Well, the bad news for neoclouds unfortunately continues.

Today, a new company went public in South Korea.

The company is called Elice. They raised $151M at a $750M valuation. Retail investors piled in as the offering was oversubscribed by 400 times. Their core business is renting out GPUs and providing the systems that operate them.

The stock is down 30% on its debut. KOSPI is down 4.2%, now lower than the July lows, and Samsung is down 3% with SK Hynix down 6%.

If this drop holds, it'll be the worst debut ever for a South Korean IPO.

$Coreweave(CRWV.US) $Nebius(NBIS.US) $IREN(IREN.US) $Applied Digital(APLD.US) $Cipher Digital(CIFR.US)

Source: amit