KUALA LUMPUR (Jan 22): GB Bond Holdings Bhd has filed its draft prospectus with Bursa Malaysia for an ACE Market listing, as the group seeks to raise funds for its regional expansion and to upgrade its domestic manufacturing capabilities.

A special purpose vehicle incorporated in May to facilitate the listing, GB Bond represents a group whose subsidiaries manufacture industrial adhesives, emulsion polymers and sealants. It plans to use the proceeds to establish a physical presence in Vietnam by setting up a local sales office to deepen market penetration and strengthen customer servicing in the country.

Domestically, the group intends to rent a new 40,000 sq ft factory near its current headquarters in Bukit Panchor, Penang to house additional mixing and blending machines, as well as new production lines for its sealant business that was introduced in June 2025. 

The company's manufacturing operations serve a diverse range of sectors, including paper and packaging, woodworking, fabric lamination, renovation, and glove coatings. Its expansion strategy aims to increase its overall increasing manufacturing capacity, improve product formulation, and grow sales both domestically and in Vietnam.

To support this, the group plans to invest in new testing and analytical equipment, while intensifying marketing activities across Malaysia.

The group made a profit after tax (PAT) of RM10.38 million for its financial year ended Dec 31, 2024 (FY2024), down from RM14.43 million in FY2023.

But the group experienced a fire incident at its factory in May 2022, which had impacted operations through FY2024. Excluding one-off insurance claims, the group recorded an adjusted PAT of RM8.18 million, compared to RM5.04 million in FY2023. For the financial period ended Aug 31, 2025, the group recorded a PAT of RM5.74 million.

The initial public offering (IPO) will comprise a public issuance of 64.3 million new shares, representing 15.6% of its enlarged share capital, and an offer for sale of 42.88 million existing shares, or a 10.4% stake, by its promoter and managing director, Datuk Gooi Ching Koay.

Of the public issue, 20.62 million shares (5% of the group's enlarged share capital) will be made available to the Malaysian public, split equally between Bumiputera and non-Bumiputera investors. The remainder 39.56 million shares will be placed out to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti), while another 4.12 million shares will be allocated for eligible directors, employees and business associates.

Upon listing, the group’s enlarged share base will rise to 412.3 million shares. The IPO's pricing and the indicative market capitalisation will be determined later.

Gooi and executive director Lee Kim Wei, who currently hold 87.1% and 10.9% of GB Bond’s 348 million shares prior to the IPO, will remain substantial shareholders after listing, with their stakes diluted to 63.11% and 9.20%, respectively.

Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the proposed listing.