RedPlanet shines on ACE Market debut post-transfer

From left: RedPlanet group senior finance manager Ng Chen Wei, group chief financial officer Chow Pooi Onn, independent non-executive directors Lim Li Shiang and Teoh Joo Shin, independent non-executive chairman Shahril Khuzairi Abdullah, GIS Group chief executive officer Panjetty Kumaradevan Senthil Kumar, managing director Lian Wah Seng, UOB Kay Hian chief executive officer David Lim, director of corporate finance Winston Loh, RedPlanet independent non-executive director Phong Hon Wai, head of data services Azhar Ahmad, senior project director and head of software solutions Catherine Lee Mei Chin, and engineering director Lim Ming Guan.

PETALING JAYA: RedPlanet Bhd made a solid debut on the ACE Market of Bursa Malaysia yesterday, following its transfer from the LEAP Market.

At the opening bell, the enterprise information and communications technology (ICT) solutions provider opened at 27 sen per share, an eight-sen premium, or 42.11% above its initial public offering (IPO) price of 19 sen per share.

A total of 5.37 million shares were traded at the opening bell.

At 5pm, the stock closed at 26 sen.

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.

In a statement, 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.

The company was previously listed on the LEAP Market in August 2020.