Elice Inc., a Seoul-based AI cloud services provider, completed the largest IPO on the Kosdaq exchange in 2026 by proceeds. The company raised ₩201 billion, or approximately $151 million, during its debut on October 20, 2026.
Despite high demand before the listing, shares closed 32% below the initial offer price of ₩90,500. During the first hour of trading, the stock fell by as much as 38%, resulting in a loss of approximately ₩300 billion in market value.
This performance marks the worst opening-day result for a South Korean IPO raising at least $100 million since 2022. The company plans to allocate the raised capital primarily toward the construction of modular AI data centers.
Financial reports show that Elice generated ₩34.4 billion in revenue during the first half of 2026, which is more than triple the amount from the previous year. Additionally, the firm reported an operating profit of ₩10.3 billion for the same period.
