SK Hynix suspends plans for Solidigm US IPO due to market volatility

SK Hynix has called off a planned US listing of its Solidigm memory unit, a sale projected at $15 billion, with a regulatory filing dated October 23 detailing the move. The decision followed shareholder objections and South Korean regulatory warnings that a separate listing could amount to a duplicate listing and reduce the value of existing shareholders’ stakes in the parent. SK Hynix also scrapped a concurrent private fundraising round expected to raise about 5 trillion won ($3.8 billion). Solidigm makes NAND flash memory and solid-state drives for servers and AI data centers; it was formed after SK Hynix acquired Intel’s NAND and SSD business in a roughly $9 billion deal announced in 2020 and completed in 2021.