Nasdaq President Nelson Griggs Talks SK Hynix Public Listing

Summary

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Bloomberg Talks: Nasdaq President Nelson Griggs Talks SK Hynix Public Listing

Date: July 10, 2026
Host: Ed Ludlow (Bloomberg)
Guest: Nelson Griggs (President, NASDAQ)

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Episode Overview

In this episode, Bloomberg’s Ed Ludlow speaks with NASDAQ President Nelson Griggs on the occasion of SK Hynix’s landmark public listing on the NASDAQ. The conversation centers on the mechanics and significance of the offering, the broader momentum for international technology companies tapping the U.S. capital markets, and NASDAQ’s evolving role in global listings. They also touch upon competitive dynamics, ramifications for talent acquisition, and contemporary market innovations, including leveraged single name ETFs.

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Key Discussion Points & Insights

1. The Mechanics and Success of SK Hynix’s US Share Sale

• Recognition for Process Success: Ludlow opens by noting the seamless execution of the listing, which marks the first US share sale for a major foreign entity of this size on the NASDAQ.
• Underwriters’ Role:
  • Nelson Griggs credits JP Morgan and the syndicate:
    “JP Morgan running this, this transaction primarily as a stabilization agent...They were the orchestrator, let’s call it that. Our job is to provide the capacity, the technology...making sure that everyone knows what’s happening with full transparency.”
    [01:05]
• NASDAQ’s Contribution: Emphasis on supporting trading capacity, technology, and real-time transparency for all participants.

2. Timing and Market Dynamics

• Unusual Timing of the Listing:
  • Ludlow notes the atypical Friday IPO during summer; Griggs says the deal’s scope and interest made the day less relevant:
    “Friday is not typical, especially during the summer. But...it had tremendous institutional interest.”
    [01:45]

3. ADRs and Capital Raising Strategies

• ADRs as Strategic Tools:
  • Ongoing evaluation for best capital raise location—local vs. US markets—especially for well-established tech companies like SK Hynix.
  • Griggs explains:
    “They’ll be evaluating where they get the best valuation for those shares whether it’s in their local market or an ADR market.”
    [02:25]

4. Pricing of the ADR and Market Reception

• Finding a Fair Value:
  • Ludlow mentions the ADR pricing at a 3% premium over Seoul shares.
  • Griggs discusses benchmarking:
    “This had a combination. Okay, so what is the equity trading in Korea? Also you have a U.S. large U.S. comp in Micron. So how do you find that balance?...JP Morgan did a very nice job here getting the price to a point where we’ve seen some nice upward price action. It’s very stable at the moment.”
    [03:11]

5. Strategic Rationale—Beyond Capital

• Brand Building and Talent Acquisition:
  • Ludlow highlights Chairman Che’s point about SK Hynix introducing itself to the American market, not just investors.
  • Griggs on talent and global capital access:
    “The US is 70% of [global market cap]. I think being a public company in the US does show as you want to attract talent. They’re making significant investments in the US. Having a US currency to do that is a big deal.”
    [04:02]

6. Implications and Motivations for Other Companies

• Galaxy View—What About Samsung?
  • Ludlow probes if NASDAQ is courting Samsung.
  • Griggs replies with discretion but notes:
    “If you have a successful offering, it does open up the eyes of others to say does this make sense for us?”
    [04:41]
• International Pipeline:
  • Griggs notes increasing interest from overseas:
    “Of the top 10 raises, four have been international...You had Bending Spoons go public. Pepe… very large deals that felt the US Capital markets gave them the best valuation.”
    [05:22]
  • Distinction between Asian companies (typically already listed locally, considering ADRs) vs. European startups (often first-time public via US).

