Key facts
- Elice shares closed nearly 12% below their IPO price of 90,500 won.
- Elice reported a 200% year-over-year jump in first-half revenue to 34.4 billion won ($26 million).
- Elice reported an operating profit of 10.3 billion won in the first half.
South Korea's stock market experienced significant volatility, with the benchmark Kospi index surging as much as 5% on Wednesday after a sharp decline Tuesday. The rebound was driven by investors returning to heavyweight chipmakers like Samsung Electronics and SK Hynix, which jumped 8% and 9% respectively. The dramatic turnaround followed a mixed session on Wall Street. Elice, an AI cloud and data center operator, saw its shares crash 32% on its debut Tuesday before surging 30% to hit its daily limit-up on Wednesday. Despite the surge, Elice shares remained nearly 12% below their IPO price of 90,500 won. The company reported a 200% year-over-year jump in first-half revenue to 34.4 billion won ($26 million) and an operating profit of 10.3 billion won.