GB Bond Holdings IPO: Penang Adhesive Maker Heads to ACE Market
GB Bond Holdings Berhad, a Penang-based manufacturer of water-based industrial adhesives, emulsion polymers and sealants, is set to list on the ACE Market of Bursa Malaysia on 1 October 2026. With over 1,000 active customers and more than two decades of experience in the adhesive industry, the company is now taking a major step to expand its manufacturing capacity and penetrate the Vietnamese market.
This article covers everything investors need to know before applying for the GB Bond IPO - from the company profile, IPO price, share allocation, use of proceeds, financial performance, to investment perspective.
Who Is GB Bond Holdings Berhad?
GB Bond Holdings Berhad is an investment holding company based in Penang. Through its subsidiaries, the group is primarily involved in the manufacturing and sale of three main product categories:
- Water-Based Industrial Adhesives - adhesives used in packaging, fabric lamination, woodworking, renovation and construction
- Emulsion Polymers - raw materials for various industrial applications including paints, coatings and adhesives
- Sealants - sealing products for the construction and building materials sectors
What makes GB Bond interesting is their focus on water-based products - as opposed to solvent-based adhesives that pose greater health and environmental risks. This positions the company well in line with the global trend towards more environmentally friendly industrial materials.
The company boasts a strong customer base with over 1,000 customers in financial year 2024, of which 85.87% are recurring customers. No single customer contributed more than 10% of total revenue, demonstrating healthy customer diversification.
Key IPO Dates for GB Bond Holdings
Here are the key dates investors should note:
| Detail | Information |
|---|---|
| IPO Price | RM0.25 per share (25 sen) |
| Market | ACE Market, Bursa Malaysia |
| Application Opens | 9 September 2026 |
| Application Closes | 18 September 2026 |
| Listing Date | 1 October 2026 |
| Market Capitalisation (IPO) | RM103.08 million |
| Enlarged Share Capital | 412.3 million shares |
| Principal Adviser | Malacca Securities Sdn Bhd |
| Issuing House | MIH-710 |
Malacca Securities Sdn Bhd acts as Principal Adviser, Sponsor, Underwriter and Placement Agent for this IPO.
Offer Structure & Share Allocation
The GB Bond IPO comprises two main components:
Public Issue
A total of 64.3 million new shares will be issued, expected to raise gross proceeds of RM16.08 million. Allocation breakdown:
- 39.5 million shares - Private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (MITI)
- 20.6 million shares - Public issue to the Malaysian public
- 4.12 million shares - Allocation for directors, employees and individuals who have contributed to the group's success
Offer for Sale
A total of 42.88 million existing shares will be offered by existing shareholders. Breakdown:
- 11.9 million shares - Placement to Bumiputera investors approved by MITI
- 30.9 million shares - Placement to selected investors
The total number of shares offered in this IPO is 107.18 million shares (64.3 million new + 42.88 million existing), representing approximately 26% of the enlarged share capital.
Who Is Behind GB Bond?
GB Bond was founded and is led by Datuk Gooi Ching Koay, who is the company's major shareholder. Before the IPO, he held approximately 85% of the company. After listing, his stake is expected to reduce to approximately 63% following the issuance of new shares and offer for sale.
His son, Gooi Zi Jing, serves as Executive Director without holding any direct shareholding. This marks the involvement of the second generation in the company's day-to-day management.
With a majority stake still intact post-IPO (63%), Datuk Gooi remains the company's key controller - providing stability in terms of strategic direction.
Use of IPO Proceeds
From the public issue gross proceeds of RM16.08 million, the funds will be allocated as follows:
| Purpose | Description |
|---|---|
| Factory Expansion | Rental of a new factory and purchase of machinery/equipment to expand manufacturing capacity |
| Vietnam Office | Setting up a sales office in Vietnam to penetrate the Southeast Asian market |
| Product Formulation Equipment | Purchase of equipment for new product formula development |
| Marketing Activities | Enhancing marketing efforts to expand the customer base |
| Working Capital | Supporting daily operations and business growth |
| Listing Expenses | Costs related to the IPO process and Bursa Malaysia listing |
The move into Vietnam is strategically significant given the country's rapid growth in the manufacturing sector, particularly the packaging and construction industries which are primary consumers of industrial adhesive products.
Financial Performance
Based on data in the prospectus, GB Bond demonstrated solid financial performance for the financial year ended 31 December 2024:
| Metric | FYE Dec 2024 |
|---|---|
| Revenue | RM56.34 million |
| Gross Profit | RM21.60 million |
| Gross Profit Margin | 38.33% |
| Profit After Tax (PAT) | RM10.38 million |
| Net Profit Margin | 18.42% |
Several noteworthy aspects of this financial performance:
- Gross profit margin of 38.33% - this indicates strong pricing power for a manufacturing company. In comparison, many ACE Market manufacturing companies operate with gross margins of 20-25%
- Net profit margin of 18.42% - a healthy net margin demonstrating efficient cost management
- 85.87% recurring customers - a high customer retention rate indicating product quality trusted by the market
Basic Valuation
Based on available information:
- IPO Price: RM0.25 per share
- Market Capitalisation: RM103.08 million (based on 412.3 million enlarged shares)
- Profit After Tax (FYE 2024): RM10.38 million
- EPS: RM10.38 million / 412.3 million shares = ~2.52 sen per share
- PE Ratio: RM0.25 / 2.52 sen = ~9.92x
A PE ratio of approximately 9.92x for a specialty chemical manufacturing company on the ACE Market can be considered reasonable. With a high net profit margin (18.42%) and diversified customer base, this valuation appears attractive compared to the average PE for ACE Market manufacturing companies which typically ranges between 10-15x.
