KUALA LUMPUR, Oct 22 (Bernama) -- Enterprise information and communications technology (ICT) solutions provider RedPlanet Bhd made a strong debut on the ACE Market of Bursa Malaysia today following its transfer from the LEAP Market.
It opened at 27 sen per share, an eight-sen premium, or 42.11 per cent above its initial public offering (IPO) price of 19 sen per share.
A total of 5.37 million shares were traded at the opening bell.
At a virtual press conference held after its transfer, managing director Lian Wah Seng said: “Our opening price was 40 per cent above the IPO price. We're very encouraged and grateful for the support.”
Its IPO was oversubscribed by 85.28 times. The company specialises in geospatial and intelligent rail solutions.
On potential opportunities in rail infrastructure projects, Lian said the company is constantly in discussions regarding light rail transit (LRT) lines, including the Penang Mutiara Line.
The company is targeting annual growth of between 10 and 20 per cent but did not specify if he was referring to revenue, net profit or both.
RedPlanet was listed on the LEAP Market in August 2020.
UOB Kay Hian is the principal adviser, sponsor, underwriter and placement agent for the IPO.
-- BERNAMA