One Gasmaster Holdings Berhad

Date of Prospectus: 12 January 2026

One Gasmaster Holdings IPO: Unlocking Growth in Malaysia’s Environmental & Industrial Hygiene Solutions Sector

One Gasmaster Holdings Berhad (“One Gasmaster Holdings”, symbol: not disclosed) is set to debut on the ACE Market, positioning itself as a leading player in the gas-related environmental monitoring and industrial hygiene solutions sector in Malaysia. This IPO offers investors exposure to a growth-driven business with robust financials, clear expansion plans, and strategic market positioning.

IPO Snapshot: Offer Structure, Pricing, and Allocation

One Gasmaster Holdings is launching its IPO at RM0.25 per share, issuing 77,500,000 new shares—representing 25% of its enlarged issued share capital of 310,000,000 shares post-IPO. The total gross proceeds from the Public Issue are RM19.375 million.

Placement/issuance breakdown:

• Malaysian Public (via balloting): 5.00% (15,500,000 shares)
• Pink Form allocation (eligible employees/directors): 1.00% (3,100,000 shares)
• Placement/Offer for Sale to institutional/selected investors: 6.50% (20,150,000 shares)
• Placement to Bumiputera investors approved by MITI: 12.50% (38,750,000 shares)

Use of Proceeds: The IPO is growth-driven with substantial allocations towards expansion, new facilities, and working capital:

No dividend policy is in place at present. The company states that any future dividends will depend on distributable profits, financial condition, and expansion plans. There is no formal payout ratio or timetable commitment [[145]].

Investor Participation & Book Quality

Institutional and retail allocations are clearly defined. The structure includes Malaysian public, selected institutional/private investors, and a significant portion to Bumiputera investors approved by MITI.

There is an Offer for Sale of 15,500,000 shares (5% of enlarged share capital) by a Selling Shareholder, alongside the Public Issue of 20,150,000 shares (6.5%) by the company.

Pre-IPO restructuring involved shares transferred from Tan Bee Sien to GFS (Good FS Sdn Bhd) at RM423,667.71 for 32,000 OGM shares (6.4% of OGM), before the company consolidated all OGM shares prior to listing. After the IPO, the top shareholders are Ivan Tan (60%), Tan Bee Sien (5.2%), and GFS (4.8%), collectively holding 70%—indicating strong promoter alignment and stability [[83]].

There are no disclosed names of cornerstone/anchor investors or oversubscription statistics.

Deal Parties & Structure

Key deal parties:

• Principal Adviser, Sponsor, Underwriter & Placement Agent: Malacca Securities Sdn Bhd
• Solicitors: Ong Eu Jin Partnership
• External Auditors & Reporting Accountants: Baker Tilly Monteiro Heng PLT
• IMR (Independent Market Research): Protégé Associates Sdn Bhd
• Independent Internal Control Consultant: Talent League Sdn Bhd

All parties have declared no conflict of interest [[100]].

Stabilization/Greenshoe: Not disclosed.

Based on the strong presence of Malacca Securities and involvement of top-tier audit and legal firms, the listing-day performance is likely to be well-supported and compliant with ACE Market standards.

Company Overview: Business Model, Revenue Streams & Market Position

One Gasmaster Holdings Berhad specializes in gas-related environmental monitoring and industrial hygiene solutions. The group’s core activities include:

• Design and provision of monitoring systems for gases and industrial hygiene
• Trading of engineering hardware, tools, and equipment
• Customizing and supplying solutions and instruments for both domestic and overseas clients

Key revenue streams:

• Sale of instruments and spare parts (majority)
• Outsourced services (construction, M&E works, health risk assessments)
• Logistics and related services

Customer segments: Spanning oil & gas, power generation, manufacturing, chemicals, food & beverage, and industrial clients.

Geographical reach: Predominantly Malaysia (99.2% of FPE 2025 revenue), with overseas sales to Vietnam, Singapore, Indonesia, Brunei, Japan, South Korea, UAE, and Iraq [[28]], [[110]].

Market Position & Competitive Strengths:

• Strong brand presence in Malaysia’s environmental and industrial hygiene solutions space
• Deep technical expertise, strong after-sales support, and a recurring customer base
• No dependence on a single customer or supplier, and ability to source alternate products if needed [[39]]

Management Team:

• Ivan Tan (Director, Promoter, substantial shareholder)
• Tan Bee Sien (Promoter, substantial shareholder)
• Other key Directors and management as disclosed, all with relevant sector experience

Financial Highlights: Multi-Period Performance

One Gasmaster Holdings demonstrates steady growth in revenue, profitability, and margins over the last three years, with robust cash flows and a healthy balance sheet.

Financial position is robust:

• Net assets per share (post-IPO, Pro Forma III): RM0.11
• Total borrowings: RM6.78 million (pro forma)
• High cash balance post-IPO (pro forma): RM21.96 million

The group’s board confirms sufficient working capital for at least 12 months post-listing, with no default history or breaches of loan covenants [[131]], [[135]].

