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.

RedPlanet Berhad has entered into an underwriting agreement with UOB Kay Hian (M) Sdn Bhd for its proposed initial public offering and transfer listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Berhad.

The agreement marks a key step in the company’s plan to broaden investor participation and enhance its corporate profile. RedPlanet, listed on the LEAP Market since August 4, 2020, specialises in geospatial solutions, intelligent rail solutions, and ICT hardware trading.

IPO Structure and Share Allocation

The prospectus exposure details a public issue of 70,000,000 new ordinary shares and an offer for sale of 10,000,000 existing shares. UOB Kay Hian will act as the principal adviser, sponsor, underwriter, and placement agent.

UOB Kay Hian will underwrite 40,251,200 issue shares, covering allocations for the Malaysian public and eligible persons such as directors and employees.

Strategic Growth Plans

Management stated that the transfer listing aims to provide a stronger platform for pursuing higher-value ICT projects. RedPlanet plans to expand its intelligent rail solutions to include Central Transmission System offerings.

The company also intends to strengthen research and development efforts, including the creation of an AI-powered asset detection tool to improve automation and accuracy within its geospatial business. Its intelligent rail solutions are anchored by the proprietary Platform Intrusion Emergency Stop System.