KUALA LUMPUR (Feb 13): Enterprise information and communications technology (ICT) solutions provider RedPlanet Bhd has filed for an initial public offering (IPO) to facilitate its transfer from the LEAP Market to the ACE Market.
The IPO involves a public issue of 70 million new shares and an offer for sale of up to 10 million existing shares, according to the draft prospectus filed with Bursa Malaysia on Friday.
The listing would offer investors a 19.48% stake at an undisclosed price in the company that has been listed since Aug 4, 2020 on the LEAP Market on which trading is available only to sophisticated investors.
Its shareholders have approved the listing transfer following an extraordinary general meeting on Nov 10, 2025.
RedPlanet specialises in geospatial and intelligent rail solutions. Its clientele spans government agencies, multinationals and local corporates across sectors including utilities, rail, energy, infrastructure, ICT, engineering and environment.
Malaysia contributes about 85% of revenue, with overseas markets such as India, Brunei, the Philippines, Saudi Arabia, the United Arab Emirates and Singapore making up the balance.
For the financial year ended June 30, 2025, the company made a net profit of RM5.18 million on the back of RM33.3 million in revenue. The gross profit margin was 49.82% while the profit before tax margin stood at 22.69%.
Under the proposed public issue — representing 17.05% of the company's enlarged share base — allocations are as follow:
- 20.54 million shares for the public
- 19.71 million shares for eligible persons
- 11.53 million shares via private placement to selected investors
- 18.22 million shares via private placement to Bumiputera investors
Proceeds from the public issue have been earmarked for materials procurement, subcontractor services, performance bonds for tender projects, and business development initiatives such as industry events, exhibitions and search engine optimisation efforts.
Meanwhile, proceeds from the offer for sale — up to 2.43% of the enlarged share base — will accrue to selling shareholder PKSen Ventures Sdn Bhd, the investment vehicle of Indian national Panjetty Kumaradevan Senthil Kumar, who holds a 93.46% stake. Minority shareholders of PKSen Ventures include Indian nationals Ehanthalingam Gopaul and Chithambaram Ponnalagu.
Senthil Kumar serves as RedPlanet’s non-independent executive director and is also the chief executive officer of GIS Group, the company’s geospatial arm.
UOB Kay Hian (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.