Elice closes more than 30% below IPO price in Seoul debut

What happened?

1. Elice Group shares closed at 60,500 won ($45.57) on their first day of trading, more than 30% below the 90,500 won offer price, after opening at 75,700 won (DealStreetAsia, CoinDesk)
2. According to a filing from the company (DealStreetAsia), the IPO brought in 201.1 billion won ($151.12 million) through the sale of 2.22 million new shares priced at 90,500 won apiece, the highest end of the marketed price range.
3. Retail demand for the Elice offering exceeded 400 times the shares allocated (CoinDesk)
4. The KOSPI fell almost 4% to close at 5,552, with Samsung Electronics down around 3% and SK Hynix down roughly 4% (CoinDesk)
5. Brent crude topped $111 a barrel, its highest level since May, with WTI trading around $100 (CoinDesk)

Elice Group shares closed at 60,500 won on Tuesday, more than 30% below the 90,500 won offer price, after the Seoul data centre company raised 201.1 billion won ($151.12 million) by selling 2.22 million new shares at the top of the marketed price range, according to its filing.

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