SK hynix halts review of Solidigm's US stock market listing
Solidigm, SK hynix’s NAND flash memory subsidiary, has decided to halt its review of potential pre-initial public offering (IPO) fundraising and IPO options, citing volatile capital markets and recent trends in semiconductor stock prices, the chip giant said Friday. The company was established in the United States following SK hynix’s $9 billion acquisition of Intel’s NAND flash memory business.…
SK hynix, the company that owns NAND flash memory subsidiary Solidigm, has announced that it has halted the review of potential pre-initial public offering (IPO) fundraising and IPO options for the U.S.-based firm. The decision to cease these market activities was made due to volatile capital markets and recent trends in semiconductor stock prices, according to a statement released by SK hynix on Friday.
Solidigm was founded in the United States following SK hynix's acquisition of Intel's NAND flash memory business for $9 billion. Despite the two companies maintaining solid business performance, financial market volatility has become a significant factor, contributing to a broader correction in semiconductor stocks, as reported by SK hynix in their press release.
Following a thorough examination of these business conditions, Solidigm has determined that it will discontinue its review of potential pre-IPO and IPO options. Earlier reports had suggested that the company was contemplating a U.S. IPO as early as next year, with a valuation potentially reaching up to $150 billion. This IPO was seen as a strategic move to secure funding for U.S. production facilities and technology development, given the increasing demand for enterprise solid-state drives in the artificial intelligence data center sector.
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