Elice Shares Plunge 33% in Seoul Trading Debut

Oct 20, 2026
Elice shares fell as much as 33% on their first day of trading after the AI infrastructure company raised 201 billion won in its IPO.

Elice shares fell as much as 33% during their trading debut on Seoul's Kosdaq market, according to The Business Times. The AI infrastructure company raised 201 billion won, or about $151 million, through an initial public offering priced at the top of its marketed range.

Elice sold shares for 90,500 won each, giving it a market value above 1 trillion won after listing. The stock dropped to 61,000 won in early trading on October 20 before recovering to about 64,000 won. Its retail offering was about 400 times subscribed, with investors placing roughly 10.3 trillion won in subscription deposits.

Founded in 2015 as a coding education platform, Elice later moved into AI cloud infrastructure. It supplies servers, liquid cooled chips, networking equipment and software, and has developed modular data centers for high performance AI chip clusters.

If the drop holds, it would be the worst debut for a South Korean IPO raising at least $100 million. Analysts quoted in the report said it revived doubts about AI infrastructure spending, after Firmus Grid cancelled its Sydney IPO this month.

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