#elice韩股上市首日暴跌33%
KOSDAQ’s biggest IPO of the year fell below its offer price. Elice, an AI data center company, went public today at 90,500 won per share and closed its first day at 60,800, down 32.82%.
CoreWeave, in the same industry chain, has fallen from 138 in May to 61—losing more than half its value. $CRWVB , on the Binance side, also dropped 5.6% today.
Elice was the one new listing that should have been least likely to fall. First-half revenue was 34.4 billion won, more than triple the year-ago figure, with operating profit of 10.3 billion won. At the offer price, it was valued at 14.5 times annualized revenue. Nscale trades at 107 times sales—and is still losing money.
Retail subscriptions were 408 times oversubscribed, with 10.26 trillion won in margin deposits tied up. Institutional demand was 388.84 times oversubscribed. The stock opened at 75,700, or 84% of its offer price. Its low of 56,500 was just 4% above the first-day limit-down price of 54,300.
The market is pricing in capital expenditure now. The growth story comes later.
In March next year, Elice will publish its first annual report. By then, the question will be whether those 201 billion won have turned into server racks—or accounts receivable.
#BStocks #韩国IPO
KOSDAQ’s biggest IPO of the year fell below its offer price. Elice, an AI data center company, went public today at 90,500 won per share and closed its first day at 60,800, down 32.82%.
CoreWeave, in the same industry chain, has fallen from 138 in May to 61—losing more than half its value. $CRWVB , on the Binance side, also dropped 5.6% today.
Elice was the one new listing that should have been least likely to fall. First-half revenue was 34.4 billion won, more than triple the year-ago figure, with operating profit of 10.3 billion won. At the offer price, it was valued at 14.5 times annualized revenue. Nscale trades at 107 times sales—and is still losing money.
Retail subscriptions were 408 times oversubscribed, with 10.26 trillion won in margin deposits tied up. Institutional demand was 388.84 times oversubscribed. The stock opened at 75,700, or 84% of its offer price. Its low of 56,500 was just 4% above the first-day limit-down price of 54,300.
The market is pricing in capital expenditure now. The growth story comes later.
In March next year, Elice will publish its first annual report. By then, the question will be whether those 201 billion won have turned into server racks—or accounts receivable.
#BStocks #韩国IPO