Elice closes 32% below IPO price in Kosdaq debut

Elice Group shares ended their first Kosdaq session at 61,500 won on Tuesday, 32.04% below the 90,500-won initial public offering price. The stock opened at 75,700 won and fell as low as 56,500 won.

The South Korean AI-infrastructure company raised about 201.1 billion won by selling 2.222 million newly issued shares. That first-day drop contrasted with strong demand during the offering: Elice said 2,367 institutions submitted orders for nearly 648 million shares, producing a 388.8-to-1 subscription ratio. The company said 99.7% of submitted volume, including bids without a stated price, came at or above the final offer price, which was set at the top of the marketed range.

Elice says its business spans AI cloud infrastructure, cloud services and industry-specific AI transformation. The company said it plans to use the IPO proceeds to expand AI infrastructure in regional hubs, prepare infrastructure for next-generation graphics processors and support overseas growth through operations in the United States, Singapore and Japan.

In its securities-registration announcement, Elice reported first-half 2026 consolidated revenue of 34.4 billion won and operating profit of 10.3 billion won.

The debut came amid broader concern about capital-intensive AI-infrastructure valuations and repricing in AI data-center credit markets. Elice’s first-day performance is one company’s result, not evidence of a sector-wide valuation conclusion.