Elice drops 33% in Kosdaq debut after 201 billion won IPO
Why it matters: The sell-off revived doubts that heavy AI data-center spending will deliver returns, pressuring sentiment across the sector.
Elice shares fell as much as 33% in their Kosdaq debut Tuesday, a sharp reversal after the Seoul-based data-center infrastructure company raised 201 billion won in an IPO priced at the top of its range. The stock dropped from its offer price of 90,500 won to as low as 61,000 won before trimming losses to about 64,000 won. The weak start rattled investors already uneasy about borrowing costs, competition and whether the AI boom can justify huge spending on cloud and data-center capacity. Elice, founded in 2015 by three KAIST doctoral students, began as a coding education platform and later shifted to AI cloud infrastructure, including servers, liquid-cooled chips, networking gear and modular data-center systems.