Elice Shares Sink 32% on Kosdaq Debut as AI Valuation Fears Deepen
Updated
Updated · Financial Times · Oct 20
Elice Shares Sink 32% on Kosdaq Debut as AI Valuation Fears Deepen
3 articles · Updated · Financial Times · Oct 20
Summary
Elice fell 32% to Won61,400 on its South Korean trading debut, well below its Won90,500 IPO price despite raising Won201bn in the Kosdaq’s biggest listing this year.
The drop tracked a broader Seoul sell-off tied to doubts about AI spending durability and higher financing costs: the Kospi slid 3%, SK Hynix lost 4.6% and Samsung Electronics fell 1.6%.
That weak debut came even after heavy pre-listing demand, with more than Won10tn in subscription deposits and the retail tranche subscribed over 400 times.
AI listing sentiment has worsened globally after Nvidia-backed Firmus scrapped a $5bn Australia IPO, while CoreWeave shares have more than halved from their May peak.
Elice, which shifted from coding education to AI cloud infrastructure, said first-half revenue tripled to Won34.4bn and plans to use the proceeds to expand data-centre operations at home and abroad.