Elice Group, a South Korean company specialized in AI infrastructure and data centers, starred this Tuesday in a very negative stock market debut on the Seoul Stock Exchange, ending the session with a decline of 32%, which reinforces doubts about the increase in costs and the long-term viability of the strong investments linked to this technology.
The shares of Elice, which had set an initial price on the Kosdaq of 90,500 won, fell by more than 37% on their first trading day, ultimately concluding the day at 61,500 won, representing a correction of 32.04%.
With its initial public offering (IPO), Elice had raised 201.1 billion won (135 million euros) in a context of high demand, which allowed for 400 times oversubscription of the portion allocated to retail investors, according to Bloomberg data.
The shift in market sentiment towards this segment had led several data center companies in recent weeks to delay their respective stock market debuts, including the Australian companies Firmus and AisTrunk, as well as the Japanese SB Energy.