Shares of Seoul-based data centre company Elice closed their stock market debut more than 30% below the initial public offering price of 90,500 won. The stock finished at 60,500 won, or 45.57 US dollars as converted in the reporting.
The KOSPI fell almost 4% to close at 5,552, while Samsung Electronics dropped around 3% and SK Hynix roughly 4%.
Concerns over neocloud economics
Elice is a neocloud provider, a category of firms that rent out computing capacity for artificial intelligence workloads. Its listing drew strong demand, with retail subscriptions more than 400 times oversubscribed, and the company raised 151 million US dollars at a valuation of roughly 755 million.
The weak debut added to doubts about whether heavy spending on AI infrastructure will pay off. Investors have pressed the sector over borrowing costs, high debt and the profitability of capital-intensive expansion.
Oil climbs on supply and shipping risk
Brent crude topped 111 US dollars a barrel, its highest level since May. WTI traded around 100 dollars, leaving the Brent premium at roughly 11 dollars.
The Brent premium reflected concern over Middle Eastern supply disruption and shipping risk, according to the reporting.
Wider risk assets lower
Technology shares, bitcoin and gold were also lower on Tuesday morning.
Related: Brent tops $110 a barrel on Middle East risk and tight supply · Brent Spot Oil Price at $125.44 Amid Recent Range
