Overview
- Elice began trading on Tuesday, Oct. 20, 2026, and closed roughly 30–32% below its 90,500 won IPO price at about 60,500–61,400 won.
- The company raised approximately 201.0–201.1 billion won by pricing at the top of its marketed range, giving it an initial market value above one trillion won on paper.
- Retail interest was extreme with the retail tranche oversubscribed more than 400 times and about 10.3 trillion won in subscription deposits, but heavy post‑listing selling produced the sharp drop.
- Elice reported strong first‑half 2026 results in its prospectus — about 34.4 billion won in revenue and an operating profit near 10.3 billion won — and said it will use IPO proceeds to build modular, liquid‑cooled AI data centres at home and abroad.
- The weak debut worsened a broader sell‑off in South Korean markets and renewed doubts about whether AI infrastructure firms can cover large upfront costs as borrowing costs rise, a dynamic that could make future listings harder to price and slow new data‑centre projects.