Data-center infrastructure company Elice plunged in its trading debut on South Korea’s tech-heavy Kosdaq market after raising 201 billion won ($151 million) in the bourse’s biggest initial public offering this year. Shares of the Seoul-based neocloud service provider fell as much as 32% to 61,400 won in early trading on Tuesday. The company priced its shares at 90,500 won apiece in the IPO, the top of a marketed price range, for a post-listing market capitalization exceeding 1 trillion won.
The debut is a test of investor appetite for the sector after a series of setbacks around the world. Firmus Grid canceled its high-profile Sydney listing this month as concerns over borrowing costs, fierce competition and long-term returns from massive AI-related spending weigh on valuations. Coreweave’s shares have more than halved since their May peak, AirTrunk is delaying a planned IPO of a real estate investment trust, people familiar with the matter have said, while Nscale is facing pushback over its target IPO valuation, it was reported.
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