Seoul, July 9, 2026, 18:37 (KST)
SK Hynix’s $28 billion U.S. share offering got more than seven times as much demand as shares on offer, according to a source who spoke to Reuters. The stock is one of the few linked closely to the AI supply chain. The ADRs, which let U.S. investors buy into the Korean chipmaker, are set to begin trading on Nasdaq on July 10.
The rush is happening because the equity window is open now, though not every company gets that access. SK Hynix’s planned deal would rank as the world’s second-largest share sale, just behind SpaceX and its $85.7 billion IPO. The Korean chipmaker says it will use the proceeds to build new plants and buy chipmaking gear.
Investors are putting money into high-bandwidth memory, or HBM, the memory chips that go into AI servers. “As long as there is demand for graphic processors and AI data centers, SK Hynix is indispensable,” Yoo Hoi-jun, an electrical engineering professor at the Korea Advanced Institute of Science & Technology, told Reuters. Reuters
Micron is the key rival here. Reuters said Micron’s 12-month forward price-to-earnings ratio stands at 6.66, while SK Hynix is at 5.5, which could push SK Hynix to target more U.S. investors. Ryu Young-ho, senior analyst at NH Investment & Securities, said the Nasdaq listing gives SK Hynix “an opportunity to be re-rated in the U.S. market.” Reuters
India faces a key test next week. State Bank of India and Amundi said their joint venture SBI Funds Management filed its red herring prospectus on July 8. The IPO will offer shares in a price range of 545 rupees to 574 rupees, with public bidding set to open July 14 and a planned listing for July 21. The offer is a pure sale by current owners, so SBI Funds Management won’t raise fresh capital.
SBI Funds could land a valuation as high as 1.17 trillion rupees, or $12.24 billion, if it prices at the top of its range, according to Reuters. The firm managed 12.5 trillion rupees in assets as of March. That valuation would bring SBI Funds close to HDFC Asset Management, which has a market cap near $12.5 billion, but still below ICICI Prudential Asset Management at about $17.2 billion.
UniCredit said it now holds 47.6% of Commerzbank, bringing the Italian lender near control in its €45 billion hostile move. The bid, which Commerzbank opposes, is facing pushback from Germany’s government, unions and the company itself.
Some investors are now focusing more on price than the outcome itself. “It’s inevitable that UniCredit will gain a majority stake here and that the whole thing will go through. It’s just a matter of time,” said Manfred Pointke, founder of Commerzbank investor MPPM, in an interview with Reuters. He said he hasn’t tendered his shares yet. Reuters
Steadfast said Amwins Group and Dragoneer Investment have restated their A$7.7 billion ($5.34 billion) takeover offer, and the exclusivity period will run another four weeks. The A$6-per-share bid is their third and largest so far. Two earlier proposals at A$5.50 and A$5.83 a share hadn’t led to a deal.
Banks are lining up for their piece of the next deal. Bank of America handed OpenAI a $520 million credit line, marking its first loan to the AI firm, and is looking at advisory spots for coming IPOs of OpenAI and Anthropic, sources told Reuters.
Still, the window stays murky. SK Hynix closed up 5% Thursday but is down 25% over two weeks. Lee Min-hee at BNK Investment & Securities said the U.S. listing might not boost local shares much because the “Korea discount”—lower valuations from governance worries—remains. On deals, U.S. states could move as soon as next week to sue and block Paramount’s $110 billion Warner Bros. Discovery deal, according to two sources. Reuters Reuters
Buyers are still in, at least for now. They’re picking their spots, favoring AI-linked offerings with clear use for the cash, financial-sector deals with visible control, and issuers large enough to draw big global funds before sentiment swings.
