Company: One Gasmaster Holdings Berhad

Date of Prospectus: 12 January 2026

One Gasmaster Holdings Berhad IPO: In-Depth Analysis of Malaysia’s Next Environmental Monitoring Leader

IPO Snapshot: Key Details for Investors

One Gasmaster Holdings Berhad is launching its IPO on the ACE Market of Bursa Malaysia, offering investors a unique opportunity to participate in Malaysia’s industrial environmental monitoring sector. The company presents a robust growth story, significant expansion plans, and strong financials, positioning itself as a key player in environmental compliance solutions.

• IPO Symbol: (Not disclosed in prospectus)
• Offer Price: RM0.25 per share
• Total Offer Size: 93,000,000 shares (30% of enlarged post-IPO share capital)
• Post-IPO Outstanding Shares: 310,000,000
• Market Capitalization Upon Listing: RM77.5 million
• Application Window: 12 January 2026 (10:00 a.m.) to 16 January 2026 (5:00 p.m.)
• Listing Date: 27 January 2026

Placement and Issuance Breakdown

Use of Proceeds: Fueling Strategic Growth

The IPO will raise approximately RM19.38 million, earmarked for aggressive expansion and operational enhancement. The allocation demonstrates a clear growth-driven strategy, with significant investments in new facilities, geographic expansion, and working capital.

• Business Expansion: RM3.76 million (19.41%)
• Capital Expenditure for New Calibration Laboratory: RM1.68 million (8.66%)
• Branch Offices & Labs in Johor, Terengganu, Penang: RM4.89 million (25.22%)
• Working Capital: RM5.05 million (26.06%)
• Listing Expenses: RM4.00 million (20.65%)

This allocation is designed to support both organic and geographic expansion, positioning One Gasmaster Holdings for national market leadership and operational scale.

Financial Health: Multi-Year Performance and Profitability

One Gasmaster Holdings Berhad demonstrates consistent revenue growth, expanding margins, and strong liquidity ratios.

Dividend Policy: Commitment to Shareholder Returns

No formal dividend policy is set, but the Board intends to recommend dividends subject to profits and excess funds. Future distributions will be discretionary, based on financial performance and capital needs. Historical payouts to promoters are disclosed, with RM3,262,000 and RM815,000 paid to Ivan Tan and Tan Bee Sien respectively in FYE 2023, and RM1,122,000 and RM281,000 in FYE 2024 [[63]].

Investor Participation and Book Quality

IPO allocations are diversified, with public, employee, and private tranches, including a dedicated Bumiputera investor allocation approved by MITI. The involvement of major stakeholder GFS, with a post-IPO holding of 4.8%, and the sell-down by substantial shareholder Tan Bee Sien (offering 15,500,000 shares for sale, post-IPO holding 5.2%) suggests a well-structured and broad-based book. No anchor or institutional names are specifically disclosed.

The clawback and reallocation mechanism ensures robust demand management across tranches, supporting orderly trading and liquidity on listing day [[40]]. No oversubscription metrics or first-day performance forecasts are disclosed.

Deal Parties and Structure

Malacca Securities Sdn Bhd acts as Principal Adviser, Sponsor, Underwriter, and Placement Agent. Underwriting commission is set at 2.5% for public and employee tranches; placement fee up to 2.5% for private placements. Brokerage fee is 1.0% for successful applications via member brokers [[52]].

No greenshoe or over-allotment option is offered. The book is supported by a clawback and reallocation structure to maximize public spread and mitigate disorderly trading. Based strictly on prospectus details, Malacca Securities’ multi-role support and rigorous underwriting terms provide strong listing-day structural backing.

Company Overview: Business Model and Market Position

One Gasmaster Holdings Berhad is an investment holding company specializing in industrial environmental monitoring solutions. The core business includes:

• Continuous Emission Monitoring Systems (CEMS) for environmental compliance
• Calibration services, gas detection, and analytical instrumentation
• Serving regulated industries requiring DOE, DOSH, and Energy Commission compliance
• Key customer segments: Power, petrochemical, manufacturing, heavy industries
• Geographic focus: Malaysia, with expansion planned into Johor, Terengganu, Penang

Competitive strengths include: technical expertise, proprietary know-how, quality certifications, and established relationships with major industrial clients. The Group’s products are classified as Shariah-compliant, broadening investor appeal [[3]].

Management Team and Governance

Experienced leadership drives strategic vision and operational excellence.