Trends, Timing & Environment: Sector Growth and IPO Timing

The environmental monitoring and industrial hygiene solutions sector in Malaysia is on a positive long-term growth trajectory. The company’s Independent Market Research report highlights high demand for compliance solutions, driven by industrial, O&G, and manufacturing sectors.

Historical demand drivers: Compliance with stricter environmental and industrial hygiene regulations, increased awareness, and adoption of advanced monitoring technology.

Seasonality: The company reports no material seasonality in operations or borrowings.

IPO Timetable:

• Application opens: 10.00am, 12 January 2026
• Application closes: 5.00pm, 16 January 2026
• Listing date: Not specified

Economic/market environment: The company notes no adverse impact from government, economic, fiscal, or monetary policies in recent years. Inflation and FX risks are described as manageable, with no significant recent impact. The company is not exposed to commodity price fluctuations [[143]], [[144]].

Recent developments: Major business expansion, new calibration lab, and branch offices planned in key Malaysian regions. No significant adverse events or takeovers reported.

Market conditions are favorable, with the company’s board expressing optimism based on sectoral growth and the group’s competitive strengths [[145]].

Risk Factors: Quantified Exposures and Key Concerns

Major risks include:

• Regulatory/licensing risk: Dependence on valid licenses from DOE, DOSH, and the Energy Commission; loss of these would impact operations [[83]].
• Technology risk: Requirement to keep up with evolving standards and customer needs; failure to do so may affect competitiveness [[86]].
• Execution risk: Expansion plans (emission control solutions, new labs, branches) require effective execution and capital [[86]].
• Supplier risk: Heavy reliance on overseas suppliers (Germany, Japan, Singapore, UK, USA) exposes the company to supply disruptions [[53]].
• FX risk: Company is exposed to foreign exchange fluctuations due to imports [[143]].
• Ownership concentration risk: Promoters will control 70% post-listing, enabling them to influence major outcomes [[90]].

Growth Strategy: Expansion and Future Plans

The company’s growth strategy is ambitious and well-defined:

• Expand offerings to emission control solutions
• Set up an additional calibration laboratory (within 12 months)
• Establish branch offices and calibration labs in Johor, Terengganu, and Penang (within 24 months)
• Significant allocation of IPO proceeds to business expansion and working capital

Ownership & Lock-Ups: Pre- and Post-IPO Structure

Shareholding structure after the IPO:

• Ivan Tan: 60.00%
• Tan Bee Sien: 5.20%
• GFS: 4.80%
• Public and institutions: 30.00%

No ESOP or employee share scheme disclosed; Pink Form allocation (1%) to eligible persons.

No outstanding warrants, options, or convertible securities.

Valuation and Peer Comparison

No P/E, P/B, or comparable valuation data for the company or peers is disclosed. However, the prospectus does provide selected peer operating metrics for context:

Research & Opinions

Independent Market Research (IMR) by Protégé Associates Sdn Bhd confirms the sector’s structural growth and demand drivers. No explicit price targets or analyst opinions are disclosed.

Listing Outlook: Worth Subscribing?

Based strictly on the prospectus, One Gasmaster Holdings presents a compelling growth and expansion story:

• Financials are robust with rising revenue, high margins, and healthy cash flows.
• Promoters retain a large stake (70%), ensuring alignment and stability.
• Significant IPO proceeds go to expansion and new projects, not debt repayment, indicating a forward-looking, growth-driven strategy.
• Sector trends are favorable, with regulations and industrial demand supporting long-term growth.

Risks are typical for a high-growth, industrial solutions company, including regulatory, technology, and supplier risk. There are no material adverse developments or major litigation disclosed.

First-day performance is likely to be stable to positive, with strong institutional and promoter backing, and no contentious or speculative elements in the deal structure. The lack of a formal dividend policy may temper yield-seeking investor enthusiasm, but capital gain prospects are solid.

Estimated post-IPO trading range is likely near or above the offer price, with strength supported by sector trends and balance sheet health.

Prospectus Access

The official prospectus and further details can be accessed at www.onegasmaster.com.

How to Apply

Application window: Opens at 10:00 am, 12 January 2026, and closes at 5:00 pm, 16 January 2026.

Channels:

• White Application Form (individuals and non-individuals)
• Electronic Share Application (ATM of selected banks: Affin, Alliance, AmBank, CIMB, Maybank, Public Bank, RHB)
• Internet Share Application (online platforms of select banks/securities firms)
• Pink Application Form (for eligible persons via company HR/Finance)

Applicants must have their own CDS account and a correspondence address in Malaysia. Only one application per category is permitted. Multiple applications are an offence.

For full procedures and eligibility details, visit www.onegasmaster.com or contact the Malaysian Issuing House at +603-7890 4700.