RedPlanet surges 42pct on ACE Market debut after LEAP transfer
KUALA LUMPUR: RedPlanet Bhd rose 42.1 per cent on its ACE Market debut today, following its transfer from the LEAP Market, opening at 27 sen against its initial public offering (IPO) price of 19 sen.
RedPlanet Bhd experienced a significant 42.1 percent surge on its ACE Market debut, after transferring from the LEAP Market. The stock opened at 27 sen, surpassing its initial public offering (IPO) price of 19 sen. By 9:20 AM, the price had climbed to 27.5 sen, marking an impressive 44.74 percent increase from its IPO price. During trading, the company's stock changed hands 38.1 million times, resulting in a market capitalisation of RM110.87 million.
The company, an enterprise information and communications technology solutions provider, was listed on the LEAP Market in August 2020 before moving to the ACE Market. Its IPO was oversubscribed by 85.28 times. For the fiscal year ending June 30, 2026 (FY26), RedPlanet's adjusted net profit grew by 35.1 percent to RM7.31 million, while revenue increased by 22.3 percent to RM40.72 million from RM33.3 million the previous year.
Geospatial solutions remained the largest revenue contributor, accounting for 45.1 percent of total revenue, with Malaysia contributing 87 percent of the group's revenue.
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