KUALA LUMPUR (July 8): GB Bond Holdings Bhd, a manufacturer of water-based industrial adhesives and sealants, has received approval from Bursa Malaysia for its proposed listing on the ACE Market.

The target is to launch the initial public offering (IPO) in the third quarter of 2026, GB Bond said in a statement on Wednesday. A company will have six months of regulatory approval to complete an IPO.

“Bursa Malaysia’s approval marks an important step in GB Bond’s corporate journey,” said GB Bond managing director Datuk Gooi Ching Koay. “The proposed listing will give us a stronger platform to expand capacity, strengthen our regional presence and support the next phase of growth.”

The Penang-based group makes industrial adhesives or glue used by manufacturers, as well as sealants and related materials used in packaging, fabric lamination, woodworking, renovation, building materials and construction.

A large majority of the company’s customers are recurring. GB Bond recorded revenue of RM56.34 million and profit after tax of RM10.38 million for the financial year ended Dec 31, 2024, according to its draft prospectus.

Proceeds from the IPO will be used mainly for business expansion, including the rental of a new factory and purchase of machinery and equipment to expand manufacturing capacity.

GB Bond also plans to set up a sales office in Vietnam to better service local customers and buy product formulation equipment. The rest will be used for marketing activities, as working capital and to defray listing expenses.

“The proposed listing will give us a stronger platform to expand capacity, strengthen our regional presence and support the next phase of growth,” Gooi said.

Gooi will pocket proceeds from an accompanying offer for sale of his existing shares, which will shrink his shareholding in GB Bond to 63% from 85%. His son Gooi Zi Jing is an executive director without any stake in the company.

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

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Industrial adhesives maker GB Bond files draft IPO prospectus for ACE listing