South Korean AI Data-Center Firm Elice Debuts on KOSDAQ Amid Market Skepticism

Elice Group, a South Korean AI infrastructure provider, raised 201 billion won ($151 million) in its KOSDAQ debut on October 22, 2026—marking the year's largest IPO on the tech-heavy exchange at a time when investor appetite for data-center ventures faces serious headwinds. The Seoul-based neocloud service provider priced shares at 90,500 won each, at the top of its marketed range, for a post-listing market capitalization exceeding 1 trillion won ($742 million). The company arrives at a volatile inflection point: just two weeks earlier, Firmus, an Australian AI infrastructure firm backed by NVIDIA, abandoned its $30 billion IPO after failing to convince public investors that hyperscale data-center valuations were justified amid rising competition and execution risks.