RedPlanet Berhad IPO: Geospatial & Intelligent Rail Solutions Provider Heads to ACE Market
RedPlanet Berhad is set to transfer its listing from LEAP Market to the ACE Market of Bursa Malaysia on 22 October 2026 at an IPO price of RM0.19 per share. This enterprise ICT solutions provider specialises in geospatial technology and intelligent rail safety systems, with proprietary products such as PIES and BLUCOR deployed across transportation networks in Malaysia and overseas. With gross IPO proceeds of RM13.30 million, RedPlanet plans to expand its business operations into new markets.
Company Profile
RedPlanet Berhad is an investment holding company founded in 2014 and headquartered in Kuala Lumpur. The company has been listed on the LEAP Market of Bursa Malaysia since 4 August 2020 and is currently undertaking the transfer of its listing to the ACE Market.
The company's core business is divided into three key segments:
- Geospatial Solutions - Covering data collection, analytics, processing and GIS (Geographic Information System) applications. These services enable customers to visualise, manage and analyse geographical data for operational planning, navigation, tracking, mapping and asset management.
- Intelligent Rail Solutions - Anchored by the proprietary PIES (Platform Intrusion Emergency Stop) system, a platform intrusion safety system designed to detect human intrusion on railway platforms. This also includes BLUCOR, a proprietary strain-sensitive sensor used as supporting hardware.
- ICT Solutions Trading - Distribution and sale of ICT solutions and ancillary hardware to enterprise customers.
Geographically, approximately 85% of RedPlanet's revenue comes from the Malaysian market, with the remaining 15% from international markets including India, Brunei, the Philippines, Saudi Arabia, the United Arab Emirates and Singapore. This international presence demonstrates that the company's products have global competitiveness, particularly in the intelligent rail segment.
IPO Details
| Detail | Information |
|---|---|
| Company Name | RedPlanet Berhad |
| Stock Code | RPLANET | 0479 |
| Market | ACE Market, Bursa Malaysia |
| IPO Price | RM0.19 per share |
| Offer Opens | 28 September 2026 |
| Offer Closes | 8 October 2026 (5:00 pm) |
| Listing Date | 22 October 2026 |
| Enlarged Share Capital | 410.65 million shares |
| New Shares Issued | 70 million shares (public issue) |
| Existing Shares Offered | Up to 10 million shares (offer for sale) |
| Gross IPO Proceeds | RM13.30 million |
| Market Capitalisation (IPO) | RM78.02 million |
| Principal Advisor / Sponsor | UOB Kay Hian (M) Sdn Bhd |
| Issuing House | AscendServ Capital Markets Services Sdn Bhd |
| Shariah Status | Shariah Compliant (SAC, 7 May 2026) |
| Order Book (LPD) | RM51.74 million |
It is important to note that this is not a fresh IPO from a private company, but rather a transfer listing from LEAP Market to ACE Market. This means RedPlanet already has a track record as a publicly listed company, giving investors more financial data to evaluate compared to a typical IPO.
Share Allocation
The RedPlanet IPO involves the issuance of 70 million new shares and an offer for sale of up to 10 million existing shares, totalling up to 80 million shares. Of this, the Bumiputera allocation through MITI is 18.22 million shares, equivalent to 4.4% of the enlarged share capital.
At an IPO price of RM0.19 per share, the minimum lot of 100 shares costs just RM19, making it very accessible for retail investors looking to participate.
Use of IPO Proceeds (RM13.30 Million)
| Purpose | Amount (RM Million) | Percentage |
|---|---|---|
| Business expansion (procurement, subcontractor services, performance bonds, business development & marketing) | 8.12 | 61.1% |
| Listing expenses | ~3.20 | ~24.1% |
| Working capital | ~1.98 | ~14.8% |
| Total | 13.30 | 100% |
The majority of funds (61.1%) will be channelled towards business expansion, reflecting the company's focus on growing capabilities in both the geospatial and intelligent rail segments.
Financial Performance
As a company that has been listed on the LEAP Market since 2020, RedPlanet has an established financial track record:
Financial Year 2026 (Ended June 2026)
| Indicator | FY2026 | FY2025 |
|---|---|---|
| Revenue | RM40.7 million | RM33.3 million |
| Net Profit | RM6.3 million | RM5.18 million |
| Gross Profit Margin | 49.82% | - |
| Profit Before Tax Margin | 22.69% | - |
| ROE | 48.22% | - |
Revenue growth of 22.2% from RM33.3 million (FY2025) to RM40.7 million (FY2026) demonstrates positive business momentum. Net profit also rose 21.6% to RM6.3 million. The gross margin of nearly 50% shows that RedPlanet operates in a high-value segment, not merely low-margin hardware reselling.
