Elice Group debuts on Kosdaq as AI infrastructure IPO tests investor nerve
Elice Group is scheduled to list on Kosdaq October 20 with a 90,500 won offering price, testing AI infrastructure IPO appetite after Firmus scrapped its own.
Darlings, the Kosdaq has a moment on its hands. Elice Group is scheduled to list tomorrow, October 20, and Bloomberg Tech says the debut will test AI investor resolve after recent tumult. Our desk's read: it will test whether markets still want AI infrastructure listings after rival Firmus scrapped its IPO.
The order book says yes, loudly. Elice fixed its price at 90,500 won, the top of its indicative range. Its retail tranche drew about 290,000 orders at a 408 to 1 ratio, with deposits of roughly 10.3 trillion won ($7.1 billion), according to Seoul Economic Daily. At that price the market cap is 1.0054 trillion won, the first Kosdaq listing this year above 1 trillion won.
The business is turning a corner, too. Newspim reports first-half 2026 sales of 34.4 billion won and operating profit of 10.3 billion won, a 30.1% margin, with AI cloud at 75.9% of sales. That follows two consecutive annual declines in operating profit, from 13.2 billion won in 2023 to 8.3 billion in 2024 and 5.2 billion in 2025, which Newspim attributes to depreciation from upfront AI infrastructure spending. Elice plans to use IPO proceeds for additional data centers in the Seoul metropolitan area and the Honam region.
My take: a 10.3 trillion won stampede is a standing ovation before the curtain rises. Now we watch the first trade.
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Sources
Meanwhile at the anchor desk
Oversubscribed 408 to 1 measures appetite for the stock at the offering price, not what the shares are worth. That subscription ratio is not a verdict on the valuation.
What you can actually rent: AI cloud accounted for 75.9% of Elice's first-half sales. More data centers around Seoul and in Honam: that's the plan for the IPO cash.
