From Singapore's Straits Times, October 20:
Data centre infrastructure company Elice plunged in its trading debut on South Korea’s tech-heavy Kosdaq market after raising 201 billion won (S$192.92 million) in the stock exchange’s biggest initial public offering in 2026.
Shares of the Seoul-based neocloud service provider fell as much as 32% to 61,400 won in early trading on Oct 20. The company priced its shares at 90,500 won apiece in the IPO, the top of a marketed price range, for a post-listing market capitalisation exceeding one trillion won.
The debut is a test of investor appetite for the sector after a series of setbacks around the world.
Firmus Grid cancelled its high-profile Sydney listing in October as concerns over borrowing costs, fierce competition and long-term returns from massive AI-related spending weigh on valuations.
Coreweave’s shares have more than halved since their May peak, AirTrunk is delaying a planned IPO of a real estate investment trust, people familiar with the matter have said.
Meanwhile, Nscale is facing pushback over its target IPO valuation, Bloomberg News reported.
“Elice’s debut comes at a time when sentiment toward AI infrastructure companies has weakened, particularly in the US,” said Albert Yong, managing partner and chief investment officer at Petra Capital Management. “Sentiment toward AI infrastructure has been highly volatile and often disconnected from underlying fundamentals.”....
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