Reportedly, SK Hynix's (SKHY.US) flash memory division has selected Goldman Sachs Group, Inc. and Morgan Stanley to lead its push for a 2027 U.S. IPO.

According to people familiar with the matter, Solidigm, the flash memory subsidiary of SK Hynix (SKHY.US), has selected the lead banks for its U.S. IPO next year, with Goldman Sachs Group, Inc. and Morgan Stanley handling the offering, which is expected to raise about $10 billion. The people said Solidigm is also working with the two banks to finalize a pre-IPO funding round. JPMorgan, Citigroup, and UBS Group AG have also been invited to participate in Solidigm's IPO, the people said. Earlier reports said the listing could take place as early as 2027, with a valuation of up to $100 billion. The discussions are still ongoing, details may change, and more banks could be added, the people said. A spokesperson for SK Hynix said its subsidiary Solidigm is evaluating various options to enhance business competitiveness but has not yet confirmed specific plans. Representatives for Solidigm, Goldman Sachs Group, Inc., Morgan Stanley, JPMorgan, and Citigroup declined to comment. UBS Group AG did not respond to a request for comment. Shares of the world's second-largest memory chipmaker fell 4.3% in U.S. trading Friday. This followed the expiration of a lock-up period on insider share sales after the company completed a $26.5 billion listing in July the largest IPO ever by a non-U.S. company. Despite a series of blockbuster deals, the pace of U.S. IPOs has slowed. Several companies, including smart ring maker Oura, have postponed expected listings in recent weeks. While Anthropic PBC is expected to go public before U.S. Thanksgiving, others such as AI rival OpenAI and flash memory maker Kioxia Holdings are targeting listings next year. Solidigm was launched in 2021 after SK Hynix acquired Intel Corporation's flash memory business and rebranded it. The Korean company's unit has repositioned itself as a supplier of high-capacity drives used in AI data centers. In August, Solidigm reached an agreement with CoreWeave Inc. to sell enterprise-grade solid-state drive capacity that can support its AI cloud platform. Other customers include Vast Data, Dell Technologies, Inc. Class C technology, and TENCENT, according to its website. Headquartered in Rancho Cordova, California, Solidigm has 13 operating locations worldwide, including Mexico, Canada, and China, and more than 2,000 employees.