Will SK Hynix's Flash Unit Test US IPO Appetite?

Bloomberg reported that SK hynix's flash memory unit has selected banks for a potential US IPO in 2027, indicating a long preparation window and a likely carve-out structure. SK hynix expanded its flash business by acquiring Intel's NAND and SSD assets in a $9 billion deal announced in 2020, later forming the US-based Solidigm subsidiary. Selecting underwriters starts a multi-year process involving SEC review, audited standalone financials, and exchange compliance for a Nasdaq or NYSE listing. The move comes as the US IPO market reopens, highlighted by Arm's $4.9 billion listing in 2023 and additional tech deals in 2024. A listing could fund higher layer-count NAND development and data center storage demand tied to AI workloads while unlocking value separate from DRAM. Competitive and policy factors, including Samsung Electronics' scale, Micron Technology's US investments, and export controls on China, will influence valuation and timing.

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