A Singapore-based staffing firm filed for an initial public offering on the Nasdaq, according to a regulatory filing on 4 March.

The company, ELC Group Holdings, plans to price shares at between USD 4 and USD 6 and will trade under the symbol ELCG.

ELC operates in Singapore through its operating subsidiary EL Connect; the staffing business began operations in 2020. Its propriety staffing platform includes its EL Connect App, which has a chatbot for workers.

The company’s customers include warehouse and logistics firms as well as those operating in food and beverage, cleaning, manufacturing, retail, and events sectors.

ELC posted revenue of USD 6.4 million in its fiscal year ended 30 June 2024, a decrease of 22.2%.

Net income also fell 55.7% to USD 837,814.

Revenue decline at ELC was driven by its cleaning service staffing operations, according to the filing.

“During the Covid-19 outbreak in our fiscal year ended June 30, 2023, our contracting services for cleaners increased due to the cleaning and disinfecting guidelines imposed by the Singapore government which require shopping malls, schools, hospitals and offices to carry out more cleaning and sanitation activities for their working areas, especially in areas that have been exposed to confirmed cases of the Covid-19”.

It continued, “As a result, we were able to raise our service rates. In fiscal year 2024, the demand for our cleaning service and the frequency of services had been significantly reduced when the Covid-19 [pandemic] was coming to an end and the Singapore government began easing its strict Covid-19 pandemic control measures in February 2023.”

Following the IPO, the firm’s founder and chief technology officer, Chow Kang Hong, will continue to own more than 50% of the aggregate voting power.

Funds raised by the IPO will go toward several objectives. ELC noted that 30% will go towards geographic expansion, primarily in Japan, Thailand and other Asian countries; 20% will be used in technology development; 20% will go towards mergers and acquisitions; and 10% is earmarked for marketing and promotion.