Solidigm picks Goldman Sachs, Morgan Stanley for US IPO, Bloomberg reports
In short
Solidigm, the SK Hynix group's NAND flash company, has chosen Goldman Sachs and Morgan Stanley as lead managers for a planned US initial public offering, according to Bloomberg, which cited people familiar with the matter. Bloomberg said the offering could raise about $10 billion, and Korean outlets cited estimates that the company could be valued at up to $100 billion. SK Hynix said it is reviewing various options but no specific plan has been finalised.
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Solidigm, the NAND flash company in the SK Hynix group, has selected Goldman Sachs and Morgan Stanley as lead managers for a planned initial public offering in the United States, Bloomberg reported, citing multiple people familiar with the matter. Korean business dailies carried the report on Thursday morning. Seoul Economic Daily and Chosun Ilbo described Solidigm as a second-tier subsidiary of SK Hynix, and Korea Economic Daily called it SK Hynix's US NAND flash subsidiary. Seoul Economic Daily wrote that SK Hynix chose the banks, while Chosun Ilbo and Korea Economic Daily wrote that Solidigm did. [ 1 , 2 , 3 ]
Bloomberg said the offering could raise about $10 billion. Chosun Ilbo wrote that the market expects as much as $10 billion and that some observers see a valuation of up to $100 billion, which it converted to about 136 trillion won. Korea Economic Daily gave the same $100 billion figure as about 134 trillion won and said Bloomberg had reported it earlier. Seoul Economic Daily said the IPO is planned for next year, and Korea Economic Daily said the listing could come as early as 2027. [ 1 , 2 , 3 ]
Korea Economic Daily reported that Solidigm is also in talks with Goldman Sachs and Morgan Stanley to complete pre-IPO funding, separate from the listing preparations. It also reported that JPMorgan Chase, Citi and UBS were chosen as investment banks for the listing. The paper attributed the potential valuation to the growing value of Solidigm's business in high-capacity SSD storage for AI data centres. [ 3 ]
According to Seoul Economic Daily, Bloomberg's sources said discussions are ongoing, details could change and more banks could join. SK Hynix said it is reviewing various ways to strengthen its business competitiveness but that no specific plan has been finalised. [ 1 ]
Why it matters
Korean business outlets report that the listing could value Solidigm at up to $100 billion and raise about $10 billion. Korea Economic Daily linked the valuation to growing demand for high-capacity SSDs used in AI data centres. SK Hynix has not confirmed the plan, and Bloomberg's sources said details could change.
Key facts
- Bloomberg reported, citing multiple sources, that Goldman Sachs and Morgan Stanley were chosen as lead managers for Solidigm's US IPO. [ 1 , 2 , 3 ]
- Bloomberg said the IPO could raise about $10 billion. [ 1 , 3 ]
- Chosun Ilbo and Korea Economic Daily cited estimates that Solidigm could be valued at up to $100 billion. [ 2 , 3 ]
- The listing is planned for next year, and Korea Economic Daily reported it could take place as early as 2027. [ 1 , 3 ]
- SK Hynix said it is reviewing various ways to strengthen its competitiveness but has not finalised a specific plan. [ 1 ]
- Korea Economic Daily reported that JPMorgan Chase, Citi and UBS were also chosen to work on the listing. [ 3 ]
- Korea Economic Daily reported that Solidigm is in talks with Goldman Sachs and Morgan Stanley to complete pre-IPO funding. [ 3 ]
Confirmed by several sources
Still unclear
- Whether the IPO will go ahead. SK Hynix said no specific plan has been finalised, and Bloomberg's sources said talks are ongoing and details may change.
- Which other banks will take part. Bloomberg's sources said more banks could join; only Korea Economic Daily reported that JPMorgan Chase, Citi and UBS were also chosen.
- Who selected the banks. Seoul Economic Daily wrote that SK Hynix selected them, while Chosun Ilbo and Korea Economic Daily wrote that Solidigm did.
- The won value of the $100 billion valuation. Chosun Ilbo converted it to about 136 trillion won, while Korea Economic Daily gave about 134 trillion won.
- Pre-IPO funding talks. Only Korea Economic Daily reported that Solidigm is in talks with Goldman Sachs and Morgan Stanley to complete pre-IPO funding.
What local media are saying
Timeline, local time
- Seoul Economic Daily reports Bloomberg's account of the lead-manager selection for Solidigm's US IPO, along with SK Hynix's response. [ 1 ]
- Chosun Ilbo reports the selection and estimates that the IPO could raise up to $10 billion at a valuation of up to $100 billion. [ 2 ]
- Korea Economic Daily reports that JPMorgan Chase, Citi and UBS were also chosen and that Solidigm is in pre-IPO funding talks. [ 3 ]