KUALA LUMPUR: RedPlanet Bhd's initial public offering (IPO) has been oversubscribed 85.28 times by the public ahead of its transfer listing from Bursa Malaysia's LEAP Market to the ACE Market on Oct 22.
The enterprise information and communications technology solutions provider said it received 7,031 applications for 1.77 billion issue shares worth RM336.72 million from the public.
The IPO involves issuing 70 million new shares and offering 10 million existing shares for sale through private placement to selected investors.
RedPlanet said the 19.71 million shares reserved for eligible directors, employees and other qualifying persons had been fully subscribed after applying the relevant clawback and reallocation provisions.
The private placement tranches were also fully placed.
It comprised 11.53 million new shares for selected investors, 18.22 million new shares for Bumiputera investors approved by the Investment, Trade and Industry Ministry, and 10 million existing shares for selected investors.
Managing director Lian Wah Seng said the strong response reflected investor confidence in the group's business fundamentals, technical capabilities and long-term growth prospects.
Lian said the listing transfer will help strengthen the company's market visibility, broaden its investor base and support its next phase of growth.
UOB Kay Hian (M) Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO and transfer listing.
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