KUALA LUMPUR: Solar photovoltaic (PV) and earthing and lightning protection (ELP) specialist Pekat Group Bhd made a very strong debut on the ACE Market on Wednesday and surged to a high of 93 sen in early trade.

It opened at 86 sen, which was 54 sen above its offer price of 32 sen.

At 9.07am, it was trading at 75 sen, up 43 sen. There were 83 million shares done at prices ranging from 71 sen to 93 sen.

The FBM KLCI was down 1.79 points or 0.13% to 1,571.93. Turnover was 386.32 million shares valued at RM196.22mil. There were 176 gainers, 179 losers and 305 counters unchanged.

Its offer of 32.20 million new shares were oversubscribed by 76 times after a total of 34,963 applications for 2.5 billion shares was received from the public when it was open for subscription from June 2 to 10.

The Bumiputra portion of shares was oversubscribed by 44 times after 13,168 applications for 725.5 million shares were received.

At the 32 sen a share IPO price, it raises RM44.4mil from the public issue of 138.7mil shares, mainly for the construction of a new head office and working capital.

RHB Research had ascribed a fair value of 56 sen for Pekat Group. It said the company is the main beneficiary of solar PV systems for the commercial, industrial and residential segments.