Evocom Berhad

18 per share . 01 million upon listing. The IPO opens for application on 3 September 2026 and is scheduled to list on 28 September 2026 . The IPO comprises two components: a public issue of new shares that will raise gross proceeds for the company, and an offer for sale of existing shares by the selling shareholder. 00% of the enlarged issued share capital. 83% of the enlarged issued share capital and will accrue entirely to the selling shareholder. 50 million from the public issue will accrue entirely to the company. 31% for setting up the Proposed Nilai Headquarters.

Evocom Berhad is an investment holding company that, through its subsidiaries Evolution Commerce Sdn Bhd (ECSB) and Evocom Venture Sdn Bhd (EVSB), provides flexible staffing services and network support services for e-commerce and logistics activities. The company describes itself as an e-commerce enabler that connects marketplaces and merchants to new markets and consumers. 98% in FYE 2022. The Manpower Secondment Agreement with SPX runs from 1 April 2025 to 31 March 2027 . Evocom’s financial performance shows stable revenue generation but thin profit margins.

40 million in FPE 2026. 74 million over the same periods. Evocom’s investment case is tempered by significant risks, most notably its heavy dependence on a single customer . SPX accounted for more than 80% of revenue across all periods under review, and the Manpower Secondment Agreement expires on 31 March 2027 . Any termination or non-renewal could result in substantial and immediate loss of revenue. Following the IPO, the shareholding structure will be significantly diluted from the pre-IPO position. 91% pre-IPO. 18 per share was determined based on several factors including historical financial performance, competitive strengths, business strategies, and industry prospects.

36 million and enlarged issued share capital of 455,628,000 shares. 46 times . 09 based on the enlarged issued share capital and subsequent to the use of proceeds. 00% from the IPO price for new investors. Evocom’s board comprises seven directors, with a mix of executive and independent non-executive roles. The company has adopted recommendations under the Malaysian Code on Corporate Governance, including having 50% or more independent non-executive directors and at least 30% women directors. Evocom does not have a formal dividend policy. However, it is the intention of the Board to retain adequate reserves for future growth while rewarding shareholders with participation in profits.

Historical dividends declared and payout rates are as follows: Save for the above, the company does not intend to declare and pay any dividends from the latest practicable date up to listing. The IPO is managed by NewParadigm Securities Sdn Bhd , which acts as Principal Adviser, Sponsor, Sole Underwriter, and Sole Placement Agent. 50% of the total value of underwritten shares based on the IPO price. 00% of the IPO price will be paid in respect of successful applications. The private placement of 91,125,600 issue shares and 22,000,000 offer shares to selected investors will not be underwritten as irrevocable written undertakings have been or will be obtained.

There is no over-allotment or greenshoe option that will result in an increase in the number of issue shares. The company will not employ any price stabilisation mechanism for the IPO. Evocom operates in the e-commerce and logistics industry, which the company views as a major driver for air freight transhipment services. 55% in FPE 2026. 6 million in FPE 2026 due to geopolitical disruptions and uncertainties in the Middle East and the United States. Despite this decline, the company continues to view the transhipment business as a potential area for future growth, citing the role of air freight transhipment services in supporting the cross-border e-commerce supply chain and anticipated continued growth in global e-commerce activities.

The company has entered into five distinct 6-year agreements with Yifu, JinLin, Yukun, Shenzhen Kingflying, and Shenzhen Lingyang to provide transhipment services for B2B e-commerce packages. These agreements commenced in September 2024, January 2024, October 2024, May 2025, and January 2026 respectively. In January 2026, ECSB was appointed by Lazada to manage operations of distribution hubs in Wangsa Maju, Kuala Lumpur (1 February 2026 to 31 March 2027) and Rawang, Selangor (1 March 2026 to 31 March 2027). The company also received Malaysia Digital Status from Malaysia Digital Economy Corporation Sdn Bhd in January 2026 for provision of services in relation to artificial intelligence, specifically EVOSHIFT.

Based on the disclosed financial and operational information, Evocom presents a mixed investment profile. The company has demonstrated consistent revenue generation and positive profitability across all periods under review, with an asset-light business model that generates operating cash flows. The IPO proceeds are primarily allocated toward growth initiatives, including working capital expansion for flexible staffing services, technology development, and air freight transhipment expansion. However, the investment case is significantly tempered by the company’s heavy reliance on SPX , which contributed more than 80% of revenue across all periods under review.

The Manpower Secondment Agreement with SPX expires on 31 March 2027 , and there is no assurance of renewal. 10%. 46 times after adjusting for one-off listing expenses. 00% for new investors. Investors should weigh the company’s growth strategy and asset-light model against the significant customer concentration risk and margin pressure. The moratorium structure, with a 6-month first moratorium and subsequent 6-month moratorium covering at least 45% of shares, provides some protection against immediate selling pressure from major shareholders. com.

m. m. on 14 September 2026 . The application form is not available in electronic format. Applicants may obtain copies of the prospectus and application forms from participating organisations of Bursa Securities, members of the Association of Banks in Malaysia, and members of the Malaysian Investment Banking Association.