Elice’s share price fell by 30 per cent on its first day on the Kosdaq, despite record demand at its initial public offering

The South Korean data centre and GPU cloud specialist, which debuted at 90,500 won, lost nearly a third of its value at the opening bell, reigniting doubts about ‘neoclouds’.

For its first session at Kosdaq on 20 October 2026, Elice saw its action slip to about 61,000 won, against an introductory price of 90,500 won, a decline of about 30 to 32%. The company's capitalization has thus increased from about 1 trillion won to some 700 billion won in a few hours.

The contrast with the subscription phase is striking: the price had been stopped at the top of the range (70,400 to 90,500 won), the institutions had oversubscribed nearly 389 times and the tranche reserved for individuals more than 408 times, with more than 10,000 billion won of deposits. The transaction, which raised approximately 201 billion won (nearly 151 million dollars), is the largest of the year in this market.

From a code course platform to IA infrastructure

Founded in 2015 as a programming learning service, Elice now derives most of its revenues from its cloud AI and modular GPU data centres. In the first half of 2026, it reached 34.4 billion won in turnover and 10.3 billion in operating income, more than in the previous year. The funds raised must fund new data centres and expansion in the United States, Japan and Singapore. This missed departure comes as semiconductor values decline in Seoul, with concern about the sustainability of AI spending.