KUALA LUMPUR (June 23): Pekat Group Bhd’s share price jumped nearly threefold to an intraday high of 93 sen in conjunction with the solar power specialist’s listing today on Bursa Malaysia’s ACE Market.

The stock, with an initial public offering price of 32 sen, opened at 85 sen. On market close, it settled at 81.5 sen, about 155% above its IPO price.

The counter was the most-actively traded stock of the day, with 243.3 million shares traded.

Based on its closing price, Pekat has a market capitalisation of about RM525.65 million, based on the company’s 644.97 million issued shares.

According to Pekat’s prospectus, the company’s IPO involved a public issue of 138.67 million new shares and offer for sale of 32.25 million existing shares in the company at 32 sen each.

At 32 sen, the public issue of 138.67 million new shares raised RM44.37 million to finance’s Pekat’s business expansion.

Besides solar power generated via photovoltaic (PV) systems, Pekat also specialises in earthing and lightning protection (ELP).

Pekat’s statement in conjunction with the company’s virtual listing ceremony today quoted its managing director Chin Soo Mau as saying Pekat is pushing ahead to expand its PV and ELP businesses with the listing proceeds.

Chin was quoted as saying the company is expected to benefit from favourable government initiatives, financial incentives and tax breaks for the PV industry, and a rebound in the construction sector, driven by the resumption of activities across all sub-sectors.

“Government policies and incentives will act as growth catalysts in the Malaysian solar PV industry for different end-user segments like residential, commercial and industrial,” he said.

M&A Securities was the adviser, sponsor, underwriter and placement agent for Pekat’s IPO, according to Pekat’s statement.