RedPlanet Berhad
RPLANET0479ShariahMITIClosedUOB Kay Hian (M) Sdn Bhd · ACE Market · Listing 22 Oct 2026
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Revenue
PAT
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Utilisation Of Proceeds
Valuation Breakdown
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Growth Vs Risk Matrix
Growth increases upward and risk decreases to the right, so the most attractive IPOs sit in the top-right quadrant.
RedPlanet is a small, profitable ICT specialist moving from the LEAP Market to the ACE Market, with genuinely proprietary technology in rail safety and a long-standing utility client. At about 15 times FY2025 earnings — iSaham's range runs from 11.8 to 14.6 times depending on the earnings period — the transfer issue is not cheap for a group whose revenue fell in FY2025 and whose margins are being diluted by trading. The raise is small: RM13.3m, of which RM2.8m is listing and transfer cost, with the balance mainly to fund bonds and working capital so it can bid for larger projects. Customer concentration is high, at 43% from one utility. The nine months to March 2026 showed revenue up 34% and PAT up 38%, which supports the growth case if the tender book converts. No research house fair value has been published. Balloting is on 13 October and the ACE Market listing on 22 October 2026.
Strengths
- Proprietary PIES rail-safety system already deployed on Malaysian LRT lines. - A utility relationship dating to 2016, with 239 contracts worth RM138.98m. - PAT grew from RM4.2m (FY2023) to RM5.2m (FY2025). - Order book of RM51.74m, about 1.6 times FY2025 revenue, plus a tender book of about RM132m.
Weaknesses
- One utility customer was 42.92% of FY2025 revenue. - FY2025 revenue fell 4.6% to RM33.3m. - Margin is being diluted by low-margin ICT trading. - Listing and transfer costs take 21% of a small RM13.3m raise.
Opportunities
- Larger utility and rail tenders that the new bond and working-capital headroom allows it to bid for. - AI asset detection for geospatial work and drone-based track early warning for rail. - Middle East enquiries and existing customers across India, Brunei, the Philippines and Saudi Arabia. - Malaysian geospatial market projected to reach RM15.1bn by 2028.
Threats
- Dependence on one utility's capex and procurement cycle. - Rail projects follow government budgets and are lumpy. - Fixed-price contracts carry execution and overrun risk. - Competition from larger systems integrators.
IPO Balloting Calculator
Tier snapping, subscription cost, and expected-value estimate.
| Units | Tier | Cost | Success | Open Profit | Open EV | Hold Profit | Hold EV |
|---|---|---|---|---|---|---|---|
| 100 | 1 | RM19 | - | RM4 | - | RM10 | - |
| 300 | 2 | RM57 | - | RM11 | - | RM29 | - |
| 1,100 | 3 | RM209 | - | RM42 | - | RM105 | - |
| 2,100 | 4 | RM399 | - | RM80 | - | RM200 | - |
| 3,100 | 5 | RM589 | - | RM118 | - | RM295 | - |
| 4,100 | 6 | RM779 | - | RM156 | - | RM390 | - |
| 6,100 | 7 | RM1,159 | - | RM232 | - | RM580 | - |
| 11,100 | 8 | RM2,109 | - | RM422 | - | RM1,055 | - |
| 20,100 | 9 | RM3,819 | - | RM764 | - | RM1,910 | - |
| 50,100 | 10 | RM9,519 | - | RM1,904 | - | RM4,760 | - |
| 100,100 | 11 | RM19,019 | - | RM3,804 | - | RM9,510 | - |
| 200,100 | 12 | RM38,019 | - | RM7,604 | - | RM19,010 | - |
| 500,100 | 13 | RM95,019 | - | RM19,004 | - | RM47,510 | - |
| 1,000,100 | 14 | RM190,019 | - | RM38,004 | - | RM95,010 | - |
| 2,000,100 | 15 | RM380,019 | - | RM76,004 | - | RM190,010 | - |
| 5,000,100 | 16 | RM950,019 | - | RM190,004 | - | RM475,010 | - |
| 10,000,100 | 17 | RM1,900,019 | - | RM380,004 | - | RM950,010 | - |
The trailing 100 units are intentional: applying just over a boundary, such as 20,100 instead of 20,000, lands in the next balloting tier. Success rate is a heuristic, not published balloting odds.
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