Evocom seeks RM20.5mil in ACE Market debut, sets IPO price at 18 sen

E-commerce platform Evocom Bhd is set to debut on the ACE Market of Bursa Malaysia with an IPO seeking RM20.5 million. The company will offer 113.907 million new ordinary shares, resulting in a market capitalisation of RM82.01 million upon listing. Evocom plans to allocate RM7.2 million, or 35.12 percent of the IPO proceeds, towards working capital for flexible staffing services.

Another RM3 million, or 14.63 percent, will support the development of its proprietary technology platforms, including EVOSHIFT and CLiPs, which focus on route optimisation, workforce coordination, operational visibility, and logistics management. The air freight transhipment business, which aligns with the growth of cross-border e-commerce activities, will receive RM3 million, or 14.63 percent of the IPO funds.

RM1.5 million, or 7.31 percent, will be used to establish the company's proposed headquarters in Nilai, Negri Sembilan, while RM1.34 million, or 6.56 percent, will be allocated for general working capital. The remaining RM4.46 million, or 21.75 percent, will cover listing expenses. The IPO is open for applications until Sept 14 at 5 pm, with NewParadigm Securities as the principal adviser, sponsor, sole underwriter, and sole placement agent.