RedPlanet rises 42% in ACE Market debut following listing transfer
RedPlanet Bhd saw a significant 37% gain on its first day of trading on the ACE Market following a transfer from the LEAP Market. The IT services firm raised RM15.2 million through an oversubscribed IPO to fund business expansion.
Why it matters
The successful transition and strong market debut reflect investor appetite for niche technology service providers in the Malaysian market.
BURSA SGX Home New Listing Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Oct 22): RedPlanet Bhd (KL: RPLANET ) staged a strong ACE Market debut on Thursday following the information technology services firm’s listing transfer from the LEAP Market.
The stock opened at 27 sen compared to its initial public offering (IPO) price of 19 sen per share. The stock climbed to as high as 29.5 sen before closing at 26 sen for a 37% gain as nearly 85 million shares exchanged hands.
Market capitalisation was RM102 million based on the last price.
The strong gain comes on the heels of a scramble for RedPlanet’s shares with its IPO oversubscribed more than 85 times by retail investors.
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