Elice Inc. set for $151 million KOSDAQ IPO, largest this year
Business
Elice Inc. a company that builds data centers for cloud and AI, is about to hit South Korea's KOSDAQ market with a $151 million IPO, the largest on the exchange this year.
Shares are priced at 90,500 won each, and the company is aiming for a post-listing value topping 1 trillion won.
Retail offering oversubscribed over 400 times
Retail investors are seriously interested: the retail offering was oversubscribed by more than 400 times.
Elice started in 2015 as a coding education platform founded by KAIST students but has since pivoted to focus on high-performance AI cloud infrastructure.
With first-half revenue up 200%, CEO Jae Won Kim says they're set on becoming global leaders in AI data centers, planning to use the new funds for expansion both in Korea and abroad.