RedPlanet IPO oversubscribed 85 times
KUALA LUMPUR: RedPlanet Bhd's initial public offering (IPO) has been oversubscribed 85.28 times by the public ahead of its transfer listing from Bursa Malaysia's LEAP Market to the ACE Market on Oct 22.
RedPlanet Bhd's initial public offering (IPO) has seen an overwhelming public response, with applications 85.28 times higher than the 1.77 billion shares valued at RM336.72 million. The company plans to transfer its listing from Bursa Malaysia's LEAP Market to the ACE Market on October 22nd. The IPO involves issuing 70 million new shares while offering 10 million existing shares through private placement to selected investors.
The company's managing director, Lian Wah Seng, attributes the strong public appetite to investor confidence in RedPlanet's business fundamentals, technical prowess, and future growth potential. The listing transfer is expected to enhance market visibility, expand the investor base, and support the company's upcoming growth phase.
UOB Kay Hian (M) Sdn Bhd will serve as the principal adviser, sponsor, underwriter, and placement agent for the IPO and transfer listing.
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