EL7.AI
StocksMedium•20 October 2026•
4 min read

Elice Shares Fall as Much as 32% in Seoul Trading Debut

Key Facts

1Elice shares fell as much as 32% during their Seoul trading debut.
2Elice set the offering price at 90,500 won per share, at the top of the marketed range.
3Institutional subscriptions reached 388.8 times the shares available, with 2,367 institutions placing orders for 647,998,700 shares.
4The company recorded revenue of 344 hundred million won and operating profit of 103 hundred million won in the first half of 2026.

Shares in data center infrastructure company Elice fell as much as 32% in their Seoul debut, according to a Bloomberg report published on the morning of October 20. The decline came as trading began after the company set its offering price at 90,500 won per share, according to its official pricing statement. The final price was at the top of the range at which the company marketed the offering before the shares began trading. Elice estimated its expected post-listing market capitalization, based on the offering price, at about a trillion won plus 54 hundred million won. The shares thus began trading at a stated valuation exceeding a trillion won, followed by the sharp decline Bloomberg reported during the first session.

The listing followed institutional demand during bookbuilding, with Elice saying in its pricing statement that 2,367 institutions participated. Those institutions submitted orders totaling 647,998,700 shares during the institutional demand assessment preceding the start of trading in Seoul. Institutional subscriptions reached 388.8 to one, according to the same statement, accompanying pricing at the top of the marketed range. The public offering comprised 2,222,000 shares, according to the company's statement for its IPO conference, where it presented its business and plans for investing the proceeds. Elice said the final offering value was approximately 2,011 hundred million won, in a fundraising exercise whose proceeds it intends to use to expand infrastructure and overseas operations.

On financial results, Elice disclosed consolidated revenue of 344 hundred million won for the first half of 2026 in its offering filing statement. Operating profit for the same period was 103 hundred million won, according to figures the company presented in its listing documents. It said first-half operating profit exceeded twice the operating profit recorded for the entire previous year, comparing a half-year period with a full year. In its IPO conference statement, it also reported first-half earnings before interest, taxes, depreciation and amortization of 232 hundred million won, with a margin of 68%. The company attributed improved profitability to operating leverage beginning to emerge from its upfront investments in fixed costs, according to its explanation of financial performance ahead of the offering.

Elice was founded in 2015, according to its offering filing statement, bringing it to the market after more than a decade in business. The company divides its main operations between AI transformation solutions and AI cloud services, according to the breakdown in the statement. Its operations include data center infrastructure and the supply of graphics computing resources under a government project supporting scientific research. Chief Executive Kim Jae-won said in the official strategy statement that "AI infrastructure competitiveness depends not on the number of graphics processing units, but on how efficiently they are used." The company offers modular data centers and virtualization software, and presented specifications covering construction time, cost and performance loss at its IPO conference.

Elice says its modular data centers cut construction time to 3 months or less, according to its IPO conference statement. The company compared that with a conventional construction period of between 24 and 36 months in its presentation of the time difference between its modular centers and traditional construction methods. It added that these centers reduce initial infrastructure construction costs by as much as 40%, according to the technical and financial comparison it presented to investors. On software, it said its solutions reduce virtualization-related performance loss to less than 1%, among the technical specifications disclosed in the same statement. The specifications presented by the company combine shorter data center construction times, lower initial infrastructure costs and reduced virtualization performance loss.

Elice intends to use the offering proceeds to expand domestic infrastructure investment, according to plans announced in its IPO conference statement. The funding will also go toward accelerating exports of data centers and solutions through its companies in the United States, Singapore and Japan, as part of its expansion into overseas markets. After building a public-sector order base, the company plans to expand gradually into the financial sector and defense industries, according to the same statement. Elice described both sectors as markets with high security requirements in its presentation of the areas it aims to enter during its next expansion. Alongside these plans, the company said its supply of high-performance graphics computing resources for the government scientific research support project runs from July this year until next March.