South Korean AI infrastructure firm Elice Group raised 201.1 billion won (approximately $151 million) in its IPO on the Kosdaq on October 20, 2026. Despite massive demand, with retail subscriptions oversubscribed 400 to 408 times and institutional bookbuilding 389 times oversubscribed, shares fell about 32% on debut, hitting an intraday low of -38%. The company’s market valuation now stands at approximately 674 billion won. For the first half of 2026, Elice reported revenue that tripled to 34.4 billion won and an operating profit of 10.3 billion won. This gap between solid fundamentals and a 32% first-day drop illustrates the disconnect between subscription demand and real investor conviction, as pressure on names like CoreWeave weighs on the broader AI infrastructure sector.
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