South Korean memory chipmaker SK hynix has paused plans for a US initial public offering of Solidigm, its NAND flash memory and solid-state drive unit, citing market volatility.

The move came after concerns from South Korean regulators that the deal could undermine existing shareholders’ interests.

The initial public offering was being considered to help fund a new US factory to meet demand from AI data centers.

People familiar with the plans said the share sale could have raised US$15 billion.

Solidigm was created from the business SK hynix acquired from Intel and sells enterprise solid-state drives.

Regulators were examining whether the initial public offering required review under South Korea’s dual-listing rules, tightened on July 6 and effective August 3.

The rules strengthen shareholder protections and allow regulators to delay overseas listings that could harm domestic shareholders.

SK hynix said it would keep exploring funding options for Solidigm.

Its shares had fallen 31% since the proposed listing surfaced in late September.

🔗 Source: Reuters

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