ELC Group Holdings Ltd. (ELCG) Company Overview
- Proposed Symbol: ELCG
- Exchange: NASDAQ Capital Market
- Industry: Manpower Service Provider (MSP)
- Incorporation: Cayman Islands (Sep 2024)
- Headquarters: Singapore
- Employees: 25 (as of 12/31/2024)
- CEO: Bee Khee Leann Koh
- Website: www.elconnect.sg
Business Model
- Core Services: Recruitment & manpower supply, manpower contracting (cleaning services), SaaS & licensing of proprietary apps, project management.
- Platforms:
- EL Connect App (for job seekers) – AI-powered, same-day pay for part-timers.
- TaskForce App (for employers) – IoT & AI-driven property/workforce management.
📊 IPO Details
- Share Price Range: $4.00 – $6.00
- Shares Offered: 1,700,000 (+255,000 overallotment)
- Offer Amount: ~$11.73M
- Shares Outstanding (post-offer): 17,708,000
- Lockup Period: 180 days
- Total Offering Expenses: $2,094,090
- CIK: 0002039096
💰 Financials
Revenue
- FY 2023: $8.24M
- FY 2024: $6.41M (↓ 22.2%)
- 6M Ended Dec 31, 2023: $3.28M
- 6M Ended Dec 31, 2024: $2.94M (↓ 10.6%)
Net Income / Loss
- FY 2023: $1.89M profit
- FY 2024: $0.84M profit (↓ 55.7%)
- 6M Ended Dec 31, 2023: ($109.7K) loss
- 6M Ended Dec 31, 2024: ($263.1K) loss
👉 Key Factor: COVID-driven cleaning demand boosted FY2023, but easing restrictions in 2023 caused revenue drop in FY2024.
🔑 Competitive Advantages
- First MSP app in Singapore offering same-day pay for part-time workers.
- Proprietary AI chatbot improves job-matching efficiency.
- SaaS-based TaskForce App integrates IoT & facial recognition for property/workforce management.
- Expansion of revenue sources beyond manpower supply into tech-driven recurring revenue streams (SaaS & licensing).
⚠️ Risks / Weaknesses
- High dependence on manpower contracting (cleaning services), which saw post-COVID decline.
- Small scale: Only 25 employees and <$7M annual revenue.
- Recent net losses (latest 6M period).
- Competition: Many MSPs in Singapore; differentiation mainly through technology.
- Short operating history as a Cayman-incorporated holding (since Sep 2024).
✅ In short, ELCG is positioning itself as a tech-enhanced manpower solutions provider in Singapore, with potential upside from SaaS growth but notable risks from small scale, reliance on manpower contracting, and declining post-COVID revenues.
ELC Group Holdings Ltd. (ELCG) – Company & IPO Profile
🏢 Company Snapshot
- Name: ELC Group Holdings Ltd.
- Proposed Symbol: ELCG
- Exchange: NASDAQ Capital Market
- Headquarters: Singapore (incorporated in the Cayman Islands, Sep 2024)
- Employees: 25 (as of 12/31/2024)
- CEO: Bee Khee Leann Koh
- Website: www.elconnect.sg
📌 Business Overview
ELCG is a manpower service provider (MSP) with a technology-driven model, connecting employers and job seekers across industries such as logistics, retail, F&B, manufacturing, cleaning, and events.
Key Products & Services:
- EL Connect App (for job seekers)
- AI-powered job matching chatbot.
- First in Singapore to offer same-day pay for part-time workers.
- Mobile-first, real-time job listings.
- TaskForce App (for employers)
- SaaS platform for property & workforce management.
- Integrates IoT sensors, facial recognition & robotics.
- Monetized via subscriptions and software licensing.
- Revenue Streams
- Manpower supply (part-time recruitment).
- Manpower contracting (cleaning services).
- SaaS subscriptions (TaskForce).
- Software licensing (customized versions of TaskForce).
- Project management services.
💰 IPO Details
- Price Range: $4.00 – $6.00 per share
- Shares Offered: 1,700,000 (plus 255,000 overallotment)
- Offer Size: ~$11.73 million
- Shares Outstanding (post-offer): 17,708,000
- Lock-up Period: 180 days
- Total Offering Expenses: ~$2.09 million
📊 Financials
Income Statement
- FY 2023 Revenue: $8.24M
- FY 2024 Revenue: $6.41M (↓22.2%)
- 6M Ended Dec 31, 2023: $3.28M
- 6M Ended Dec 31, 2024: $2.94M (↓10.6%)
- FY 2023 Net Income: $1.89M profit
- FY 2024 Net Income: $0.84M profit (↓55.7%)
- 6M Ended Dec 31, 2023: ($109.7K) loss
- 6M Ended Dec 31, 2024: ($263.1K) loss
Balance Sheet (as of Dec 31, 2024)
- Total Assets: $1,471,309
- Total Liabilities: $1,208,161
- Stockholders’ Equity: $263,148
📑 SEC Filings (U.S. SEC)
| Form | Date Filed | Notes |
|---|---|---|
| F-1 | 03/04/2025 | Initial registration statement |
| F-1/A | 05/15/2025 | Amendment |
| F-1/A | 06/27/2025 | Amendment |
| F-1/A | 07/09/2025 | Amendment |
| F-1/A | 07/25/2025 | Amendment |
| F-1/A | 08/07/2025 | Latest amendment |
⚖️ Key Risks & Challenges
- Declining cleaning services revenue post-COVID, which previously boosted results.
- Recent losses (net loss in latest half-year).
- Small scale ($2.9M revenue in 6M, $263K equity only).
- Competitive market in Singapore with many staffing agencies.
- Technology adoption risk — success depends on scaling SaaS and app usage.
- Foreign issuer risk — Cayman incorporation, Singapore operations, U.S. listing.
🔑 Investment Considerations
Bull Case (Pros):
- First-to-market advantage in Singapore with same-day pay model.
- SaaS & licensing expansion may provide recurring, higher-margin revenue streams.
- AI-driven job matching and property management apps offer scalability.
- Small float IPOs on NASDAQ can sometimes attract speculative interest.
Bear Case (Cons):
- Declining revenues post-pandemic, heavy reliance on contracting.
- Consistent profitability not yet proven (recent net losses).
- Very small equity base ($263K) raises dilution and solvency concerns.
- Execution risk in scaling SaaS/AI offerings outside Singapore.
👉 In short: ELC Group is a tiny Singapore-based manpower services company making a tech pivot via AI and SaaS apps. Its IPO is small ($12M raise), with growth potential in digital platforms, but investors face significant risks from scale, competition, and recent financial declines.