South Korean AI Firm Elice Posts Worst IPO Debut in Market History With 32% Opening-Day Collapse

South Korean artificial-intelligence infrastructure company Elice plunged 32% on its trading debut on the KOSDAQ exchange on October 20, marking the worst opening-day performance for a major IPO in the nation's history. The Seoul-based firm, which raised 201.1 billion won ($151 million) through the offering, opened trading at 90,500 won per share but fell to close at 61,400 won — and at one point touched 55,900 won, representing a decline of nearly 38% intraday. For IPOs of $100 million or larger, this opening-day loss stands as the largest ever recorded in South Korea, according to Bloomberg data.