KUALA LUMPUR: Evocom Bhd debuted on Bursa Malaysia’s ACE Market on Monday, trading below its initial public offering (IPO) price of 18 sen in early trade.

At 9.55am, the logistics and workforce solutions provider was the most actively traded counter on Bursa Malaysia, with 36.5 million shares changing hands.

The stock was trading at 13 sen, down five sen or 27.78% from its IPO price, after opening at 15 sen.

Evocom raised about RM20.50mil from its IPO through the issuance of 113.91 million new shares at 18 sen each.

Of the proceeds, RM7.2mil, or 35.12%, will be used as working capital for its flexible staffing services business, while RM3mil, or 14.63%, has been earmarked for the development of its proprietary technology applications, including greater use of data and artificial intelligence in selected operational areas.

Another RM3mil, or 14.63%, will fund the expansion of its air freight transhipment business to support growing cross-border e-commerce activities.

Evocom will also allocate RM1.5mil, or 7.31%, to establish its proposed headquarters in Nilai, Negeri Sembilan, bringing its warehouse, office and operational functions under one roof.

The remaining proceeds comprise RM1.34mil, or 6.56%, for general working capital and RM4.46mil, or 21.75%, for listing expenses.