SeoulElice closed 30% below its 90,500-won offer price.

Retail demand exceeded the offering 400 times over, then the benchmark stock index of South Korea fell almost 4%.

Investors question whether artificial intelligence infrastructure spending will pay back, and neocloud firms carry heavy debt and borrowing costs.

CoreWeave fell 3% more in US pre-market trading as Brent crude topped $111, a high since May.

How each outlet framed it
CoinDesk
ties Elice's 30% post-debut slump to a 400-times retail oversubscription and neocloud borrowing-cost worries, with Brent at $111 as backdrop

Sources: CoinDesk