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BUSINESS • 28/09/2026 02:48 PM

RedPlanet Aims To Raise RM13.3 Mln Via IPO For ACE Market Transfer

KUALA LUMPUR, Sept 28 (Bernama) — RedPlanet Bhd aims to raise RM13.3 million through an initial public offering (IPO) ahead of its listing transfer to the ACE Market from the LEAP Market of Bursa Malaysia on Oct 22.

RedPlanet is an enterprise information and communication technology (ICT) solutions provider specialising in geospatial and intelligent rail solutions.

The IPO is priced at 19 sen per share and comprises 70 million new ordinary shares, representing a market capitalisation of approximately RM78.02 million based on an enlarged issued share capital of 410.65 million shares upon listing.

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The IPO also involves an offer for sale of 10 million existing shares by way of private placement to selected investors.

RedPlanet said RM8.12 million of the proceeds will be allocated for business expansion to support the company’s participation in larger-scale ICT solutions projects, while RM2.38 million is for working capital and RM2.8 million for estimated listing transfer expenses.

Managing director Lian Wah Seng said the company intends to utilise the proceeds for business expansion, particularly to tender for larger-scale projects.

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He said its tender book stood at RM132 million, mainly comprising projects in the utility and railway sectors, while its order book stood at RM50 million.

“As we go for larger projects, the complexity becomes greater and more financial resources are required. 

“We believe the rail project is not slowing down. If you look at what is happening now, there is a budget to expand the Light Rail Transit Line 3 (LRT3) stations, the Mutiara Line in Penang as well as a lot of renewal of brownfield projects.

“So, there are a lot of projects and tenders going on in the rail sector. It is a lot more than in the past,” he told a press conference after the company’s prospectus launch here today.

Applications for the IPO opened today and will close at 5 pm on Oct 8, 2026.

The withdrawal of RedPlanet’s listing from the LEAP Market is scheduled for Oct 22, 2026. 

UOB Kay Hian (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for RedPlanet.

— BERNAMA

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