Kuala Lumpur:The Malaysian public portion of RedPlanet Bhd's initial public offering (IPO) has been oversubscribed by 85.28 times. There were 7,031 applications submitted for 1.77 billion shares, valued at approximately RM336.72 million.
According to BERNAMA News Agency, RedPlanet, a provider of enterprise information and communications technology (ICT) solutions specializing in geospatial and intelligent rail solutions, is planning to transfer its listing from the LEAP Market to the ACE Market of Bursa Malaysia on October 22, 2026.
The IPO consists of a public issue of 70 million new ordinary shares, with 20.54 million shares available for application by the Malaysian public. Additionally, 19.71 million shares have been reserved for eligible directors, employees, and individuals who have contributed to the group's success, all of which have been fully subscribed following clawback and reallocation provisions outlined in its prospectus.
The private placement tranches, including 11.52 million new shares to selected investors, 18.22 million new shares to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, and 10 million existing shares offered for sale to selected investors, have also been fully placed out.
Executive Director and Managing Director Lian Wah Seng expressed that the strong response demonstrates investor confidence in RedPlanet's business fundamentals, technical capabilities, and long-term growth prospects. He stated that the support from the investment community enhances their commitment to expanding geospatial and intelligent rail solutions, improving project execution capabilities, and continuing to provide technology-driven solutions to clients in critical operational environments.
Lian further noted that the transfer listing represents a significant milestone in RedPlanet's corporate journey. With a broader public market platform, the company aims to increase market visibility, expand its investor base, and position itself for its next growth phase as an enterprise ICT solutions provider with specialized capabilities in geospatial applications and rail safety technologies.
UOB Kay Hian (M) Sdn Bhd serves as the principal adviser, sponsor, underwriter, and placement agent for the IPO and ACE Market transfer listing.