Elice falls over 30% in Seoul debut as KOSPI drops and Brent tops $111
In brief
- Elice closed its debut at 60,500 won, down over 30% from its 90,500 won offer price.
- Elice's IPO raised $151 million at a roughly $755 million valuation, per Bloomberg.
- KOSPI dropped almost 4% to 5,552; Samsung and SK Hynix also fell.
- CoreWeave fell another 3% in U.S. pre-market trading; bitcoin and gold were lower.
- Brent crude topped $111 a barrel, its highest level since May, CoinDesk reported.
Heavy demand, then a weak first close
Elice's IPO raised $151 million at a valuation of roughly $755 million, according to Bloomberg figures cited by CoinDesk. Demand looked strong on paper. CoinDesk reported that the debut slump followed a retail offering that was oversubscribed more than 400 times.
That's a wide gap between the order book and the first close.
CoinDesk framed the listing as adding to nervousness around artificial intelligence investments, with investors further questioning whether spending on AI infrastructure will deliver sufficient returns. It's the outlet's market read, not an established cause (a single listing doesn't settle the valuation debate), but the rest of Tuesday's session leaned the same way.
KOSPI, chipmakers and CoreWeave lower
The weak debut accompanied another 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%, per the same report.
The selling didn't stay in Seoul. CoreWeave (CRWV) fell another 3% in U.S. pre-market trading, CoinDesk said, and it noted that the neocloud sector faces scrutiny over borrowing costs, high debt levels and the profitability of capital-intensive expansion plans. Technology shares, bitcoin and gold were also lower on Tuesday morning.
Brent tops $111
Oil went the other way. Brent crude topped $111 a barrel, reaching its highest level since May, while WTI traded around $100, according to CoinDesk. The report said Brent's roughly $11 premium over WTI reflected persistent concerns about Middle Eastern supply disruptions and shipping risks.
For crypto readers, it's a familiar mix: AI infrastructure names under pressure, Korean chipmakers down, and bitcoin lower alongside tech and gold. The figures above reflect Tuesday's close in Seoul and U.S. pre-market levels as reported, not live prices.
