RedPlanet Berhad (“RedPlanet” or the “Company”), an enterprise ICT solutions provider specialising in geospatial solutions and intelligent rail solutions, made its debut today on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”), following the transfer of its listing from the LEAP Market.
The Company’s shares opened at RM0.27 per share, representing a 42.11% premium over its IPO price of RM0.19 per share, reflecting positive market reception and investors’ confidence in the Company’s fundamentals and growth prospects.
RedPlanet was listed under the stock name “RPLANET” with the stock code “0479”.
RedPlanet is principally involved in the provision of geospatial solutions, intelligent rail solutions, as well as the trading of ICT solutions and ancillary hardware. The Company’s geospatial solutions cover data collection, analytics, processing and application, enabling customers to visualise, manage and analyse geographical data for operational planning, navigation, tracking, mapping and asset management, while its intelligent rail solutions are anchored by its proprietary platform intrusion safety system designed to detect human intrusion on railway platforms.
The successful initial public offering of RedPlanet raised RM13.30 million through the issuance of 70.00 million new shares. The proceeds from the IPO will primarily be utilised for the following initiatives:
- RM8.12million for business expansion, including procurement of materials and subcontractor services, performance bonds, as well as business development and marketing activities to support the Company’s participation in larger-scale ICT solutions projects.
- RM2.38million for working capital, including the purchase of software, administrative expenses and other operating expenses to support the Company’s ongoing project commitments and operational requirements.
- RM2.80million for estimated expenses in relation to the transfer listing, including professional fees, regulatory authorities’ fees, underwriting, placement and brokerage fees, as well as other miscellaneous expenses and contingencies.
Mr. Lian Wah Seng, Non-Independent Executive Director/ Managing Director of RedPlanet Berhad said,
“Today’s listing marks a significant milestone in RedPlanet’s corporate journey as we successfully transfer from the LEAP Market to the ACE Market. We are grateful for the support shown by investors throughout our IPO process. This achievement reflects the dedication of our team and IPO working group, together with the confidence the investment community has placed in our business fundamentals, technical capabilities and long-term growth prospects.
With the proceeds raised from our IPO, we are well positioned to strengthen our project execution capabilities, support business expansion and enhance our technology-driven solutions. We remain committed to building on our specialised capabilities in geospatial solutions and intelligent rail solutions, while pursuing opportunities that support digital infrastructure, asset management, automation and rail safety requirements.”
Since its listing on the LEAP Market in August 2020, RedPlanet has progressively expanded its business capabilities and project portfolio, including its strategic diversification into intelligent rail solutions. Its transfer to the ACE Market represents the next phase of the Group’s corporate development, providing a broader capital market platform to support its continued business expansion and participation in larger-scale infrastructure-related projects.
UOB Kay Hian (M) Sdn Bhd (“UOBKH”) is the Principal Adviser, Sponsor, Underwriter and Placement Agent for RedPlanet.
