Elice Group shares fall in KOSDAQ debut after 201.1 billion won IPO
South Korea's latest test of investor demand for artificial intelligence infrastructure stocks gets off to a weak start as Elice Group begins trading below its offer price. The KOSDAQ debut comes after recent volatility in AI-linked listings and rising caution over borrowing costs for data centre-related companies.
Highlights
- Elice Group's shares debut on KOSDAQ at 75,700 won, 16% below IPO price, after raising 201.1 billion won by selling 2.22 million new shares.
- Elice shares fall further to 66,600 won, down 27% from IPO price, while the KOSDAQ index declines 1% on the day.
- Weak market debut underscores continued investor caution toward AI and data center stocks, with several planned listings paused amid high borrowing costs.
Trading debut and offering terms
As reported by Reuters, Elice Group's shares open at 75,700 won on Tuesday, 16% below their initial public offering price of 90,500 won, after the company raises 201.1 billion won, or $151.12 million, in the listing.The stock is last trading at 66,600 won, down 27%, while the KOSDAQ index is down 1%. According to the company's filing, Elice sells 2.22 million new shares at 90,500 won each, the top end of its marketed price range.
Investor sentiment for AI infrastructure listings
Elice's market debut tests investor appetite for artificial intelligence and data centre companies after an AI-led market selloff derails some deals. Planned listings linked to data centre operators are pulled or paused as investors become more selective and remain wary of high borrowing costs.The weak start suggests public market investors continue to scrutinize valuation and funding risks in AI infrastructure, even as companies tied to the sector seek fresh capital through new listings.
In our earlier article on the U.S. AI data center buildout, we highlighted how rising borrowing costs, construction delays, and grid constraints are making many planned projects look less credible. We also noted that these pressures are already weighing on investor confidence, as funding needs grow and timelines slip—creating fresh doubts about how quickly AI computing capacity can expand.
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