RedPlanet aims to raise RM13.3mil via IPO for ACE Market transfer

KUALA LUMPUR: RedPlanet Bhd plans to raise RM13.3 million via an initial public offering (IPO) as it moves its listing from the LEAP Market to the ACE Market of Bursa Malaysia on October 22. The company, which provides enterprise information and communication technology (ICT) solutions, specializes in geospatial and intelligent rail solutions.

RedPlanet's IPO price is set at 19 sen per share, with 70 million new ordinary shares issued, resulting in a market capitalization of approximately RM78.02 million. This valuation is based on an enlarged issued share capital of 410.65 million shares after the listing. Additionally, investors are offered the option to purchase 10 million existing shares through a private placement.

Proceeds from the IPO will be allocated towards business expansion, working capital, and listing transfer expenses. Managing Director Lian Wah Seng stated that the company plans to use the funds to expand its capabilities and compete for larger-scale ICT solutions projects, with a current tender book valued at RM132 million, primarily in the utility and railway sectors, and an order book worth RM50 million.

RedPlanet believes the rail sector is poised for growth, citing upcoming projects such as the expansion of the Light Rail Transit Line 3 (LRT3) stations, the Mutiara Line in Penang, and the renewal of brownfield projects. The IPO applications opened today and will close on October 8, 2026, while the withdrawal of RedPlanet's listing from the LEAP Market is scheduled for October 22, 2026.

UOB Kay Hian (M) Sdn Bhd serves as the principal adviser, sponsor, underwriter, and placement agent for the IPO.