Ellis closes 32% below IPO price on KOSDAQ debut

AI infrastructure company Ellis closed its first trading day on KOSDAQ at 61,500 won per share on October 20, down 32.04% from its IPO price of 90,500 won, according to techm.kr.

The stock opened at 75,700 won and rose as high as 77,700 won before falling to 56,500 won during the session. Ellis ended the day with a market capitalization of 684.4 billion won, about 322.7 billion won less than at the IPO price.

The offering had drawn strong demand beforehand. Institutional demand forecasting produced a competition ratio of 388.84 to 1 from 2,367 institutions, and the IPO price was fixed at 90,500 won, the top of the 70,400–90,500 won range. Retail subscription reached a competition ratio of 408.17 to 1, with about 10.2599 trillion won in deposits.

The price was set using an EV/EBITDA multiple of 27.13 times based on eight overseas firms including CoreWeave, DigitalOcean and Equinix, with a 14.7% discount. The total offering size was about 201.1 billion won, led by Mirae Asset Securities with Samsung Securities as co-manager.

Ellis plans to use the listing proceeds to build AI data centers in the Seoul metropolitan area and the Honam region. Founded in 2015 as an education platform company, it later expanded into GPU-based AI cloud and modular AI data centers. On a consolidated basis last year it posted 39.5 billion won in revenue and 5.2 billion won in operating profit; in the first half of this year revenue was 34.4 billion won and operating profit 10.3 billion won, with NIPA-related revenue of about 22.5 billion won accounting for 65.6% of the total.