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Elice’s IPO Slump Deepens AI Market Jitters
South Korean data center company Elice’s debut on the stock market added to concerns about AI infrastructure valuations. The IPO, oversubscribed more than 400 times, closed at 60,500 won, down over 30% from its offer price of 90,500 won. The IPO raised $151 million at a valuation of roughly $755 million. The weak debut coincided with a broader sell-off in South Korean equities and U.S. pre-market trading, where CoreWeave also fell. Brent crude oil prices topped $111 per barrel, reflecting concerns about supply disruptions and shipping risks.