KUALA LUMPUR (Sept 22): GB Bond Holdings Bhd announced that its initial public offering (IPO) has been oversubscribed by 8.22 times, ahead of its planned listing on Bursa Malaysia’s ACE Market on Oct 1.
In a bursa filing on Tuesday, the industrial adhesive maker said it received 5,333 applications from the Malaysian public for 190.02 million new shares, against 20.62 million shares offered.
The Bumiputera portion received 2,241 applications for 67.44 million shares, representing an oversubscription rate of 5.54 times, while the remaining Malaysian public portion received 3,092 applications for 122.58 million shares, or 10.89 times the shares available.
GB Bond’s IPO comprises a public issue of 64.3 million new shares and an offer for sale of 42.88 million existing shares at an IPO price of 25 sen per share.
From the balance public issue, there were 4.12 million new shares set aside for eligible directors, employees, and persons who have contributed to the success of the group, which have also been fully subscribed.
The balance public issue of 39.56 million new shares for Bumiputera investors approved by the Ministry of Investment, Trade and Industry have also been fully placed out after applying the relevant clawback and reallocation provisions, alongside 11.98 million existing shares offered via placement to the same.
The remaining 30.9 million existing shares offered via placement to selected investors were also fully taken up.
GB Bond manufactures adhesives for various sectors, including paper and packaging, woodworking, fabric lamination, renovation and glove coatings.
With an enlarged share capital of 412.3 million shares of 25 sen apiece, the company is expected to have a market capitalisation of about RM103.08 million upon listing.
Malacca Securities is the principal adviser, sponsor, underwriter and placement agent for the IPO.