Elice Inc. shares rebounded 29.92% on South Korea’s Kosdaq on Oct. 21, yet investors still holding shares from its initial public offering remained below the price they paid.
The stock closed at 79,900 won, an 18,400-won increase from its first-day close. It was still 10,600 won per share, or 11.71%, short of the 90,500-won offer price. That gap represents a paper loss for IPO buyers who continued to hold through the Oct. 21 close; it does not describe the returns of those who sold earlier.
The recovery followed a steep debut selloff on Oct. 20, when Elice finished at 61,500 won, down 32.04% from the offer price. Exchange figures reported by Newsis put that session’s low at 56,500 won. Someone who bought at the Oct. 20 close and still held the shares a day later would instead have an 18,400-won-per-share gain before trading costs.
Demand for IPO allocations had been strong before trading began. Elice priced the shares at the top of its proposed range and set the offering at about 201.1 billion won. The company said institutions sought 388.8 times the shares available to them, while retail investors applied for roughly 408 times their allocation during the Oct. 7 and 8 subscription period.
Retail applicants lodged about 10.26 trillion won in subscription deposits, Elice said. That total measures demand for shares and is separate from the size of the offering.
Elice supplies AI cloud infrastructure and related services. For the first half of 2026, it reported consolidated revenue of 34.4 billion won and operating profit of 10.3 billion won. Elice says it plans to invest the IPO proceeds in regional AI capacity and facilities dedicated to next-generation graphics processing units. The company says the regional expansion is intended to meet demand for computing power and address power constraints.
