KUALA LUMPUR:  The Malaysian public portion of RedPlanet Bhd’s initial public offering (IPO) has been oversubscribed by 85.28 times, with 7,031 applications for 1.77 billion shares worth approximately RM336.72 million received.

The enterprise information and communications technology (ICT) solutions provider specialising in geospatial and intelligent rail solutions is set to transfer its listing from the LEAP Market to the ACE Market of Bursa Malaysia on Oct 22, 2026.

In a statement today, RedPlanet said its IPO comprises a public issue of 70 million new ordinary shares, including 20.54 million shares made available for application by the Malaysian public.

It said the 19.71 million shares reserved for eligible directors, employees and persons who have contributed to the success of the group have been fully subscribed after applying the relevant clawback and reallocation provisions set out in its prospectus.

The private placement tranches, comprising 11.52 million new shares to selected investors, 18.22 million new shares to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, and 10 million existing shares offered for sale to selected investors have also been fully placed out, it added.

Executive director and managing director Lian Wah Seng said the response reflects investors’ confidence in RedPlanet’s business fundamentals, technical capabilities and long-term growth prospects.

"The support from the investment community strengthens our commitment to further scale our geospatial and intelligent rail solutions, enhance our project execution capabilities and continue delivering technology-driven solutions to customers across critical operational environments,” he said.

Lian said the transfer listing marks an important step in RedPlanet’s corporate journey.

"With a broader public market platform, we aim to strengthen our market visibility, expand our investor base and position the company for its next phase of growth as an enterprise ICT solutions provider with specialised capabilities in geospatial applications and rail safety technologies,” he said.

UOB Kay Hian (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO and ACE Market transfer listing. - BERNAMA