Shares in South Korean artificial intelligence infrastructure company Elice Group opened 16% lower than their initial public offering price in their market debut on Tuesday, after the firm raised 201.1 billion won ($151.12 million) in an IPO.
The shares opened at 75,700 won, compared with the IPO price of 90,500 won, and were last trading at 66,600 won, down 27%. The KOSDAQ index was down 1%.
Elice’s debut tests investor appetite for AI and data centre companies after an AI-led market selloff that derailed some deals. Planned listings linked to data centre operators AirTrunk and Firmus, as well as SB Energy, were pulled or paused as investors grew more selective and wary of high borrowing costs.
Elice raised 201.1 billion won by selling 2.22 million new shares at 90,500 won each, the top of its marketed price range, according to its filing.
Reuters
