RedPlanet public IPO allocation oversubscribed 85.28 times
The ICT solutions provider is scheduled to move from the LEAP Market to the ACE Market on Oct 22.
RedPlanet Bhd said it received 7,031 applications seeking 1.77 billion IPO shares valued at RM336.72 million, resulting in oversubscription of 85.28 times for its Malaysian public allocation. The company had allocated 20.54 million shares to that category.
The ICT solutions provider specialises in geospatial and intelligent rail solutions. Its transfer from the LEAP Market to the ACE Market is scheduled for Oct 22.
RedPlanet said eligible persons fully subscribed for 19.711 million shares following the application of relevant clawback and reallocation provisions. Selected investors also took up the entire placement allocation of 11.53 million shares.
The company said another 18.22 million shares allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry were fully placed. A further 10 million offer shares were fully taken up by selected investors.
Executive director and managing director Lian Wah Seng said RedPlanet aims to use the transfer listing to improve its market visibility and broaden its investor base. UOB Kay Hian (M) Sdn Bhd is handling the IPO and transfer listing as principal adviser, sponsor, underwriter and placement agent.
