GB Bond Holdings Bhd is seeking to raise RM16.08 million from its IPO as the Penang-based industrial adhesives maker moves towards a listing on Bursa Malaysia’s ACE Market.
The IPO is priced at 25 sen per share and comprises a public issue of 64.3 million new shares alongside an offer for sale of 42.88 million existing shares. Upon listing, GB Bond will have an enlarged share capital of 412.3 million shares, giving it an estimated market capitalisation of RM103.08 million.
At the issue price, the group is valued at an implied price-to-earnings multiple of 12.82 times based on its adjusted FY2025 profit after tax, or an illustrative forward P/E of 9.51 times based on annualised financial-period 2026 earnings.
The largest portion of the IPO proceeds, RM5.5 million, will be used to rent a new factory near GB Bond’s Bukit Panchor headquarters in Penang and purchase additional machinery.
The expansion is expected to lift annual industrial adhesive production capacity by 35.3%, from 23,628.9 tonnes to 31,971.3 tonnes. Sealant capacity is also targeted to rise from 474 tonnes to 1,422 tonnes.
Another RM3.5 million has been allocated to expand the group’s presence in Vietnam, a market GB Bond has exported to since 2009.
The company plans to establish a local sales office and warehousing presence there within six months, aimed at supporting customer servicing, order processing and logistics coordination.
The remaining proceeds comprise RM900,000 for product formulation equipment, RM1.18 million for working capital, RM500,000 for marketing and RM4.5 million for listing expenses.
GB Bond Managing Director Datuk Gooi Ching Koay said the proceeds would be used to expand manufacturing capacity and strengthen the group’s operating base.
“The IPO gives us the capital to build on this foundation. We will expand our manufacturing capacity in Penang, invest further in our product formulation capabilities and establish a local sales presence in Vietnam,” he added.
Of the 64.3 million new shares, 20.61 million shares are allocated to the Malaysian public, while 4.12 million shares are reserved for eligible individuals.
Another 39.56 million shares will be placed with Bumiputera investors approved by the Ministry of Investment, Trade and Industry.
Separately, the offer for sale of 42.88 million existing shares is expected to raise about RM10.72 million for the selling shareholder and does not form part of the RM16.08 million in proceeds raised by GB Bond itself.
Applications for the IPO close at 5pm on Sept 18, with balloting scheduled for Sept 22. GB Bond is targeting an ACE Market listing on Oct 1, 2026.
Malacca Securities Sdn Bhd is the principal advisor, sponsor, underwriter and placement agent for the exercise.