Investment Perspective: Strengths & Risks
Strengths
- Diversified customer base - Over 1,000 active customers with no single customer contributing more than 10% of revenue, significantly reducing customer concentration risk
- High recurring customer rate - 85.87% recurring customers indicates strong product stickiness and high switching costs for customers
- Healthy profit margins - Gross margin of 38.33% and net margin of 18.42% demonstrate a strong competitive position in the industry
- Environmentally friendly products - Focus on water-based adhesives (not solvent-based) aligns with ESG trends and increasingly strict environmental regulations
- Expansion into Vietnam - Opens a new growth channel in a rapidly developing market
- Low IPO price - RM0.25 per share makes it more accessible for retail investors
Risks
- Small company size - Market capitalisation of RM103.08 million makes it a small-cap stock with potentially limited liquidity post-listing
- Industry competition - The adhesive industry has both local and international players competing, including multinational brands with larger scale
- Raw material risk - Prices of raw materials such as vinyl acetate monomer (VAM) and acrylics can fluctuate and impact margins
- Dependence on downstream sectors - Company performance depends on the health of the packaging, construction and furniture manufacturing sectors
- Dominant private placement - The majority of new shares are allocated through private placement to MITI investors, limiting public float
- Vietnam expansion risk - Entering a new market involves operational, regulatory and business culture risks
Read the full prospectus analysis of GB Bond Holdings here →
How to Apply for the GB Bond Holdings IPO
Interested investors can apply for the GB Bond Holdings IPO through several channels:
- ATM - Visit an appointed bank's ATM (typically Maybank, CIMB, RHB, Public Bank) and follow the on-screen instructions
- Internet Banking - Log in to the appointed bank's online banking portal and look for the "IPO Application" section
- M+Global App - For M+ Online/MPlus customers, you can apply directly through the trading application. Refer to the guide on how to apply for IPO via MPlus Global for detailed steps
- MITI - For Bumiputera investors, MITI IPO applications can be made through the MySaham MITI portal
The application closing date is 18 September 2026, so investors have until that date to make their decision.
Join the IPO Review with a Remisier →
Frequently Asked Questions (FAQ)
What is the IPO price for GB Bond Holdings?
The IPO price for GB Bond Holdings Berhad is set at RM0.25 per share (25 sen). Based on this price, the company's post-listing market capitalisation is RM103.08 million.
When is the listing date for GB Bond on Bursa Malaysia?
GB Bond is scheduled to list on the ACE Market of Bursa Malaysia on 1 October 2026. The IPO application period is open from 9 September to 18 September 2026.
What is GB Bond Holdings' core business?
GB Bond is a manufacturer of water-based industrial adhesives, emulsion polymers and sealants based in Penang. Their products are used in the packaging, fabric lamination, woodworking, renovation and construction industries.
How many shares are offered to the public?
Of the total 107.18 million shares offered, 20.6 million new shares are allocated for the Malaysian public. The majority of new shares (39.5 million) are allocated through private placement to Bumiputera MITI investors.
Who is the principal adviser for the GB Bond IPO?
Malacca Securities Sdn Bhd acts as Principal Adviser, Sponsor, Underwriter and Placement Agent for this IPO.
What will the IPO proceeds be used for?
IPO proceeds will be used for factory expansion (rental of a new factory and purchase of machinery), setting up a sales office in Vietnam, purchase of product formulation equipment, marketing activities, working capital and listing expenses.
Is GB Bond Holdings Shariah-compliant?
The Shariah-compliant status for GB Bond has not been confirmed by the Securities Commission (SC) at the time of writing. Investors are advised to check the latest list from the SC's Shariah Advisory Council after listing.
What are the key risks of investing in the GB Bond IPO?
Key risks include the company's small size (small-cap), competition in the adhesive industry, raw material price fluctuations, dependence on downstream sectors (packaging, construction, furniture) and risks associated with expanding into a new market (Vietnam).
Conclusion
GB Bond Holdings Berhad offers an investment opportunity in an industrial adhesive manufacturer with a diversified customer base, healthy profit margins and clear expansion plans into Vietnam. However, investors should weigh the risks associated with the company's small size, industry competition and raw material price volatility before making their decision.
If you are interested in investing in IPOs and stocks on Bursa Malaysia, the first step is to have a trading account.
Open a CDS account via mahersaham.com/akauncds to start investing on Bursa Malaysia as well as international stocks including the US and Hong Kong markets.
Download the free Stock Market Basics Ebook to understand the fundamentals of stock investing before getting started.
Further Reading
- IPO on Bursa Malaysia: What It Is, How to Apply & Investor Strategy
- Cornerstone Investor & Lock-Up Period: Why IPO Stocks Can Crash 6 Months After Listing
- How to Apply for MITI IPO for Bumiputera
- How to Apply for IPO via MPlus Global
- Bursa Malaysia Targets Quality Over Quantity: RM28 Billion IPO Focus for 2026