KUALA LUMPUR: RedPlanet Bhd extended its gains on its ACE Market debut on Bursa Malaysia on Thursday, climbing 52.6% above its initial public offering (IPO) price of 19 sen by 10.40am.
The enterprise ICT solutions provider, which transferred its listing from the LEAP Market, opened at 27 sen, representing a premium of 42.1% over its IPO price.
As at 10.40am, the stock was trading at 29 sen, up 10 sen or 52.63%, with 593,118 shares changing hands.
RedPlanet raised RM13.3mil from its IPO through the issuance of 70 million new shares.
Of the proceeds, RM8.12mil will be used for business expansion, RM2.38mil for working capital and RM2.8mil for listing expenses.
Managing director Lian Wah Seng said the proceeds would strengthen the company's project execution capabilities, support business expansion and enhance its technology-driven solutions.
“We are grateful for the support shown by investors throughout our IPO process.
“This achievement reflects the dedication of our team and IPO working group, together with the confidence the investment community has placed in our business fundamentals, technical capabilities and long-term growth prospects,” he said.
RedPlanet specialises in geospatial solutions, intelligent rail solutions and the trading of ICT solutions and ancillary hardware.
Its geospatial services cover data collection, analytics, processing and applications, while its intelligent rail solutions include a proprietary system designed to detect human intrusion on railway platforms.
The company was previously listed on the LEAP Market in August 2020.
UOB Kay Hian (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.
