Elice shares fall 28% on KOSDAQ debut after $150M IPO

Elice Group shares closed 28% lower on their KOSDAQ debut on October 20, 2026, according to Reuters. The South Korean data-centre firm had raised 201.1 billion won ($150 million) in its IPO. Shares opened 16% below the offer price before sliding further. I'm skeptical first-day drops alone signal weak fundamentals — they often reflect offer pricing.