional basis, the analyst said, suggesting a limited direct impact on earnings. Critics counter that SK hynix shareholders helped finance Solidigm through the $9 billion acquisition and additional support during the NAND downturn. A listing could shift some future growth value away from the parent company's shareholders. "Solidigm's current contribution to SK hynix's operating profit does not mean it will remain at that level," Lee Young-gon, head of research at Toss Securities, said, stressing the importance of ensuring existing shareholders benefit from future growth. Overseas listing could test shareholder-protection rules The potential US listing is also drawing attention to the limits of South Korea's shareholder protection framework, particularly when a domestically listed company seeks to take a subsidiary public overseas. In July, the Korea Exchange approved rule changes requiring parent-company boards to fulfill five shareholder-protection obligations when pursuing domestic listings of subsidiaries. Ko Young-ho, director of the Financial Services Commission's capital markets division, said domestic listings require board approval and compliance with the five obligations. Overseas listings are not subject to the Korea Exchange's prior review process, but regulatory penalties could still be imposed if applicable obligations were breached. Cho Dae-hyun, an expert adviser at ACT's Corporate Governance Research Institute, said shareholder communication was as important as dilution. He urged SK hynix to clearly explain its rationale and seek to persuade shareholders. Cho noted that the company's two disclosures since August had offered little detail, stating only that it was "reviewing various options." [email protected]

SK Hynix's memory division reportedly picks banks for its US IPO next year. Published: Oct 08 2026, 05:00 AM IST * FB * TW * Linkdin * Whatsapp * GNFollow Us Flash memory division Solidigm is preparing for a landmark U.S. initial public offering that could evaluate the business at up to $100 billion. * Solidigm has appointed Goldman Sachs Group Inc. and Morgan Stanley to lead its initial public offering, alongside working on a pre-IPO financing round. * The potential public offering, expected as early as 2027, could generate roughly $10 billion and elevate the company's valuation to as much as $100 billion. * Formed through the acquisition of Intel Corp.'s flash memory arm, the California-based enterprise firm has positioned itself around high-capacity solid-state drives for artificial intelligence data infrastructure. Solidigm, the flash memory division of South Korea's SK Hynix Inc.(SKHY), has selected lead banks for a planned initial public offering in the United States. The California-headquartered firm has chosen Goldman Sachs Group Inc. and Morgan Stanley to head the transaction, Bloomberg reported citing sources familiar with the matter. The two financial institutions are also assisting Solidigm in structuring a pre-IPO investment round. In addition to the lead underwriters, JPMorgan Chase & Co., Citigroup Inc., and UBS Group AG have been selected to join the syndicate. The proposed listing, which could materialize by 2027, has the potential to raise approximately $10 billion and value the storage manufacturer at up to $100 billion. Arrangements remain tentative, and details regarding syndicate composition or timing may adjust as preparations progress. While representatives for the financial institutions involved either declined to comment or did not respond, SK Hynix noted that its subsidiary is evaluating various initiatives to enhance business competitiveness, though no definitive plan has been finalized. About Solidigm. Solidigm was established in 2021 after SK Hynix completed its acquisition of Intel Corp.'s (INTC) NAND memory enterprise and subsequently rebranded the business unit. Headquartered in Rancho Cordova, California, the organization employs over 2,000 personnel across 13 international facilities, including operations in Mexico, Canada, and China. The enterprise memory vendor has pivoted its product roadmap toward high-capacity storage drives tailored specifically for artificial intelligence workloads and data center expansion. Recent commercial milestones include an agreement with cloud infrastructure vendor CoreWeave Inc.(CRWV) to deliver enterprise-grade solid-state drives, alongside existing client relationships with enterprise customers such as Dell Technologies Inc.(DELL), Vast Data, and Tencent Holdings Ltd. SKHY stock: retail view. Retail sentiment on Stocktwits was 'bullish' with 'high' message volumes. SKHY stock has gained about 20% year-to-date. For updates and corrections, email newsroom[at]stocktwits[dot]com.< Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business. 0 Comments / 0 New

SK Hynix's Solidigm selects Goldman and Morgan Stanley for IPO, Bloomberg says. Oct. 7, 2026, 05:45 PM SK Hynix's (SKHY) flash memory unit Solidigm has selected Goldman Sachs (GS) and Morgan Stanley (MS) to work on its IPO that could raise about $10B, Bloomberg's Bailey Lipschultz and Ian King report, citing people familiar with the matter. JPMorgan Chase (JPM), Citi (C), and UBS (UBS) are also tapped on the IPO, Bloomberg reported. The listing could take place as soon as next year and value Solidigm at as much as $100B, the report states. Published first on TheFly - the ultimate source for real-time, market-moving breaking financial news. Try Now>> Read More on SKHY: