RedPlanet Bhd has signed an underwriting agreement with UOB Kay Hian (M) Sdn Bhd (UOBKH) for its proposed initial public offering (IPO) and transfer of listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Bhd.
RedPlanet is an enterprise information and communication technology (ICT) solutions provider specialising in geospatial and intelligent rail solutions.
According to its prospectus, the IPO comprises a public issue of 70.0 million new shares, along with an offer for sale of 10 million existing shares by way of private placement to selected investors.
From left: Panjetty Kumaradevan Senthil Kumar, Non-Independent Executive Director and CEO, GIS Group of RedPlanet; Lian Wah Seng, Non-Independent Executive Director and Managing Director; David Lim, CEO of UOB Kay Hian; and Winston Loh, Director of Corporate Finance.
Of the new shares on offer, 20.54 million will be allocated to the Malaysian public, while 19.71 million will be reserved for eligible directors, employees and other individuals who have contributed to the success of RedPlanet and its subsidiaries.
The company added that 11.52 million shares will be offered by way of private placement to selected investors, while 18.22 million shares will be offered to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI).
“Pursuant to the underwriting agreement, UOBKH will underwrite 40.25 million issue shares of the company, comprising the shares made available for application by the Malaysian public and eligible persons,” the company said in a statement.
Executive director and managing director Lian Wah Seng said the proposed IPO and transfer of listing are expected to enhance the company’s corporate profile, broaden investor participation and provide it with a stronger platform to pursue higher-value ICT projects, supporting its long-term growth strategy. Moving forward, RedPlanet intends to undertake more complex, higher-value ICT projects and expand its intelligent rail solutions offering to include central transmission system solutions.
UOBKH is acting as the principal adviser, sponsor, underwriter and placement agent for RedPlanet.
