Elice shares plunge over 30% on KOSDAQ debut, analysts cite shifting AI infrastructure pricing

Elice Group raised 201 billion won in the KOSDAQ's biggest IPO of 2026, but its shares sank over 30% below the IPO price on the first day of trading. Analysts noted the company's first-half revenue tripled to 34 billion won and it swung to a 10 billion won operating profit, yet the stock fell amid a broader retreat in AI sentiment. The debut highlights a shift in the AI infrastructure trade from 'build at any cost' to 'who is paying and for how long,' as Elice's pricing now reflects demand sustainability rather than just capacity expansion.