Shares of Green Energy Technology Inc (綠能科技), the nation's top solar wafer maker, fell 3.64 percent on its first trading session on the main exchange to below its initial public offering (IPO) price of NT$165 (US$5.10).
The stock price dropped NT$6 to NT$159, in spite of the company's robust outlook for this year.
"Green Energy has good fundamentals in light of rising oil prices and continuing raw material supply constraint for solar companies," chairman Lin Wei-shan (林蔚山) said yesterday.
However, local rivals Wafer Works Corp (合晶) and Formosa Sumco Technology Corp (台勝科), rose yesterday. Wafer Works jumped 4.96 percent to NT$127, while Formosa Sumco rose the daily 7 percent limit to close at NT$159.
Green Energy's parent company Tatung Co (
On Wednesday, Green Energy president Lin Hur-lon (林和龍) told reporters that the firm would double output to 200 megawatt per annum this year to meet customer demand. The expansion is expected to boost the company's revenues by 88 percent, Fubon Securities (富邦證券) projected.
Green Energy's net profit grew 18 percent to NT$635 million last year, from NT$539 million in 2006. Gross margin stood at about 20 percent in the fourth quarter of last year. Green Energy blamed an explosion in a factory in the first quarter of last year behind the anemic growth.
Separately, Wafer Works yesterday said a plan to debut its subsidiary, Solargiga Energy Holdings Ltd, on the Hong Kong stock market remains on schedule, rebutting a report in the Chinese-language United Daily News that the IPO had been suspended.
"The shares are oversubscribed. The road show is ongoing," Wafer Works said in a filing to the Taiwan Stock Exchange.
The company's road show was scheduled to wrap up yesterday.