In the Elice Group IPO subscription, the estimated number of shares for even allocation has come down to the 2-share range at both Mirae Asset Securities and Samsung Securities, showing similar subscription flows. With the offer price on the high side at 90,500 won and the minimum subscription deposit reaching 905,000 won, attention is focused on whether funds will move at the last minute of the subscription period.

■ Even Allocation Estimated at 2-Share Range... Last-Minute Variables Draw Attention

As of 10:30 a.m. on the 8th, the estimated number of shares for even allocation of Elice Group is in the 2-share range at both Mirae Asset Securities and Samsung Securities. If subscribers continue to increase, the estimated even allocation quantity could fall further, so the final competition ratio needs to be confirmed. Even allocation is determined by the number of subscribers and the even allocation volume assigned to each securities firm, so the current figure in the 2-share range does not guarantee an actual allocation of 2 shares. If subscription accounts increase rapidly toward the end, the possible number of shares for even allocation could also shrink.

■ Offer Price of 90,500 Won... Deposit Burden of 905,000 Won

Elice Group's offer price is 90,500 won. Given that the offer price itself is substantial, the amount needed to be prepared for even a minimum subscription is not small. When applying for the minimum subscription unit, the required subscription deposit is 905,000 won. Compared with typical low-priced IPO stocks, the initial capital that subscribers must bear is relatively large. Even for investors aiming only at even allocation, the fact that funds exceeding 900,000 won must be locked up for a certain period could act as a variable in deciding whether to participate in the subscription.

At the demand forecasting stage, the institutional investor competition ratio was recorded at 388.84 to 1. Although this is a competition ratio of several hundred to one, it is difficult to judge the post-listing stock price movement based solely on the competition ratio figure. Multiple conditions must be examined together, including the offer price level, the distribution of prices proposed by institutions, whether lock-up commitments were made, and the volume available for circulation on the listing day.

In particular, since Elice Group's offer price exceeds 90,000 won, the scale of valuation gains or losses can also grow depending on the absolute movement of the stock price after listing. For IPO stocks with a high price per share, even the same rate of change results in a larger price movement per share. If buying and selling are concentrated in the early days of listing, the volatility felt by investors could also increase.

■ 'AI Full Stack' Story... Expansion of Infrastructure Business

Another aspect drawing market attention in this public offering is Elice Group's business areas. Elice Group has expanded its business beyond being simply an AI education company to building AI infrastructure, operating AI models, and providing applications and enterprise solutions. The direction the company emphasizes is an 'AI full stack' structure that provides everything from AI infrastructure to actual service stages within a single system. Notably, it has been expanding its position as a business that builds and operates large-scale AI computing infrastructure by successively participating in major government-led artificial intelligence projects.

This business structure also draws attention in that the axis of competition in the AI industry is expanding from model development to infrastructure operation. Developing and servicing large-scale AI models requires enormous computing resources. It does not end with securing GPUs; servers, power, cooling, networks, and platforms must be bundled into one system and operated stably.

The AI infrastructure business that Elice Group has recently been emphasizing is also connected to these market changes. The company announced that it was selected as a participating company in the Ministry of Science and ICT's project to secure advanced GPUs worth around 2 trillion won, and will be responsible for building and operating 2,560 Nvidia B300 GPUs. As the B300 is a GPU aimed at next-generation high-performance AI computing, if actual construction proceeds, the scale of AI infrastructure handled by Elice Group will greatly expand. The company plans to build a modular AI data center optimized for the B300 environment and participate in expanding national AI computing infrastructure.

The fact that GPU acquisition is emerging as a national competitive challenge in the AI industry is also a background raising market interest. As generative AI and large language models have rapidly expanded, demand for GPUs needed to train and infer AI models has surged. Accordingly, not only software development capabilities but also the capacity to actually build and stably operate large-scale GPUs is becoming a competitive factor for AI companies.

■ Edge AI Data Centers... Supporting Regional Manufacturing AX

Elice Group's business is not limited to large data centers in the metropolitan area. The company is also participating in building edge AI data centers that integrally operate GPUs and domestic NPUs by supplying two AI PMDCs and an ECI to a shipbuilding and marine industrial complex in the southeastern region. This is a method of deploying AI computing infrastructure close to manufacturing sites. Rather than sending all data to large metropolitan data centers for processing, performing AI computing near industrial sites can increase data processing speed and efficiency. In industries that generate large-scale data, such as manufacturing and shipbuilding, the potential for utilizing edge AI infrastructure is growing. Based on this infrastructure, Elice Group envisions supporting the AX (AI transformation) of regional manufacturers and the spread of the manufacturing AI ecosystem.

Ultimately, the growth strategy that Elice Group emphasizes in its public offering process lies in connecting multiple stages of the AI industry into one. From the perspective of IPO investment, it is necessary to approach the industrial interest in AI and the appropriateness of the offer price separately. Although there is a growth story of a demand forecasting competition ratio of 388.84 to 1 and participation in government-led AI projects, the offer price of 90,500 won is high in absolute terms. How much the corporate value after listing actually reflects the speed of earnings growth in advance could become an important judgment factor.

■ Final Confirmation Needed Before Choosing a Securities Firm

In the subscription situation as of 10:30 a.m. on the 8th, both Mirae Asset Securities and Samsung Securities show estimated even allocation quantities in the 2-share range. However, in IPO subscriptions, subscribers often increase rapidly as the closing time approaches. It must be taken into account that the current estimated even allocation quantities may differ from the final allocation results. In particular, if the estimated allocation quantities of the two securities firms are similar, rather than choosing a securities firm simply based on current figures, it is necessary to check the number of subscriptions and changes in even allocation volumes just before the deadline.

The key figures for the Elice Group subscription are the offer price of 90,500 won, the minimum subscription deposit of 905,000 won, and the demand forecasting competition ratio of 388.84 to 1. In addition, as of 10:30 a.m., the estimated even allocation quantities at Mirae Asset Securities and Samsung Securities have both formed in the 2-share range, bringing changes in the final subscription competition ratio to the forefront of attention. Attention is focused on whether Elice Group's growth potential, which is expanding its business from AI infrastructure to model operation and enterprise services, can support the high offer price, as well as on the final subscription competition ratio and even allocation results.

[This article was written for informational purposes based on the provided subscription status and company disclosure materials, and does not recommend IPO subscription or the purchase or sale of specific stocks. Estimated even allocation quantities and competition ratios may change in real time depending on subscription conditions and may differ from actual allocation results. Investors should check official materials such as the securities registration statement and investment prospectus, and investment decisions and responsibilities rest with the investors themselves. AI assistance was used in the writing of this article.]