The ROE of 48.22% is exceptionally high, though this is partly due to the company's small equity base. NTA per share stands at RM0.07, meaning at the IPO price of RM0.19, investors are paying a 2.7x premium over net tangible assets.
Valuation at IPO Price
- EPS (enlarged): ~1.53 sen
- PE at IPO price of RM0.19: ~12.4x
- Market capitalisation: RM78.02 million
A PE of ~12.4x is moderate for an ICT technology company on the ACE Market. RedPlanet has also paid a dividend of 0.60 sen per share in the latest financial year, yielding approximately 3.2% at the IPO price of RM0.19.
Strengths and Risks
Strengths
- Proprietary products - PIES and BLUCOR are owned technology, giving competitive advantage beyond being a third-party reseller
- High margins - Gross margin of nearly 50% indicates strong pricing power in a high-value segment
- Consistent growth - Both revenue and net profit grew 20%+ year-on-year
- International exposure - 15% revenue from overseas across 6+ countries provides geographic diversification
- Established listed track record - Listed on LEAP since 2020, offering more data than a typical private-to-public IPO
- Dividend paying - Already paying dividends (0.60 sen/share), indicating positive cash flow
Risks
- Small scale - With a market cap of RM78 million and revenue of RM40.7 million, this remains a small company exposed to customer concentration risk
- Government contract dependency - The intelligent rail segment is closely tied to government infrastructure projects that may be delayed or cancelled
- High P/B premium - P/B of 2.7x at IPO price means investors pay a significant premium over net tangible asset value
- Potentially limited liquidity - As a small-cap ACE Market stock, bid-ask spreads may be wide and trading volumes low
Who Should Consider This IPO?
The RedPlanet IPO may suit investors who are interested in the ICT and geospatial technology sector in Malaysia, seeking companies with proprietary products and high margins, comfortable with small-cap ACE Market risk, and looking for exposure to the rail infrastructure and public transport sector.
More conservative investors may want to observe post-listing price performance before making a decision. Join the IPO Review session with Remisier on 7 October 2026 for a deeper analysis.
For a more detailed prospectus analysis including shareholder breakdown, risk factors and financial projections, refer to the full IPO research report available for Gold members.
FAQ - RedPlanet Berhad IPO
What is the IPO price of RedPlanet Berhad?
The IPO price is RM0.19 (19 sen) per share. The minimum lot of 100 shares costs RM19.
When does the RedPlanet IPO application close?
Applications close on 8 October 2026 at 5:00 pm. Applications have been open since 28 September 2026.
When will RedPlanet list on the ACE Market?
RedPlanet is scheduled to list on the ACE Market of Bursa Malaysia on 22 October 2026.
What is RedPlanet Berhad's main business?
RedPlanet is an enterprise ICT solutions provider specialising in three segments: geospatial solutions (GIS, mapping, analytics), intelligent rail solutions (PIES system and BLUCOR sensor), and ICT solutions trading.
Is RedPlanet a new company?
No. RedPlanet was founded in 2014 and has been listed on the LEAP Market of Bursa Malaysia since 4 August 2020. This IPO is a transfer listing from LEAP to ACE Market, not a new IPO from a private company.
What is RedPlanet's PE ratio at the IPO price?
Based on FY2026 net profit of RM6.3 million and enlarged share capital of 410.65 million shares, the PE at the IPO price of RM0.19 is approximately 12.4x.
Does RedPlanet pay dividends?
Yes. RedPlanet paid a dividend of 0.60 sen per share in the latest financial year, yielding approximately 3.2% at the IPO price of RM0.19.
How do I apply for the RedPlanet IPO?
You can apply through your broker platform such as M+ Online or M+ Global. Ensure you have an active CDS account before applying. For 5x/10x IPO financing, you can apply through the Mahersaham dashboard.
Conclusion
The RedPlanet Berhad IPO offers an opportunity to invest in a niche ICT company with proprietary technology in the geospatial and rail safety segments. With high margins, consistent growth and an established listed track record, it has attractive fundamentals despite its small scale.
If you are interested in participating in this or any upcoming Bursa Malaysia IPO, the first step is ensuring you have an active trading account.
Open a CDS account through Mahersaham to start investing in Bursa Malaysia as well as international stocks such as US and Hong Kong markets.
Download the free Stock Market Basics Ebook to understand the fundamentals of stock investing before making your first investment decision.