PremiumAnother Day, Another Data Center Faceplant: Korea's Biggest IPO Of The Year Craters 32% Within Seconds
Another day, another data center faceplant.
This time the venue is Seoul, where data-center infrastructure company Elice (0158S0 KS) plunged in its trading debut on South Korea's tech-heavy Kosdaq after raising 201 billion won ($151 million) in the bourse's biggest (and probably worst) initial public offering of the year. According to Bloomberg, the self-described "neocloud" priced at 90,500 won, the top of its marketed range, for a post-listing market cap of just over 1 trillion won (roughly $750 million). Shares then fell as much as 32% instantly to 61,400 won in early trading on Tuesday, after a brief opening pop to around 78,000 won which, for those keeping score, was itself still 14% below the offer price.