Elice raises $151m in an IPO to fund AI data centre expansion
South Korean AI infrastructure company Elice raised $151m in its IPO. The company plans to use the money to build more AI data centres in South Korea and abroad.
By Made in 10 Newsroom
South Korean AI infrastructure company Elice raised $151m in its IPO. The company plans to use the money to build more AI data centres in South Korea and abroad.
Elice secured 201.1bn won ($151m) by selling 2.22 million new shares at 90,500 won each, the upper end of its pricing range. Despite that pricing, its shares lost 32% on their first trading day in Seoul.
Founded in 2015 by 3 KAIST doctoral students, Elice began with coding education before expanding into AI infrastructure. Its offering now spans servers, liquid cooling, networking and software, alongside modular data centres designed for concentrated groups of AI chips.
The company intends to put the proceeds towards additional AI data centres, both in South Korea and overseas. For businesses that need rented AI computing capacity, those plans could expand the reach of an existing supplier.
The IPO provides capital for expansion, making it more consequential than the first-day share price fall.
Expansion abroad could give companies renting AI computing power another supplier in more markets.
The practical benefit for AI builders depends on Elice turning the proceeds into operating capacity.
Written automatically by the Made in 10 Newsroom from the source above.
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