Juniper
Penang-based GB Bond Holdings Berhad (“GB Bond” or “the Group”), a manufacturer of water-based industrial adhesives, emulsion polymers and sealants, today officially launched its prospectus for its initial
public offering (“IPO”) and proposed listing on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO comprises a public issue of 64.30 million new ordinary shares and an offer for sale of 42.88 million existing shares at an issue price of RM0.25 per share. Upon listing, GB Bond’s enlarged share capital of 412.30 million shares will translate into a market capitalisation of approximately RM103.08 million, representing an implied price-to-earnings (P/E) multiple of 12.82 times based on its FYE2025 adjusted Profit After Tax (PAT). Premised on its Annualised FPE2026 PAT of RM4.55 million, the issue price of RM0.25 will translate to an illustrative forward P/E multiple of 9.51 times. Malacca Securities Sdn Bhd is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO exercise.
Dato’ Gooi Ching Koay, Managing Director of GB Bond Holdings Berhad, said:
“For the past 26 years, GB Bond has grown by understanding the practical application requirements of our customers and developing formulations to meet those needs. Rather than relying solely on standard products, we have built our own product formulation capabilities and manufacture emulsion polymers in-house, giving us greater control over product consistency, turnaround time and manufacturing costs. 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, a market we have been serving since 2009. Our focus after listing will be on execution. We intend to deploy the proceeds according to the plans set out in our prospectus, deepen our relationships with existing customers and build the capabilities required to support the Group’s next phase of growth.”
The public issue will raise gross proceeds of RM16.08 million. The largest allocation, RM5.50 million, is earmarked for renting a new factory near its Bukit Panchor headquarters and purchasing machinery to increase annual industrial adhesive capacity by 35.3%, from 23,628.9 tonnes to 31,971.3 tonnes, and strengthening its sealant capacity from 474 tonnes to 1,422 tonnes.
A further RM3.50 million will fund the Group’s expansion into Vietnam—a market it has exported to since 2009—by establishing a local sales office and warehousing presence within six months. The remaining proceeds are allocated for product formulation equipment (RM0.90 million), working capital (RM1.18 million), marketing (RM0.50 million), and listing expenses (RM4.50 million).
Since 2000, GB Bond has evolved into a specialist formulator, selling an average of 409 customised stock-keeping units (SKUs) between FYE2021 and FYE2025. In FYE2025, the Group served 1,146 customers, with a highly resilient 76.9% recurring customer base.
According to Smith Zander International, Malaysia’s industrial adhesives industry was valued at RM641.86 million in 2025. With its RM48.71 million industrial adhesive manufacturing revenue for the year, GB Bond commands an estimated 7.59% market share. Applications for the IPO open today and will close at 5.00 p.m. on 18th September 2026. Balloting is scheduled for 22nd September 2026, with the targeted listing set for 1st October 2026.
Of the 64.30 million new shares, 20.61 million are available to the Malaysian public, 4.12 million to eligible directors and employees, and persons who have contributed to the success of the Group, and 39.56 million via private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI). The offer for sale of 42.88 million existing shares will raise approximately RM10.72 million for the Selling Shareholder.
