South Korean AI data centre firm Elice plunges nearly a third on its stock market debut as investors shun AI stocks

South Korean AI data centre company Elice Group attracted demand equal to 388.84 times its available shares during its IPO book-build, yet the stock tumbled from its offer price of 90,500 won to 63,600 won when trading opened in Seoul on Tuesday. The company had raised 201.1 billion won, approximately $150 million, with the bulk earmarked for rolling out portable modular data centres. Its IPO was priced on October 6, before the broader AI selloff set in.

Analyst Ke Yan said the AI trade has shifted from 'build at any cost' to 'who is paying'.