Graaab JaGaApp developer Red Ideas to list on Wednesday

KUALA LUMPUR:  Home grown technology based Red Ideas Holdings Bhd will be listed on the LEAP Market of Bursa Malaysia Securities Bhd on Wednesday. 

The company is the developer of the private community platform Graaab JaGaApp – a mobile phone application targeted at residential and commercial communities.

The apps include features such as emergency assist, intercom call with security personnel, real-time notice board, visitor management system, facility bookings, MyServices, in-app maintenance bill payment as well as community forms and feedback. 

Red Ideas was set up by David Foo, Ignatius Ho and Michael Loke in June 2013. Its business involves developing software products and solutions that are catered primarily to communities.

Under its listing exercise, it raised RM7mil by placing out 20 million shares at an issue price of 35 sen per share to selected investors.

Of the RM7mil, nearly 50% or RM4.15mil will be used mainly for general working capital to finance the company’s dail operations including working capital requirements.

Based on the enlarged share capital of 100 million shares and the IPO price of 35 sen per share, its market capitalisation is expected to be RM35mil upon listing.

Trading on the LEAP Market is limited to sophisticated investors, who are categorised as accredited investors, high net worth entities with total net assets exceeding RM10mil, or high net worth individuals whose net personal assets exceeds RM3mil or gross  annual income exceeding RM300,000.