Ellis Group falls 32% on KOSDAQ debut

Ellis Group listed on the KOSDAQ on October 20, 2026 and closed its first trading day at 61,500 won, down 32.0% from its IPO price of 90,500 won, according to aitimes.com. The AI infrastructure company opened at 75,700 won, 16% below the IPO price.

The decline cut Ellis Group's market capitalization from about 1 trillion won at the IPO price to around 680 billion won. The listing had drawn a demand forecast competition ratio of 388.84 to 1 and about 10.2599 trillion won in subscription deposits.

The company was founded in 2015. In the first half of 2026 it reported revenue of 34.4 billion won, up 202.2% year on year, and operating profit of 10.3 billion won, a 30.1% margin.

Other AI listings in the pipeline

Rebellions is scheduled to hold its public subscription on October 22-23 and to list on November 3, 2026. The company is targeting an IPO price range of 19,000-22,000 won, which would imply a market capitalization of 276.3-320 billion won. Its Backend.AI platform manages GPU and NPU resources and is in operation at more than 120 sites, including Samsung Electronics, Hyundai Mobis and KT, with recurring revenue accounting for 94.7% last year.

Superb AI passed its technology evaluation for a technology-special listing in July 2026 and is pursuing a listing. In May 2026, MakinaRocks became the first AI infrastructure operations and management company to list via the technology-special track, closing its first day at 60,000 won, four times its IPO price of 15,000 won. It has since closed at 16,800 won, 72.0% below that first-day close, and posted first-half 2026 revenue of 7 billion won, up 168% year on year, with new orders exceeding 20 billion won.

In the US, Goldman Sachs raised its rating on CoreWeave from neutral to buy on October 19, 2026, local time.