EVOCOM Berhad IPO: E-commerce Staffing Firm Eyes ACE Market Listing on Bursa Malaysia
EVOCOM Berhad IPO: E-commerce Staffing Firm Eyes ACE Market Listing on Bursa Malaysia
Evocom Berhad is set to list on Bursa Malaysia's ACE Market on September 28, 2026, offering 135.91 million shares at RM0.18 per share. The company is a leading provider of flexible staffing and network support services for the e-commerce and logistics industry in Malaysia.
With revenue exceeding RM209 million in the latest financial year and plans to expand its air freight transhipment business, this IPO appeals to investors seeking exposure to the e-commerce and logistics sector.
Who Is Evocom Berhad?
Evocom Berhad (formerly Evolution Commerce Sdn Bhd) was founded in 2017 by Ian Tan Kee Chuan. Headquartered in Semenyih, Selangor, the company operates two core business segments:
1. Flexible Staffing Services (81% of revenue) — Providing flexible workers for warehouse operations, packaging and delivery to major e-commerce platforms
2. Network Support (19% of revenue) — Last-mile delivery, transhipment and parcel shipment services
Evocom's largest client is SPX Express (Shopee's delivery arm), which contributes 82.37% of total revenue. The company also manages 2 Lazada distribution hubs.
In 2025, Evocom obtained an international courier service licence, opening opportunities in cross-border logistics.
Evocom Berhad IPO Details
| Detail | Information |
|---|---|
| Company Name | Evocom Berhad |
| Stock Code | 0473 |
| Market | ACE Market, Bursa Malaysia |
| IPO Price | RM0.18 per share |
| Offer Opens | September 3, 2026 |
| Offer Closes | September 14, 2026 (5pm) |
| Listing Date | September 28, 2026 |
| New Shares Issued | 113.91 million shares |
| Offer for Sale Shares | 22 million shares |
| Total Shares Offered | 135.91 million shares |
| Enlarged Share Capital | 455.63 million shares |
| Market Capitalisation | ~RM82.01 million |
| Gross Proceeds (New Issue) | RM20.5 million |
| Principal Adviser & Underwriter | NewParadigm Securities Sdn Bhd |
Share Allocation Breakdown
Of the 113.91 million new shares issued to the public:
- Malaysian public (balloting): 22.78 million shares (5.00%)
- Bumiputera investors (MITI): 56.95 million shares (12.50%)
- Private placement (selected investors): 34.17 million shares (7.50%)
Additionally, 22 million existing shares are offered through an offer for sale by founder Ian Tan Kee Chuan, with proceeds of RM3.96 million accruing entirely to him.
Total shares offered represent approximately 29.83% of the enlarged share capital post-IPO.
Use of Proceeds
Evocom plans to allocate the RM20.5 million gross proceeds from the new share issue as follows:
| Purpose | Amount (RM million) | Percentage |
|---|---|---|
| Working capital for flexible staffing services | 7.20 | 35.12% |
| Technology application development (AI workforce planning) | 3.00 | 14.63% |
| Air freight transhipment business expansion | 3.00 | 14.63% |
| New headquarters in Nilai, Negeri Sembilan | 1.50 | 7.32% |
| General working capital | 1.34 | 6.54% |
| Listing expenses | 4.46 | 21.76% |
| Total | 20.50 | 100% |
The largest allocation is working capital for the flexible staffing segment (RM7.2 million), reflecting the company's strategy to strengthen its core business. RM3 million each for AI technology development and air freight expansion shows diversification efforts.
Financial Performance
Evocom has demonstrated consistent revenue growth over the past three years:
| Metric | FYE 2022 | FYE 2023 | FYE 2024 |
|---|---|---|---|
| Revenue | RM180.38 million | RM200.46 million | RM209.41 million |
| Revenue Growth | - | +11.1% | +4.5% |
| Profit After Tax (PAT) | RM6.74 million | RM5.31 million | RM6.19 million |
| PAT Margin | 3.74% | 2.65% | 2.96% |
Valuation and PE Ratio
Based on FY2024 PAT of RM6.19 million and enlarged share capital of 455.63 million shares:
- EPS (Earnings Per Share): ~1.36 sen
- PE Ratio: ~13.25x at IPO price of RM0.18
- Price-to-Revenue Ratio: ~0.39x
The PE ratio of 13.25x is moderate for an ACE Market services company, while the low price-to-revenue ratio (0.39x) reflects the thin profit margins typical of staffing businesses.
Major Shareholders
| Shareholder | Pre-IPO | Post-IPO |
|---|---|---|
| Ian Tan Kee Chuan (Founder & CEO) | 90.91% | ~63.35% |
| Other existing shareholders | 9.09% | ~6.72% |
| New shareholders (IPO) | - | ~29.93% |
Despite selling 22 million existing shares via the offer for sale, Ian Tan retains a majority stake exceeding 63% post-IPO — a sign of commitment to the company.
What Investors Should Know
Strengths
- Large and consistent revenue — Exceeding RM200 million annually, demonstrating a scalable business model
- Strong market demand — E-commerce and logistics continue to grow rapidly in Malaysia
- New growth opportunities — International courier licence and air freight expansion
- Technology investment — AI-driven workforce planning development
- Founder remains committed — Over 63% stake retained post-IPO
Risks
- High customer concentration — SPX Express (Shopee) contributes 82.37% of revenue; losing this single client could critically impact the company
- Low profit margins — PAT margin around 2.6%–3.7%, typical for staffing but vulnerable to cost pressures
- Intense competition — The flexible workforce sector has low barriers to entry
- High listing expenses — RM4.46 million (21.76% of proceeds) allocated to listing costs
Who Should Consider This IPO?
The Evocom IPO may suit investors who:
- Want exposure to Malaysia's e-commerce/logistics sector
- Are comfortable with low margins but high revenue
- Understand customer concentration risk
- Are looking for an ACE Market stock at a moderate PE valuation
Frequently Asked Questions (FAQ)
What is Evocom's IPO price?
The IPO price is RM0.18 per share.
When is Evocom's listing date?
Evocom will be listed on Bursa Malaysia's ACE Market on September 28, 2026.
What is Evocom's main business?
Evocom provides flexible staffing and logistics network support services for e-commerce platforms like Shopee (SPX Express) and Lazada.
What is Evocom's PE ratio at IPO price?
Based on EPS of 1.36 sen (FY2024 PAT / enlarged shares), the PE ratio is approximately 13.25x.
Who is Evocom's largest shareholder?
Ian Tan Kee Chuan (founder and CEO) holds approximately 63.35% of shares post-IPO.
This article is for educational purposes only and does not constitute investment advice. Please conduct your own research before making investment decisions.
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