GB Bond Holdings Berhad
GBBOND0475ShariahMITIListedMalacca Securities Sdn Bhd · ACE Market · Listing 01 Oct 2026
Auto Summary
Revenue
PAT
Margins & Gearing
Utilisation Of Proceeds
Valuation Breakdown
Category Scores
Growth Vs Risk Matrix
Growth increases upward and risk decreases to the right, so the most attractive IPOs sit in the top-right quadrant.
GB Bond is a steady, high-margin niche manufacturer rather than a growth story: revenue has moved sideways around RM53-56m for three years while gross margin climbed past 40% and adjusted earnings rose from RM5.0m to RM8.1m. On that adjusted basis the 12.82 times multiple is reasonable — Berjaya Research valued the shares at RM0.36 and PublicInvest at RM0.29 — and a broad customer base with no single client above 10% is a genuine strength. The weaknesses are in the deal rather than the business: 40% of the offer was existing shareholders selling, listing costs consume 28% of the company's money, and the capacity expansion that has to restart revenue growth is funded with just RM5.5m. The public portion was 8.22 times subscribed; the shares opened 2% up at RM0.255 on a weak market day and slid to close the debut at RM0.205, 18% below the offer price.
Strengths
- Gross margin of 40.23% in FY2025, high for an industrial chemicals maker. - Adjusted PAT up from RM5.0m (FY2023) to RM8.1m (FY2025). - 1,146 customers in FY2025 with none above 10% of revenue. - Claimed 7.6% share of the Malaysian industrial adhesives market. - Current ratio of 3.25 times and gearing of 0.28 times at FY2025, with net cash expected after the listing.
Weaknesses
- Revenue has not grown: RM53.8m in FY2023, RM52.4m in FY2025. - Reported profits are clouded by fire insurance claims. - Listing expenses take 28% of the proceeds, well above SST's 15% flag. - A small RM16m raise funds modest capacity additions.
Opportunities
- The new 40,000 sq ft factory lifts adhesive capacity 35.3% and triples sealant capacity. - A Vietnam sales office and warehouse to build on 17 years of exports. - Rebuilding the fire-hit emulsion-polymer segment. - New product formulations.
Threats
- Petrochemical feedstock prices (VAM, acrylics) drive raw-material costs. - Competition from multinational adhesive producers. - Demand tied to packaging, furniture and construction cycles. - Plant disruption — the 2022 fire shows the cost of a single incident.
IPO Balloting Calculator
Tier snapping, subscription cost, and expected-value estimate.
| Units | Tier | Cost | Success | Open Profit | Open EV | Hold Profit | Hold EV |
|---|---|---|---|---|---|---|---|
| 100 | 1 | RM25 | 12.17% | RM5 | RM1 | RM13 | RM2 |
| 300 | 2 | RM75 | 12.77% | RM15 | RM2 | RM38 | RM5 |
| 1,100 | 3 | RM275 | 13.38% | RM55 | RM7 | RM138 | RM18 |
| 2,100 | 4 | RM525 | 13.99% | RM105 | RM15 | RM263 | RM37 |
| 3,100 | 5 | RM775 | 14.60% | RM155 | RM23 | RM388 | RM57 |
| 4,100 | 6 | RM1,025 | 15.21% | RM205 | RM31 | RM513 | RM78 |
| 6,100 | 7 | RM1,525 | 15.82% | RM305 | RM48 | RM763 | RM121 |
| 11,100 | 8 | RM2,775 | 16.42% | RM555 | RM91 | RM1,388 | RM228 |
| 20,100 | 9 | RM5,025 | 17.03% | RM1,005 | RM171 | RM2,513 | RM428 |
| 50,100 | 10 | RM12,525 | 17.64% | RM2,505 | RM442 | RM6,263 | RM1,105 |
| 100,100 | 11 | RM25,025 | 18.25% | RM5,005 | RM913 | RM12,513 | RM2,283 |
| 200,100 | 12 | RM50,025 | 18.86% | RM10,005 | RM1,887 | RM25,013 | RM4,716 |
| 500,100 | 13 | RM125,025 | 19.46% | RM25,005 | RM4,867 | RM62,513 | RM12,168 |
| 1,000,100 | 14 | RM250,025 | 20.07% | RM50,005 | RM10,037 | RM125,013 | RM25,094 |
| 2,000,100 | 15 | RM500,025 | 20.68% | RM100,005 | RM20,682 | RM250,013 | RM51,706 |
| 5,000,100 | 16 | RM1,250,025 | 21.29% | RM250,005 | RM53,225 | RM625,013 | RM133,062 |
| 10,000,100 | 17 | RM2,500,025 | 21.90% | RM500,005 | RM109,490 | RM1,250,013 | RM273,725 |
The trailing 100 units are intentional: applying just over a boundary, such as 20,100 instead of 20,000, lands in the next balloting tier. Success rate is a heuristic, not published balloting odds.
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