Summary
- RedPlanet plans to raise RM13.3 million through its ACE Market IPO.
- The company will issue 70 million new shares at 19 sen each.
- Most proceeds will fund expansion in geospatial and intelligent rail solutions.
KUALA LUMPUR, October 6 — RedPlanet Berhad plans to raise RM13.3 million through an initial public offering as it transfers its listing from Bursa Malaysia’s LEAP Market to the ACE Market.
The enterprise ICT solutions provider will issue 70 million new shares at 19 sen each, giving it an expected market capitalisation of RM78.02 million upon listing.
About RM8.12 million will fund business expansion and larger ICT projects, while RM2.38 million is allocated for working capital. RedPlanet specialises in geospatial technology and intelligent rail.
Solutions, including its proprietary railway platform intrusion detection system. The IPO closes on Oct 8, with the ACE Market listing scheduled for Oct 22.
