Korean AI services company Elice Group fell about 28% on its first trading day after raising 201.1 billion won in its IPO, according to BlockBeats.
IPO debut
The flash listed Elice at 65,300 won against an IPO price of 90,500 won at the time of reporting. It said the company provides AI cloud services and AI-based education and business software.
Funding plans
BlockBeats said Elice planned to direct most IPO proceeds toward portable modular data centers and related infrastructure. The report also quoted Kiwoom Securities analyst Kim Hak-joon saying investors may question whether companies in the sector can secure follow-on financing.
Source: BlockBeats flash.