# Elice Shares Fall as Much as 32.6% in KOSDAQ Trading Debut

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/35489
Published: 2026-10-20T09:24:22.000Z
Updated: 2026-10-20T09:24:22.000Z
Section: Investing

> Retail demand exceeded the shares available to individual investors by about 408 times before the $151 million IPO.

Elice shares dropped as much as 32.6% in trading that began Monday night ET, a sharp debut for KOSDAQ’s largest IPO of 2026 despite retail demand exceeding the available shares about 408 times.

By 10:10 p.m. ET Monday (02:10 UTC Tuesday), the South Korean AI cloud company’s shares were 26.85% below their IPO price. They had opened 16.35% below that price. The offering raised about $151 million after Elice set the price at the top of its proposed range. Institutional demand was nearly 389 times the shares available to those investors.

Elice rents computing capacity to AI customers and operates data centers. Cloud services made up 76.2% of its revenue in the first half of 2026, compared with 44.18% in 2025. The company posted a first-half operating profit after a loss in the year-earlier period.

The debut comes as shares of U.S.-listed AI cloud provider CoreWeave have fallen by more than half from their May high. Elice plans to use its IPO proceeds to build AI data centers in South Korea and expand its business in the United States, Japan and Singapore.