Elice shares plunge 30% on KOSDAQ debut as AI valuations cool

Elice Group, a South Korean provider of AI cloud infrastructure and software, saw its shares fall 28% in their debut on South Korea’s KOSDAQ exchange on October 20, 2026, after opening at 75,700 won, below the 90,500-won IPO offer price, and later trading around 65,300 won. The offering raised about 201.1 billion won, or roughly $150 million, through 2.22 million new shares. The decline came despite investor orders nearly 389 times the shares offered and first-half 2026 revenue of 34.4 billion won with a 10.3 billion-won operating profit, amid concern about AI data-center valuations. Elice, founded in 2015, markets modular AI data centers that it says can be built in three months and cut ownership costs by up to 40%.