Elice IPO shares plunge 33% then rebound 30% to ₩79,900
Business
Elice, a South Korean data center company, had a wild ride: its shares crashed 33% below the IPO price on Tuesday, October 20, but then shot up 30% to 79,900 won on Wednesday, October 21.
After that shaky start, retail investors seemed relieved by the quick turnaround.
Elice raised $150 million for data centers
Even with the initial slump, Elice's IPO pulled in $150 million thanks to strong demand and oversubscription.
The company plans to use this cash to build more modular data centers and develop related infrastructure.
With recent revenue booming by 200% and finally turning a profit, Elice is hoping this rebound keeps the momentum going.