KUALA LUMPUR: RedPlanet Bhd is targeting annual revenue and net profit growth of 10% to 20% over the next three to five years, with expansion into Brunei and other Asean markets supporting its ambitions.
Managing director Lian Wah Seng said Brunei was among the company’s key growth markets following its recent entry into the country, while the wider Asean region was also a priority.
Malaysia accounted for 87% of the company’s revenue in the financial year ended 2026 (FY26).
RedPlanet has a tender pipeline worth RM132 million, which Lian said had expanded ahead of the company’s transfer to the ACE Market of Bursa Malaysia, strengthening its capacity to pursue larger projects.
“Hopefully we can win more projects,” he said during a press conference in conjunction with the listing transfer today.
RedPlanet GIS Group CEO and executive director Panjetty Kumaradevan Senthil Kumar said the company differentiated itself through its application of geospatial technology to develop solutions for utilities in the electricity, telecommunications, water and gas sectors.
He added the company was leveraging its expertise serving Malaysian customers to pursue opportunities overseas.
RedPlanet made its debut on the ACE Market of Bursa Malaysia Securities following its transfer from the LEAP Market. Its shares opened at 27 sen, representing a 42.11% premium over its initial public offering (IPO) price of 19 sen.
The company is principally involved in geospatial solutions, intelligent rail solutions and the trading of information and communications technology solutions and ancillary hardware.
Its geospatial business covers data collection, analytics, processing and applications for geographical data used in operational planning, navigation, tracking, mapping and asset management. Its intelligent rail solutions include a proprietary platform intrusion safety system designed to detect human intrusion on railway platforms.
The IPO raised RM13.3 million through the issuance of 70 million new shares. Of the proceeds, RM8.12 million will be used for business expansion, RM2.38 million for working capital and RM2.8 million for listing expenses.
The business expansion allocation will support procurement of materials and subcontractor services, performance bonds, and business development and marketing activities, including participation in larger-scale ICT solutions projects.
Lian said the listing marked an important milestone in the company’s development, providing a broader capital market platform to support its expansion plans. “With the proceeds raised from our IPO, we are well positioned to strengthen our project execution capabilities, support business expansion and enhance our technology-driven solutions.”
He added that the company would continue to build on its capabilities in geospatial and intelligent rail solutions while pursuing opportunities in digital infrastructure, asset management, automation and rail safety.
Since listing on the LEAP Market in August 2020, RedPlanet has expanded its business capabilities and project portfolio, including through diversification into intelligent rail solutions. Its transfer to the ACE Market marks the next phase of its development as it seeks to participate in larger infrastructure-related projects.
Lian said it was not in discussions relating to the East Coast Rail Link project, but discussions concerning the Penang Mutiara Line and other light rail transit lines were ongoing.