South Korean Elice shares plunge over 30% despite $151 million IPO
Business
Elice, a South Korean data center company, just had a rough stock market debut: its shares were down over 30% on day one, even though its IPO was hugely popular with retail investors.
This stumble has made people in the AI investment world a bit uneasy, especially since Elice still managed to raise $151 million but couldn't live up to the hype.
Elice slump drags KOSPI nearly 4%
Elice's disappointing start dragged down South Korea's KOSPI index by nearly 4%, with big names like Samsung Electronics and SK Hynix also taking hits.
The mood spilled over globally: US tech stocks dipped in premarket trading, while Brent crude topped $111 a barrel amid persistent concerns about Middle Eastern supply disruptions and shipping risks.