KUALA LUMPUR (Sept 3): Evocom Bhd is taking applications at 18 sen per share for the flexible staffing firm’s listing on the ACE Market.

The initial public offering (IPO) aims to raise RM20.5 million for the company and another RM3.96 million for its current shareholders, according to its prospectus. Evocom is expected to have market capitalisation of RM82 million upon listing of its 30% stake.

Applications will close on Sept 14 and listing has been scheduled for Sept 28.

Headquartered in Semenyih, Evocom mainly supplies manpower to support the logistics operations of online commerce platforms. SPX Express, the in-house delivery arm owned by the e-commerce platform Shopee, accounts for more than 80% of its annual revenue.

The company also provides network support services, including last-mile delivery, transhipment and parcel shipment service. Evocom is also the manager for two of Lazada’s distribution hubs and the company was granted a licence last year to provide international inbound courier service.

More than one-third of the IPO proceeds has been earmarked as working capital for its cash-intensive staffing service. The company is also spending another 30% to develop technology application and to expand air freight transhipment business.

Evocom is also setting aside 7% to set up its new headquarters in Nilai, Negeri Sembilan and another 7% as general working capital. The rest will be used to cover listing expenses.

Ian Tan Kee Chuan, founder and chief executive officer of Evocom, will pocket all of the proceeds from an offer for sale of his existing shares in the company.

In a separate filing, the company said it posted a net profit of RM0.76 million on revenue of RM42.83 million for its three months ended June 30, 2026 (2QFY2026). Quarter-on-quarter, Evocom said revenue rose by 3.46% from RM41.40 million in the first quarter, which the company attributed to a higher average headcount deployed for flexible staffing services and new revenue from hub management operations that began in March.

For the first half of 2026 (1HFY2026), Evocom’s net profit stood at RM1.54 million and revenue came in at RM84.22 million.

There are no comparative figures as this is the company's first interim financial report. 

Evocom expects delivery personnel deployed to SPX Xpress (Malaysia) to increase in the coming quarter and for the rest of the financial year, building on a rise from 2,711 average monthly personnel in FY2025 to 2,752 in the first half of FY2026, which it attributes to the completion of SPX’s process optimisation initiative in the prior financial year.

Against this, the company expects its network support services revenue to decline on an annualised basis versus the previous financial year, citing reduced demand for air freight transhipment of B2B e-commerce cargo from China due to disruptions in West Asia, and lower courier transhipment revenue to the US amid geopolitical uncertainty.