Elice Group, a South Korean AI cloud infrastructure company frequently compared to CoreWeave (CRWV), debuted on the Kosdaq exchange on Tuesday, October 20, 2026, and promptly cratered as much as 38% intraday before closing roughly 32% below its IPO price of 90,500 won — a stunning reversal for a deal that had attracted institutional oversubscription of nearly 389 times and retail demand exceeding 400 times the shares on offer.
The $151 million raise was the largest Kosdaq IPO of 2026, priced at the top of its marketed range, yet delivered the worst opening day for a sizable Korean listing in recent memory.
