KUALA LUMPUR: QES Group Bhd made a firm debut on the ACE Market on Thursday, opening at 24.5 sen which was a premium of 5.5 sen over its offer price of 19 sen.
At 9.05am, it was trading at 22 sen, up three sen. There were 43.33 million shares done at prices ranging from 21.5 sen to 24.5 sen.
The FBM KLCI was up 1.26 points or 0.07% to 1,839.16. Turnover was 110.14 million shares valued at RM46.03mil. There were 120 gainers, 80 losers and 170 counters unchanged.
QES’s core business is the distribution of inspection, test and measurement equipment, materials and engineering solutions.
QES also manufactures optical inspection equipment, automated handling equipment and advanced wafer measurement system.
Kenanga Investment Bank Research has a trading buy on QES with a fair value of 26 sen, which is seven sen above its offer price of 19 sen.
Under the listing exercise, QES raised RM28.82mil from its public issue of 151.66 million new shares at 19 sen per share.
Its public offer of 37.92 million new shares to the public under its proposed listing on the ACE Market was oversubscribed by more than 19 times.
Click here for Kenanga Research's report: https://www.thestar.com.my/business/business-news/2018/03/08/kenanga-research-has-trading-buy-fv-of-26-sen-for-qes/