Maxi-Cash braves market with S$16.8m IPO
2012-06-13 16:40:32
Maxi-Cash Financial Services is set to be the first pawn broker to debut on the Singapore bourse as it launched an initial public offering to raise S$16.8 million despite weak markets.
Maxi-Cash said yesterday it is selling 56 million new shares at S$0.30 each and aims to list them on the Singapore Exchange's secondary Catalist board. Trading is expected to start on June 22.
Several large companies have pulled their planned IPOs on Asian bourses in recent weeks as concerns about the euro zone crisis and global growth hit markets.
Maxi-Cash has a network of pawnshops and retail outlets in Singapore and reported revenue of S$87.7 million in 2011 fiscal year, up from S$54.9 million in 2010 and S$10 million in 2009. It is a subsidiary of Aspial, a Singapore jeweller and property developer.
Canaccord Genuity Singapore is the sponsor, underwriter and placement agent for the IPO.