RedPlanet makes firm debut on LEAP Market at 22 sen


From left are Ng Chen Wei, assistant finance manager  of RedPlanet; Catherine Lee, project director of RedPlanet; Datuk Steve Wan, executive chairman of Steve & Co.; Mohamad Azhar Ahmad, executive director of RedPlanet; Phong Hon Wai, independent director of RedPlanet; Gary Ting, head of corporate finance of M&A Securities Sdn Bhd; Datuk Bill Tan, managing director of corporate finance of M&A Securities and Lian Wah Seng, chairman of RedPlanet.

KUALA LUMPUR: RedPlanet Bhd made a firm debut on the LEAP Market of Bursa Malaysia when it opened at 22 sen or four sen above its offer price of 18 sen.

At 9.01am, it was trading at 22 sen with 110,000 shares done.

The FBM KLCI was up 7.46 points or 0.47% to 1,580.07. Turnover was 581.04 million shares valued at RM306.60mil. There were 370 gainers, 83 losers and 270 counters unchanged.

Its flotation exercise involved the placement of 19.93 million shares or 12.5% of the enlarged share capital.

It raised RM3.58mil by placing out to selected sophisticated investors.

The company provides geographic information system (GIS) solutions, ICT solutions as well as maintenance and support services.

Their GIS solutions assist their customers in activities such as location search, navigation, logistics routing, customer targeting and urban planning.

As for its ICT services, they are the provision of enterprise software, ICT hardware, middleware, storage and audio-visual systems.

RedPlanet executive director Panjetty Kumaradevan Senthil Kumar said the company expects a stronger financial performance for the current FY ending June 30,2021.

Speaking to reporters after its listing, he said the stronger performance would be both in terms of profits and revenue, supported by higher demand for its GIS solutions.

“As at July31,2020, we have a order book of RM34.45mil with more than 65% to be delivered. We believe there is potential for the application of GIS in the development of solutions for smart cities, the Internet of Things (IoT), mobile mapping and autonomous cars, ” he added.

RedPlanet expects to further expand its presence by securing GIS contracts in Australia and Asean.

The company sees the potential of expanding in Australia where the potential for GIS is growing and it nhas identified the utilities, infrastructure and agriculture industry verticals as industries with potential for its entry and expansion in Australia.

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RedPlanet , IPO , LEAP Market

   

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