SK hynix said there is nothing finalized regarding reports that its U.S. subsidiary Solidigm is pursuing a pre-IPO (fundraising before listing) of up to 10 trillion won and a Nasdaq listing. Separately from SK hynix's official clarification, however, Solidigm is hiring an executive to oversee U.S. Securities and Exchange Commission (SEC) filings and external financial reporting.
On Aug. 5, SK hynix said in a filing titled "clarification on rumors or reports" that "Solidigm, our overseas subsidiary, is reviewing various options to strengthen its competitiveness, but nothing has been finalized so far." SK hynix plans to make another disclosure when specifics are finalized or within one month. The scheduled re-disclosure date is Sept. 4.
Earlier, a media outlet reported, citing investment banking (IB) industry sources, that Solidigm is pursuing a 5 trillion–10 trillion won pre-IPO on the premise of a Nasdaq listing. It said Morgan Stanley and Goldman Sachs have been selected as lead managers and that the company is sounding out investment interest from global alternative asset managers and overseas sovereign wealth funds.
According to the report, Solidigm's corporate value is being discussed at about 50 trillion won. It expected the funds raised to be used for capital expenditures such as transitioning NAND flash technology and expanding the enterprise solid-state drive (eSSD) business. The idea is to secure investment resources at a time when demand for ultra-high-capacity eSSDs is growing due to the expansion of artificial intelligence (AI) data centers and to scale up the business.
Recently, Solidigm began hiring a Director-External Reporting in San Jose, California. According to the job posting, the role oversees the preparation, review, and submission of annual reports (Form 10-K), quarterly reports (Form 10-Q), current reports (Form 8-K), proxy statements, and securities registration statements filed with the SEC.
The role also covers preparing financial information provided externally, such as earnings materials and investor presentations. Expertise in U.S. GAAP, SEC disclosure rules, eXtensible Business Reporting Language (XBRL), and the Sarbanes-Oxley Act (SOX) internal control framework was listed as a required qualification. Experience supporting capital market transactions such as IPOs, securities registrations, and bond issuances is preferred.
Industry officials do not see the hiring as directly indicating a pre-IPO or Nasdaq listing by Solidigm. That is because SEC filing and external financial reporting frameworks can also be used for bond issuances, future fundraising, and strengthening management systems beyond listings. However, some interpret the move as Solidigm equipping itself in advance with the capabilities needed to use U.S. capital markets, given that it is hiring an executive dedicated to SEC reporting and prefers IPO experience.
Solidigm is a subsidiary established in the United States in 2021 for SK hynix to acquire Intel's NAND flash and SSD businesses. SK hynix decided in 2020 to acquire Intel's NAND business for about $9 billion and proceeded with the transaction in two stages. Solidigm currently handles planning, design, and sales of high-capacity eSSDs for AI data centers.