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One client, most of the revenue

Evocom's IPO Drew 3.6 Times Demand. One Client Is 94% of Its Revenue

RaymondRates.my2 min read

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Evocom Berhad listed on Bursa’s ACE Market today, priced at 18 sen after 3.6 times demand from the public. Its own prospectus tells a quieter story: revenue has fallen twice in a row, and one client is nearly all of it.

One client, most of the revenue

Share of Evocom’s revenue from SPX ExpressSPX ExpressEveryone else0%25%50%75%100%FYE202586.9%FPE202693.9%Source: Evocom Berhad prospectus, 3 Sep 2026, via i3investor
SPX Express, Shopee’s in-house delivery arm, is the client Evocom’s flexible-staffing business supplies with manpower. Its share of Evocom’s total revenue rose from 86.9% in FYE2025 to 93.9% in FPE2026 (the three months to 31 March 2026).
  • SPX Express has been Evocom’s client since January 2020 — the relationship this IPO rests on.
  • The SPX contract is due to expire in March 2027 — six months after today’s listing.

Revenue fell before it even listed

Evocom’s revenue, year-on-year change0%FYE2025full year-12.4%FPE20263 months to 31 Mar-7.9%Source: Evocom Berhad prospectus, 3 Sep 2026, via i3investor
Evocom’s revenue, year-on-year: down 12.4% for the full FYE2025, and down a further 7.9% in FPE2026 (the three months to 31 March 2026) — a second straight period of decline, mainly from lower SPX headcount and weaker last-mile delivery volumes.
  • Reported net margin was just 1.83% in FYE2025, 3.09% once one-off IPO costs are excluded.
  • RM4.46 million of the RM20.5 million raised (22%) goes straight to listing costs.
A long aisle between tall warehouse shelves stacked with cardboard boxes
Evocom supplies and manages the delivery workforce behind Malaysia’s e-commerce parcel volumes — it does not own the parcels or the platform.

The public still wanted in

Evocom’s IPO, public-tranche oversubscription0×2×4×6×Overall3.6×Bumiputera portion1.73×Public portion5.46×Source: Evocom Berhad / The Edge Malaysia, 18 Sep 2026
Evocom’s IPO drew 3.60 times overall demand from the Malaysian public: 1.73 times on the Bumiputera portion, 5.46 times on the remaining public portion, per The Edge Malaysia’s 18 September report.
  • Founder and CEO Ian Tan Kee Chuan is the sole seller in the IPO’s RM3.96 million offer for sale.

Read how another recent ACE Market debut looked past its own headline number in United Asiapac Energy: 35 sen to 27 sen in four trading days, or compare brokers for your next Bursa IPO application.

What to watch

  • 31 Mar 2027Evocom’s Manpower Secondment Agreement with SPX Express is due to expire.
  • 30 Sep 2026Thirteen fixed deposit promotions this site tracks expire the same day.
  • 5 Nov 2026Bank Negara’s next and final MPC meeting of 2026.
Not financial advice. This is general information on Evocom Berhad’s IPO and prospectus disclosures, based on Evocom’s own prospectus dated 3 September 2026 and public reporting cited below. It is not a recommendation to buy, hold or sell any shares, and Rates.my does not issue price targets or forecasts. Confirm current prices and terms with your broker before acting.

Sources & further reading

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