7. Market Innovations: Leveraged Single Name ETFs

• New Frontiers in Products:
  • Ludlow asks about NASDAQ’s approach to leveraged single name (company-specific) ETFs.
  • Griggs:
    “We look at where the market demand is for things like that...NASDAQ is a participant to an innovation. We look at how we address market needs.”
    [06:23]

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Notable Quotes & Memorable Moments

• On Underwriters and Transparency:
  “Our job is to provide the capacity, the technology you saw behind you, the human intelligence and making sure that everyone knows what’s happening with full transparency.”
  — Nelson Griggs [01:08]

• On Listing Day Timing:
  “Friday is not typical...But I think you get to a deal of this size...it could have, you know, any day of the week would have been fine for us.”
  — Nelson Griggs [01:47]

• On US Capital Markets’ Significance:
  “The US is 70% of [global] market cap. I think being a public company in the US...you want to attract talent. They’re making significant investments in the US. Having a US currency to do that is a big deal.”
  — Nelson Griggs [04:02]

• On Momentum and Pipeline for International Listings:
  “If you have a successful offering, it does open up the eyes of others to say does this make sense for us?”
  — Nelson Griggs [04:41]

• On Leveraged ETFs:
  “There’s market demand and it’s a product that we think is…appropriate for the market [and] regulated. NASDAQ is a participant to an innovation.”
  — Nelson Griggs [06:23]

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Important Timestamps

• [00:45] — Interview begins: Ed Ludlow introduces Nelson Griggs
• [01:05] — Mechanics of the SK Hynix listing
• [01:45] — Discussion on IPO timing and market activity
• [03:11] — ADR Pricing strategy explored
• [04:02] — Brand and talent implications of US listing
• [04:41] — Hints at competitive interest (Samsung, others)
• [05:22] — International IPO pipeline and recent trends
• [06:23] — Leveraged single name ETFs and market innovation

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Flow and Tone

The tone is conversational yet highly informed, with Ludlow probing into both the mechanics and strategic rationale behind SK Hynix’s listing, and Griggs responding with detailed, candid industry insight. The discussion balances operational detail with high-level market perspective, offering valuable context for investors, tech industry watchers, and anyone interested in the evolution of global public markets.

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Useful For:
Listeners seeking to understand the nuts and bolts of major international tech listings in the US, current IPO market dynamics, competitive influences, and ongoing financial product innovation.

Transcript

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[Podcast Host]

Welcome back. We want to go back to the NASDAQ now where Bloomberg's Ed Ludlow is with the president of that exchange, Nelson Griggs. Ed, over to you.

[Ed Ludlow]

Nelson Griggs is NASDAQ president. And that went about as well as it possibly could have done, right? Yes, yes, it did.

[AT&T Business Wireless Representative]

Yeah.

[Ed Ludlow]

Talk about the experience of it. You know, it's a record in terms of your first time US Share sale for a foreign entity. We keep saying that. Yeah, but the mechanics of it, difficult to pull off.

[Nelson Griggs]

Noel. I think a lot of the mechanics will be the underwriters. So let's give them all the credit in the world. JP Morgan running this, this transaction primarily as a stabilization agent that was stabilizing this trade. But they were the orchestrator, let's call it that. You know, our job is to provide the capacity, the technology you saw behind you, the human intelligence and making sure that everyone knows what's happening with full transparency. So the, you know, all the book runners can communicate with their customers, which is know the buy side, the investors who are making the bet on celebrations continuing for a while, I think.

[Ed Ludlow]

No, it's good. It's interesting. Like this isn't very sophisticated, but it's a Friday, you know, does that play into it at all? What are we seeing in the activity around that?

[Nelson Griggs]

I think most dealers will price and trade on a Wednesday or a Thursday. Friday is not typical, especially during the summer. But I think you get to a deal of this size that has captivated the market. It had tremendous institutional interest. So I think it could have, you know, any day of the week would have been fine for us.

[Ed Ludlow]

Nelson, One of the things I started the conversation with, with Chairman Che on was the idea that on an ongoing basis, ADRs are an interesting mechanism for them in the capital markets. Essentially what Chairman Chase said was, well, we'll look at some stability and give it some time. But yes, how would that work? The idea that you come back to the market on whatever cadence they choose.

