Data centers · Oct 22, 2026, 10:52
Elice IPO Falls 32% in Kosdaq Debut After $151M AI Data Center Raise
Korean AI data-center operator Elice closed 32% below its 90,500 won offer price after a 201.1 billion won IPO, the latest sign that funding for neocloud capacity builds is tightening.
Elice's modular AI data center product, shown in a rendering from the company's own AI PMDC page. Elice says IPO proceeds will fund more AI data centers.
Image: Elice
Source · Company image from Elice's official website, used for news reporting.
Elice, a South Korean AI data-center and cloud company, saw its IPO shares fall 32.04% to close at 61,500 won on their first day on the Kosdaq on Oct. 20, after a 201.1 billion won ($151 million) offering, according to Bloomberg and Reuters reporting relayed by The Next Web and the Korea JoongAng Daily.
Elice closed at 61,500 won on its Kosdaq debut, 32.04% below the 90,500 won offer, according to Korea JoongAng Daily.
Illustration (AI-generated)
Elice sold 2.22 million new shares at 90,500 won, the top of its range, and the stock opened at 75,700 won. The Next Web, citing Bloomberg, called it the worst debut on record for a Korean IPO of $100 million or more. It was also the largest Kosdaq listing of the year, valuing the company at more than 1 trillion won.
The drop followed heavy demand. The retail tranche was about 400 times oversubscribed, and individual investors put roughly 10.3 trillion won into subscription deposits, Bloomberg reported. The Kospi benchmark closed 4% lower the same day, according to Business Insider.
Sources
- Another Data Center IPO Fizzles as Investor Appetite Wanes · Data Center Knowledge