The Seoul-based cloud service provider raised 201 billion South Korean won (approximately 151 million U.S. dollars) through its IPO, marking the largest IPO on the KOSDAQ exchange this year, with retail subscriptions exceeding demand by over 400 times.
Albert Yong, managing partner and chief investment officer at Petra Capital Management, said, "Elice's listing comes at a time when confidence in AI infrastructure companies is weakening. Sentiment toward this sector is highly volatile and often disconnected from fundamentals."
Recently, high borrowing costs, intense competition, and doubts over whether massive AI spending will yield long-term returns have repeatedly hit global AI infrastructure companies. Earlier this month, Firmus Grid, an Australian AI infrastructure and data center operator, canceled its local IPO plan. (yc)
