RedPlanet's $82.4M Malaysia IPO oversubscribed 85 times
What's the deal? Malaysian enterprise ICT firm RedPlanet BhdDealroom has a profile for this one. Try Dealroom → saw its initial public offering oversubscribed by 85.28 times, drawing applications worth about US$80.5M (roughly $82.4 million) ahead of its transfer to Bursa Malaysia's ACE MarketDealroom has a profile for this one. Try Dealroom → on October 22, 2026. The public portion attracted 7,031 applications for 1.77 billion shares, far exceeding the 20.54 million shares on offer.
The details: The IPO combines a public issue of 70 million new shares and an offer for sale of 10 million existing shares through private placement. Of the new shares, 19.71 million were reserved for eligible individuals, 11.53 million for selected investors, and 18.22 million for Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
Why now? RedPlanet is moving from Bursa Malaysia's LEAP Market to the larger ACE Market. The company confirmed its eligible-persons allocation was fully subscribed after clawback and reallocation, while all private placement tranches were fully taken up.
What's the endgame? The company specialises in geospatial and intelligent rail solutions. Executive director and managing director Lian Wah Seng said the transfer would "enhance RedPlanet's visibility, broaden its investor base and support its next phase of business growth," adding that the firm would focus on scaling those offerings and strengthening project execution.
Lian said the strong response reflected investor confidence in "the company's business fundamentals, technical capabilities and long-term growth prospects."
The signal: Heavy oversubscription on a market transfer points to robust appetite for ICT and infrastructure-linked listings in Malaysia, where UOB Kay Hian (M) Sdn Bhd acted as principal advisor, sponsor, underwriter, and placement agent.
Read more: businesstoday.com.my
Image credit: Generated with Gemini
