Artificial intelligence (AI) infrastructure corporations Elice is pushing for a KOSDAQ listing. Elice said on the 23rd that it filed a securities registration statement with the Korea Exchange (KRX) on the 21st for a KOSDAQ listing and began the full-fledged public offering process.
Elice plans to offer 2,222,000 shares in the listing, with an expected price range of 74,000 won to 90,500 won. The total offering size is expected to be 156.4 billion won to 201.1 billion won. After book-building on Sept. 9–15, the retail subscription is scheduled for two days on Sept. 18 and 21. The lead underwriter is Mirae Asset Securities(006800), and the co-lead underwriter is Samsung Securities(016360).
Founded in 2015, Elice provides full-stack AI solutions based on its self-developed AI cloud technology. Its main business areas are AX (AI transformation) and AI cloud. Leveraging vertically integrated capabilities across all processes, Elice builds AI PMDCs (portable modular data centers) within three months and cuts initial infrastructure build TCO by up to 50% compared with traditional IDCs.
It also proved cloud operations efficiency by optimizing virtualization overhead of large-scale GPU resources to under 1% with its self-developed AI cloud infrastructure optimization OS, "ECI (Elice Cloud Infrastructure)"—the performance degradation that occurs when partitioning and controlling compute resources.
Recently, it built a "hybrid AI infrastructure" model that not only enables a fully air-gapped on-premises AI PMDC based on Korea's only CSAP IaaS security certification, but also safely connects customers' existing data centers with the Elice AI PMDCTM. Through this, it is expanding orders in the public, finance, and defense sectors, which had struggled to adopt AI due to power and cooling limits at existing IDCs and network separation regulations.
Elice's consolidated revenue for the first half of this year was 34.4 billion won, with operating profit of 10.3 billion won, already reaching 88% of last year's annual revenue. Operating profit also rose sharply.
The company said, "In particular, as the leverage effect from preemptive fixed-cost investment kicked in, first-half EBITDA reached 23.2 billion won (68% margin), significantly improving profitability."
Elice plans to use IPO proceeds to strengthen the technology of its key businesses, including AI infrastructure and cloud. It will increase new infrastructure investments in the Seoul metropolitan area and regional hubs, build next-generation GPU-dedicated advanced infrastructure, and accelerate exports of global AI PMDCs and overseas expansion of AX solutions based on its subsidiaries in the United States, Singapore, and Japan.
Chief Executive Kim Jae-won of Elice said, "Elice has entered a full-fledged high-growth phase as a 'full-stack AI partner' spanning from high-performance AI cloud to industry-specific AX solutions, based on preemptive infrastructure investments we have built," adding, "With the KOSDAQ listing, we will solidify leadership in domestic sovereign AI infrastructure and leap forward as a corporations leading the global neo cloud market."