Elice’s 400x oversubscription meets a 30%-plus red debut as $BTC slips

South Korean data centre company Elice closed over 30% below its IPO price on Tuesday, Oct 20, 2026, despite its retail offering being oversubscribed more than 400 times. Elice (0158S0) finished at 60,500 won ($45.57), compared with the 90,500 won offer price, as the Seoul-based neocloud provider’s debut added to concerns over whether artificial intelligence infrastructure spending will deliver sufficient returns.

The IPO raised $151 million at a valuation of roughly $755 million, according to Bloomberg. The weak debut came during a broader sell-off in South Korean equities, with the KOSPI dropping almost 4% to finish at 5,552. Samsung Electronics fell around 3% and SK Hynix lost roughly 4%.

Pressure extended into U.S. pre-market trading, where CoreWeave (CRWV) fell another 3%. The neocloud sector faces scrutiny over borrowing costs, high debt levels and the profitability of capital-intensive expansion plans. Technology shares, $BTC and gold were also lower on Tuesday morning.

Meanwhile, Brent crude topped $111 a barrel, reaching its highest level since May, while WTI traded around $100. Brent’s roughly $11 premium reflected persistent concerns about Middle Eastern supply disruptions and shipping risks.