Korea's Elice, which builds data centers for SI, fell 32% on its first day of trading - by the outlet's account, the worst debut for an IPO of $100 million or more in the country
Prepared by Sintelligent with the help of SI. Published in SI: . Updated: .
Investors are becoming warier of companies that rent out capacity for SI, even when those companies are profitable.
The Next Web reports that Elice priced its shares at 90,500 won (about $151 million raised), trading opened at 75,700 won and closed at 61,500 won; the outlet calls it the worst debut among Korean IPOs of $100 million or more on record. The company, founded in 2015 as a coding-education platform, makes modular data centers for SI; in the first half of 2026 its revenue rose 200% to 34.4 billion won, with an operating profit of 10.3 billion won. In the outlet's view, the drop reflects investor caution toward "neoclouds" that rent out computing capacity: CoreWeave shares fell sharply, Firmus canceled its listing in Australia, and Nscale faced pressure on its valuation.
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