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.
