Evocom Bhd opened at 15 sen on its ACE Market debut on Monday, below its 18 sen IPO price, before falling to a low of 13.5 sen.
As of 9.14am, the e-commerce enabler was trading at 14 sen, down 4 sen or 22.22% from its last-closed price of 18 sen. Trading volume stood at 23.68 million shares.
The stock opened at 15 sen, which was also its session high, before touching a low of 13.5 sen.
Evocom’s IPO involved the issuance of 113.91 million new shares at 18 sen each, raising approximately RM20.5 million and giving the company an estimated market capitalisation of RM82.01 million based on its enlarged share capital.
The company plans to use the proceeds to strengthen its flexible staffing operations, develop its EVOSHIFT and CLiPs technology platforms, expand its air freight transhipment business and establish a proposed integrated headquarters in Nilai, Negeri Sembilan.
Chief Executive Officer Ian Tan previously told BusinessToday that the listing was intended to help Evocom move beyond its flexible staffing roots into fulfilment, hub management, air freight transhipment and technology-driven 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.
Flexible staffing remains a key part of the business, with RM7.2 million or 35.12% of the IPO proceeds allocated as working capital for recruitment, onboarding, training and workforce management.
Tan said Evocom currently manages a database of about 12,000 candidates and has around 2,700 active placements.
The company is also allocating RM3 million towards its air freight transhipment business and another RM3 million for the development of EVOSHIFT and CLiPs.
Evocom plans to operationalise fulfilment activities from Oct 1, 2026, subject to readiness and internal processes, with its proposed Nilai facility intended to support fulfilment, hub management and transhipment operations.
