Evocom Bhd made a weak debut on the ACE Market, closing at 13 sen on its first trading day, 27.8% below its 18 sen IPO price.
The counter opened at 15 sen with 3.49 million shares traded before sliding to 13.5 sen by midday on volume of 56.52 million shares. It finished the session at 13 sen, with 71.76 million shares changing hands.
Evocom’s IPO comprised 113.91 million new shares at 18 sen each, raising about RM20.5 million in gross proceeds and valuing the company at an estimated RM82.01 million based on its enlarged share capital.
The company plans to channel the proceeds towards expanding its flexible staffing business, building its EVOSHIFT and CLiPs technology platforms, growing its air freight transhipment operations and setting up an integrated headquarters in Nilai, Negeri Sembilan.
Chief Executive Officer Ian Tan previously told BusinessToday that the listing would support Evocom’s push beyond flexible staffing into fulfilment, hub management, air freight transhipment and technology-enabled logistics.
“The broader objective is not simply to grow the size of the business, but to build a more diversified, trusted and scalable Evocom,” he said.
Evocom has allocated RM7.2 million, or 35.12% of the IPO proceeds, as working capital for its flexible staffing operations, including recruitment, onboarding, training and workforce management.
The company currently manages a database of about 12,000 candidates and around 2,700 active placements.
Another RM3 million has been earmarked for air freight transhipment, while RM3 million will go towards developing EVOSHIFT and CLiPs.
Evocom is targeting Oct 1, 2026 to begin fulfilment activities, subject to operational readiness, with the proposed Nilai facility expected to support fulfilment, hub management and transhipment services.
