SK Hynix wants $28B on the Nasdaq, that would be the biggest foreign IPO ever

So SK Hynix is trying to pull off a $28B raise on the Nasdaq, pricing July 9 and trading Friday. If it lands, that beats Alibaba back in 2014 and even Aramco in 2019. Wild for a memory chip maker.

The pitch is obvious. They make the HBM that goes into basically every AI accelerator, and Q1 revenue tripled year over year. Coatue and Baillie Gifford already committed, three funds putting in around $7B combined before it even opens.

What's bugging me is the Korea listed shares are down about 11% since the start of July, so existing holders clearly aren't happy about the dilution. Pulled up the chart on moomoo and it's been bleeding red.

Feels like the whole thing rides on AI capex not slowing down. If that trade cracks, this looks very different.

Anyone actually planning to buy day one or waiting for it to settle first?