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The Economic Times
The Economic Times
Business

Global Market: South Korea's Elice shares plunge 28% in market debut as data centre stocks shunned

Data Centres IPO Stock Market Artificial Intelligence

SEOUL, - Shares in South Korean AI services firm Elice Group plummeted 28% in their market debut on Tuesday, amid a sharp retreat in sentiment towards the sector that has also derailed other planned listings.

Elice, which raised 201.1 billion won ($150 million) in its IPO, provides AI cloud services as well as AI-based education and business software and plans to spend most of its IPO proceeds on launching portable modular data centres and related infrastructure.

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