RedPlanet Berhad's initial public offering (IPO) was oversubscribed 85.28 times by the Malaysian public. The company received applications for 1.77 billion shares worth approximately RM336.72 million.

The enterprise ICT solutions provider is set to transfer its listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Berhad on October 22, 2026. The IPO comprises a public issue of 70 million new ordinary shares and an offer for sale of 10 million existing shares.

Subscription details

The public issue of 70 million shares was allocated across four categories:

• 20.54 million shares available for application by the Malaysian public
• 19.71 million shares reserved for eligible directors and employees
• 11.53 million shares offered via private placement to selected investors
• 18.22 million shares offered via private placement to Bumiputera investors approved by MITI

The company received 7,031 applications from the Malaysian public for the 20.54 million shares available. All tranches for eligible persons and private placements to selected and Bumiputera investors were fully subscribed.

What the Numbers Show

The overwhelming demand from the Malaysian public, with over 1.77 billion shares applied for against an availability of 20.54 million, indicates strong retail interest. This subscription rate significantly outpaced the institutional and private placement portions, which were met without requiring a public oversubscription to fill the allocation.

UOB Kay Hian (M) Sdn Bhd acted as the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO and transfer listing.

RedPlanet Berhad launched its prospectus on September 28, 2026, initiating an Initial Public Offering (IPO) to raise approximately RM13.30 million. The capital raise supports the company's transfer of listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Berhad.

The offering comprises 70,000,000 new ordinary shares at an issue price of RM0.19 per share, alongside an offer for sale of 10,000,000 existing shares via private placement. Upon completion, RedPlanet’s market capitalisation is projected at approximately RM78.02 million, based on an enlarged issued share capital of 410,650,542 shares.

Use of proceeds

The company has outlined specific allocations for the net proceeds from the IPO, prioritising operational scaling and regulatory compliance.

Company profile and strategic focus

RedPlanet Berhad is an enterprise ICT solutions provider specialising in geospatial solutions and intelligent rail solutions. The company also trades in ICT solutions and ancillary hardware. Its geospatial offerings enable customers to visualise, manage, and analyse geographical data for operational planning, navigation, tracking, mapping, and asset management.

The intelligent rail segment is anchored by the proprietary Platform Intrusion Emergency Stop (PIES®) System, designed to detect human intrusion on railway platforms. This technology is supported by BLUCOR®, a proprietary strain-sensitive sensor.

Timeline and advisory roles

Applications for the IPO opened at 10:00 am on September 28, 2026, and will close at 5:00 pm on October 8, 2026. The withdrawal of RedPlanet’s listing from the LEAP Market is scheduled for October 22, 2026, with the commencement of trading on the ACE Market set for the same date.

UOB Kay Hian (M) Sdn Bhd serves as the Principal Adviser, Sponsor, Underwriter, and Placement Agent for the transaction.

What the numbers show

The allocation of proceeds reveals a clear strategic priority: 61% of the gross IPO proceeds (RM8.12 million out of RM13.30 million) are directed toward business expansion activities such as procurement and subcontractor services. This significantly outweighs the 18% allocated to working capital (RM2.38 million) and the 21% reserved for listing-related expenses (RM2.80 million). This distribution suggests that RedPlanet is leveraging the public market entry primarily to scale its capacity for larger-scale ICT projects rather than solely to shore up immediate liquidity or cover transactional overheads.