• Timothy Tan Heng Han: Independent Non-Executive Chairman
• Ivan Tan: Managing Director / CEO (Promoter, 60% direct post-IPO holding)
• Lin Mei Yean: Executive Director / COO
• Lim Chee Loy, Mah Ying Ying, Lee Beng Yew: Independent Non-Executive Directors
• Key Senior Management: Lim See Phang (Head GDS), Muhammad Zahid Bin Zamri (Head EMS), Faratun Iryani Binti Alek Amran (Financial Controller)

The Board and management collectively accept full responsibility for prospectus accuracy and disclosure [[3]].

Trends, Timing, and Market Environment

The IPO is timed amid robust demand for environmental compliance solutions in Malaysia’s industrial sector. Macro trends include:

• Increasing regulatory scrutiny and mandatory emission monitoring
• Growing industrial base and infrastructure investments
• Sector momentum, with environmental monitoring showing stable multi-year growth

The IPO opens on 12 January 2026 and lists on the ACE Market on 27 January 2026, leveraging favorable market conditions and regulatory tailwinds [[6]].

Recent company developments include restructuring, acquisition of OGM, and investments in new calibration laboratories and branch offices, supporting sector leadership ambitions [[16]].

Risk Factors: Quantified Exposures and Mitigations

Key risks include:

• Regulatory Risk: Dependence on DOE, DOSH, and Energy Commission licenses. Any failure to renew or comply could materially affect operations.
• Operational Risk: Supplier and customer concentration (Supplier A and Customer A identities withheld for confidentiality).
• Financial Risk: Exposure to currency, interest rates, and raw material price fluctuations.
• Industry Risk: The ACE Market is designed for emerging companies, carrying higher investment risk and no assurance of liquidity [[2]].
• Related-Party Risk: Transactions with promoters, directors, and GFS are disclosed and monitored [[17]].
• Growth Execution Risk: Expansion and capex plans depend on successful execution and market uptake.

The company maintains compliance with Shariah standards and has established governance and disclosure protocols to manage risk.

Growth Strategy: Expansion and Innovation Pipeline

One Gasmaster Holdings is poised for accelerated growth through strategic investments and market expansion:

• Opening new calibration laboratories and offices in Johor, Terengganu, and Penang within 24 months of listing
• Expanding core business in CEMS and gas detection services
• Enhancing operational scale through RM3.76 million for business expansion and RM4.89 million for geographic diversification
• Hiring 8 new staff for regional offices, with RM0.61 million allocated for salaries [[51]]

Growth is underpinned by robust market demand, regulatory drivers, and a commitment to quality and compliance.

Ownership and Lock-ups: Shareholder Structure and Moratorium

Post-IPO shareholding structure:

• Ivan Tan (Promoter): 60.0% direct, 10.0% indirect (via GFS and spouse)
• Tan Bee Sien (Promoter, Selling Shareholder): 5.2% direct
• GFS (Substantial Shareholder): 4.8% direct

Moratorium: A lock-up applies to specified shareholders as per Bursa requirements, ensuring alignment with long-term value creation [[23]].

Employee allocations (Pink Form) give eligible directors and staff direct equity participation, supporting retention and incentivization.

Valuation and Peer Comparison

IPO pricing reflects a P/E multiple of 13.93x (FYE 2024 EPS: 1.79 sen). Pro forma net asset per share post-IPO is RM0.11, with a dilution of 56% against the offer price for new public investors [[43]]. No peer symbols or direct peer financials are disclosed, so comparative analysis is not included.

Listing Outlook: Subscription Appeal and First-Day Prospects

Based strictly on disclosed prospectus factors, One Gasmaster Holdings Berhad’s IPO appears attractive for growth-oriented investors. The combination of solid financials, aggressive expansion plans, diversified share allocation, and strong sponsor/underwriter support suggests potential for robust first-day trading and longer-term appreciation. The lack of over-allotment option and clawback mechanism indicate demand management and orderly price formation.

Estimated first-day trading range: A premium to the RM0.25 offer price is likely, given sector tailwinds, but actual performance will depend on subscription levels and market sentiment at listing.

Prospectus Access

For full details, visit www.bursamalaysia.com

How to Apply

Application channels include: Participating brokers, Internet Participating Financial Institutions, and direct application via Application Forms or e-IPO platforms. The application window is open from 12 January 2026 (10:00 a.m.) to 16 January 2026 (5:00 p.m.). Applicants must comply with eligibility criteria; late applications will not be accepted [[36]].