Korean AI Cloud Firm Elice Sinks 30%+ in KOSDAQ’s Biggest IPO of 2026

Elice Group raised 201 billion won ($151 million) in the KOSDAQ's biggest initial public offering this year and then saw shares fall more than 30% below the IPO price on Tuesday, their first trading day. The Korean AI cloud company priced the offering on October 6, before an AI stock selloff, and institutional investors ordered 388 times the available shares. First-half revenue tripled to 34 billion won and operating profit reached 10 billion won, but the stock fell as much as 32% to 61,400 won in early trading. The debut came weeks before Anthropic, the Claude AI models company, plans to list in November; the KOSPI had fallen more than 21% over the previous month.