RedPlanet Bhd is seeking to raise RM13.3 million from its IPO as the enterprise ICT solutions provider prepares to transfer its listing from Bursa Malaysia’s LEAP Market to the ACE Market.
The IPO involves the issuance of 70 million new shares at 19 sen each, valuing RedPlanet at an estimated RM78.02 million market capitalisation based on an enlarged issued share capital of 410.65 million shares upon listing.
The exercise also includes an offer for sale of 10 million existing shares through a private placement to selected investors.
Of the RM13.3 million expected to be raised, RM8.12 million will be channelled towards business expansion, including the procurement of materials and subcontractor services, performance bonds, as well as business development and marketing activities.
The allocation is intended to strengthen RedPlanet’s capacity to participate in larger-scale ICT solutions projects.
Another RM2.38 million will be used for working capital, including software purchases, administrative costs and other operating expenses to support ongoing projects and operational requirements.
The remaining RM2.8 million has been earmarked for expenses related to the transfer listing, including professional and regulatory fees, underwriting, placement and brokerage costs.
RedPlanet provides geospatial solutions, intelligent rail solutions and ICT solutions and ancillary hardware.
Its geospatial business covers data collection, analytics, processing and applications used for mapping, navigation, tracking, asset management and operational planning.
Its intelligent rail business includes a proprietary platform intrusion safety system designed to detect human intrusion on railway platforms.
RedPlanet Non-Independent Executive Director and Managing Director Lian Wah Seng said the IPO would provide the company with a stronger platform to support expansion, improve project execution capacity and broaden its investor base.
Applications for the IPO will close at 5pm on Oct 8, 2026.
RedPlanet’s withdrawal from the LEAP Market and its listing on the ACE Market are both scheduled for Oct 22, 2026.
UOB Kay Hian (M) Sdn Bhd is the principal advisor, sponsor, underwriter and placement agent for the IPO.
