Evocom Bhd opens ACE Market debut over 16% below its IPO price
Evocom Bhd's shares began trading on Bursa Malaysia's ACE Market at 15 sen, a discount of more than 16% from the 18-sen IPO price.
Evocom Bhd debuted on the ACE Market of Bursa Malaysia, opening at 15 sen - a drop of 16.67% compared with its 18-sen IPO price. The opening trade involved ten million shares. The Semenyih-based logistics provider offers staffing for e-commerce delivery, last-mile services and transshipment, with more than 80% of revenue coming from Shopee's SPX Express.
It also runs two distribution hubs for Lazada and secured a licence for international inbound courier services last year. The IPO generated RM20.5 million, earmarked for working capital, technology development, air-freight expansion, a new Nilai headquarters and listing costs.
Why it matters
The weak debut signals market caution toward logistics firms tied to e-commerce platforms.
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