South Korean data centre company Elice (0158S0) saw its stock plunge over 30% on its debut Tuesday, closing at 60,500 won ($45.57) from an offer price of 90,500 won. The IPO raised $151 million at a valuation of roughly $755 million, adding to concerns over AI infrastructure valuations.
This weak debut coincided with a broader sell-off in South Korean equities, with the KOSPI index dropping almost 4% to 5,552 points. Samsung Electronics fell around 3% and SK Hynix lost roughly 4%. Pressure extended to U.S. pre-market trading, where CoreWeave (CRWV) fell another 3%. Meanwhile, Brent crude topped $111 a barrel, reaching its highest level since May, while WTI traded around $100, compounding market uncertainty.
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South Korean AI firm Elice plunges over 30% on debut, deepening AI market jitters as Brent crude tops $111
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