South Korean IPO flop marks latest disappointment for global AI trade

Seoul-based Elice raised 201 billion won in a heavily oversubscribed listing, then watched its shares close about 32% lower on day one Elice Inc. pulled off the biggest Kosdaq listing of 2026 by proceeds. Then its stock started trading. The Seoul-based AI cloud services provider raised 201 billion won (approximately $151 million) in its October 20, 2026 debut. Shares closed roughly 32% below the offer price on their first day, a sharp reversal for a company that drew enormous demand before listing. Elice priced its shares at 90,500 won each. On paper, demand looked spectacular. Retail investors oversubscribed the offering 400 times. Institutional investors were close behind at 389 times. Shares dropped as much as 38% intraday.

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