Another day, another data center faceplant.
This time the venue is Seoul, where data-center infrastructure company Elice (0158S0 KS) plunged in its trading debut on South Korea's tech-heavy Kosdaq after raising 201 billion won ($151 million) in the bourse's biggest (and probably worst) initial public offering of the year. According to Bloomberg, the self-described "neocloud" priced at 90,500 won, the top of its marketed range, for a post-listing market cap of just over 1 trillion won (roughly $750 million). Shares then fell as much as 32% instantly to 61,400 won in early trading on Tuesday, after a brief opening pop to around 78,000 won which, for those keeping score, was itself still 14% below the offer price.
At last check the stock was hovering around 62,900 won, or about 30% below where the IPO priced, wiping out roughly 300 billion won of paper value in under half an hour.
Bloomberg politely frames the debut as "a test of investor appetite for the sector after a series of setbacks around the world."
Well, consider it tested. Regular readers know we have been keeping a running tally of these now daily faceplants since Firmus slashed and then pulled its ASX float on Oct 8, and we have been warning READ MORE AT SOURCE »
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