South Korean AI Infrastructure IPO Collapses 32% in Worst Debut on Record

Elice Inc., a Seoul-based artificial-intelligence data-center operator, plummeted 32 percent on its market debut in South Korea on October 20, 2026, marking the largest opening-day decline for a Korean initial public offering of $100 million or more. Despite overwhelming retail demand during subscription that exceeded the offering 400 times, the company's shares fell to 61,400 won from the IPO price of 90,500 won, delivering swift losses to tens of millions of dollars in retail capital that had poured into the offering.