Shares of E-ton Solar Tech Co (益通光能) rocketed by 299.54 percent on its first day on the over-the-counter GRETAI Securities Market yesterday, making the solar-cell maker the highest-priced stock on the local bourse.
With a floor price of NT$218 (US$6.7), E-ton opened strong at NT$850 and then fluctuated between NT$840 and NT$880 during the session, before closing at NT$871.
The company has replaced bigger rival Motech Industries Inc (
E-ton's performance, however, did not reach the much-hyped NT$1,000 level as many analysts had expected.
Analysts said that E-ton shares were under profit-taking pressure from investors who purchased the shares in the initial public offering (IPO), as well as a weak benchmark TAIEX, which declined by 0.53 percent.
Even so, investors and market watchers are mostly positive on E-ton due to the company's healthy fundamentals supported by the strong market.
E-ton held an IPO last Monday and offered 265,000 shares to the public at NT$218 per share through a lot-drawing system. Some of the lot-drawing winners were able to cash in their shares for an immediate return of more than NT$650,000 yesterday.
The company last year saw pre-tax income jump by 287 percent to NT$280 million, or NT$12.73 per share. It hopes to double its earnings per share to NT$27 this year.
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