Elice, a Seoul-based AI cloud services provider, raised 201 billion won (approximately $151 million) in its October 20, 2026 debut on the Kosdaq. Shares closed roughly 32% below the offer price on their first day, wiping out around 300 billion won in market value within an hour of trading, marking the worst opening-day performance for a South Korean IPO raising at least $100 million since at least 2022. Despite the strong subscription demand with 400x oversubscription from retail investors and 389x from institutions, the stock collapsed. The company reported solid fundamentals with first-half revenue more than tripling year-over-year to 34.4 billion won and an operating profit of 10.3 billion won. Elice plans to use the proceeds to build modular AI data centers, but the decline reflects broader concerns about capital-intensive AI infrastructure companies, including CoreWeave.
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