GB Bond (KLSE:GBBOND) seeks to raise 16.1 million ringgit via an initial public offering on the ACE Market of Bursa Malaysia, according to its Thursday prospectus.

The industrial adhesive maker's IPO comprises a public issue of 64.3 million new shares at an issue price of 0.25 ringgit per share, as well an offer for sale of 42.9 million shares.

Aside from listing expenses, the proceeds will be used for rental and purchase of machinery equipment, expansion in Vietnam, working capital requirements and expense payments.

The company's will open applications for its initial public offering (IPO) on Sept 9, with applications closing on Sept 18, according to its IPO timetable.