KUALA LUMPUR (Oct 17): Mobile community security communication software developer Red Ideas Holdings Bhd aims to raise some RM7 million through Bursa Malaysia’s newly-launched Leading Entrepreneur Accelerator Platform (LEAP) Market.

In its filing with the stock exchange today, Red Ideas said it intends to raise the fund via private placement, at an indicative price of 35 sen per share.

The placement size would be 20 million shares, representing 20% of the group’s enlarged share capital.

Red Ideas’ business involves developing software products and solutions that are catered primarily to communities, be it residential or commercial, with the goal of enhancing security, communications and convenience.

So far, the group has deployed its services to 83 communities and have a total of about 23,000 registered users.

After the fundraising, Red Ideas plans to spend RM4.15 million of 59.3% of total proceed raised on general working capital.

The group will also allocate RM1 million each for research and development and office expenses, renovation and new branch offices.

The remaining RM850,000 will be used for listing expenses.

Red Ideas targets to complete the allotment of the shares placement and listing on the Leap market by end of October this year.

The group has appointed M&A Securities Sdn Bhd as its approved adviser, placement agent and continuing adviser.