Evocom (KLSE:EVOCOM) seeks to raise 20.5 million ringgit via an initial public offering on the ACE Market of Bursa Malaysia, according to its Thursday prospectus.

The logistics and workforce services company's IPO comprises a public issue of 113.9 million new shares at an issue price of 0.18 ringgit per share, as well an offer for sale of 22 million shares.

Aside from listing expenses, the proceeds will be used for working capital requirements and expense payments.

The company's IPO application period opens on Sept. 3 and closes on Sept. 14, according to its prospectus timetable.