[Nelson Griggs]

Sure. Well, companies typically will come back to the market. They'll be evaluating where they get the best valuation for those shares whether it's in their local market or an ADR market. But typical technology IPO will come back to the market several times to raise capital. This is a very seasoned public company. So they'll go through all those mechanics say where is the best place that you need to raise capital? It could be the debt markets, it could be the equity markets and hopefully it's ADRs in the US do we

[Ed Ludlow]

need to make anything of where they they price the adr? You know this morning on the Bloomberg it was about this idea. This is a 3% premium over where the common shares in Seoul closed. The ADRs represent a tenth of one sole common share. You the backstory is how much money do you or do you not leave on the table.

[Nelson Griggs]

That's always the question. Right. Companies and typically if an ipo, let's say it's not an adr, will benchmark off their current public comps. This had a combination. Okay, so what is the equity trading in Korea? Also you have a U.S. large U.S. comp in micron. So how do you find that balance? And that's where I think JP Morgan did a very nice job here getting the price to a point where we've seen some nice upward price action. It's been very, it's very stable at the moment and I think it does a great job.

[Ed Ludlow]

Chairman Che made an interesting point about maybe the rationale or so for doing this which was not just the capital, the proceeds raised, but introducing SK to the American people.

[Nelson Griggs]

Absolutely.

[Ed Ludlow]

From that was in the context of the talent perspective. Right. A pipeline of talented people that might work for the company from the NASDAQ side and your involvement through the process, how much do you take that into account?

[Nelson Griggs]

Quite a bit. And most companies will take that into account. So look at being on a public stage. The US the global capital markets public is about 150 billion trillion in market cap. The US is 70% of that. Think being a public company in the US does show as you want to attract talent. They're making significant investments in the US Having a US currency to do that is a big deal. And even a traditional IPO puts the brand component as a, as one of the major reasons why they think about tapping the public markets.

[Ed Ludlow]

There is another big memory name and chip name in South Korea. It's called Samsung. How much have you been talking to them about doing something similar?

[Nelson Griggs]

We never talk, talk about, you know, names on, on camera or in public until it becomes a point where it is public. But I think if you look at having moments where you have a successful offering, it does open up the eyes of others to say does this make sense for us? So at the very least, companies who have an internationalist and we'll say does how does this correlate to us? Do we have an investor pool to tap into? Do we want to think about the brand aspects and then understanding do they want to do another offering?

[Ed Ludlow]

Is there more broadly a pipeline? Do you think of technology companies outside of the United States that, that are looking at this and thinking this is getting that fair valuation?

[Nelson Griggs]

Yeah, yeah.

[Karen Moscow]

So.

[Nelson Griggs]

So I was actually just in Europe this week and meeting with a lot of companies and if you look at this year, of the top 10 raises, four have been international. Now three of them, you know, this is one of them with SK Hynix. But you had bending spoons go public. Pepe any very large deals that felt the US Capital markets gave them the best valuation. So we're having more of those conversations than ADR type listings are have a lot of momentum behind them.

[Ed Ludlow]

Is there a different speeds in those markets, Asian technology versus European technology that you're seeing?

[Nelson Griggs]

No, I wouldn't say that. I think most of the European ones are not are more the startup companies that have not listed anywhere yet. So they really look at the US As a primary first listing. Maybe the only listing I think we do look at a lot of companies in Asia might have a local listing and they think about ADRs.

[Ed Ludlow]

I got one very quick niche question for you the team sent over, which is how is NASDAQ thinking about the prospect of more leveraged single name products? ETFs is something that comes up a lot and has this week leverage products

[Nelson Griggs]

under under a single name.

[Ed Ludlow]

ETF for tech companies in particular.

[Nelson Griggs]

Yeah, we look at where the market demand is for things like that. There's market demand and it's a product that we think is going to be appropriate for the market regulated. You know, NASDAQ is a participant to an innovation. We look at how we address market needs.

[Ed Ludlow]

Nelson Griggs, NASDAQ President, on an exciting day here at the nasdaq. David, back to you Ed.

[Podcast Host]

Appreciate that. Ed Ludlow again there with President Nelson Griggs of the nasdaq.

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