KUALA LUMPUR (Oct 13): ICT solutions provider RedPlanet Bhd (KL:RPLANET), which is set to transfer its listing to ACE Market from the LEAP Market on Oct 22, reported that its share allocation to the Malaysian public under its initial public offering (IPO) has been oversubscribed by 85.28 times.

The company, which specialises in geospatial and intelligent rail solutions, said in a statement on Tuesday that it received 7,031 applications for 1.77 billion shares worth RM336.72 million, compared with the 20.54 million shares it set aside for the Malaysian public under its IPO.

The IPO also involved 19.711 million shares made available for application by eligible persons, which have been fully subscribed after applying the relevant clawback and reallocation provisions, it said.

The 11.53 million shares it reserved for placement to selected investors were also fully placed out, together with the 18.22 million shares set aside for Bumiputera investors approved by the Ministry of Investment, Trade and Industry.

Also fully taken up were the 10 million offer shares to selected investors.

“We are encouraged by the response to our IPO, which reflects investors’ confidence in RedPlanet’s business fundamentals, technical capabilities and long-term growth prospects,” said executive director and managing director of RedPlanet Lian Wah Seng.

“Our transfer listing to the ACE Market marks an important step in RedPlanet’s corporate journey. With a broader public market platform, we aim to strengthen our market visibility, expand our investor base and position the company for its next phase of growth as an enterprise ICT solutions provider with specialised capabilities in geospatial applications and rail safety technologies,” he said.

UOB Kay Hian (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO and ACE Market transfer listing.