Elice shares sink nearly 33% in South Korean market debut
The neocloud startup's stock fell hard right after its IPO, dropping close to a third on its first day of trading.
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What happened
Shares of South Korean neocloud startup Elice fell sharply right after its initial public offering, sinking nearly 33% in its debut on the Korean public market. The listing is part of a string of disappointments for the global AI trade, with October seeing three planned flotations for data-center providers shelved.
Why it matters
Investors are not convinced the capital spending on AI infrastructure is sustainable, according to the reports.
Coverage
- Neocloud Elice underwhelms, stock sinks in South Korean IPO (Yahoo News)
- South Korean IPO flop is the latest in a string of disappointments for the global AI trade (marketwatch.com)
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