Tag Archive | "Maxi Cash"

Maxi Cash IPO off to a great start with a 30% surge

Maxi Cash IPO off to a great start with a 30% surge

Pawnbroker Maxi-Cash (stock code :5UF.SI) launched an initial public offering (IPO) in Singapore, in spite of  the volatile markets, to raise about S$16.8 million. On its first trading day, Maxi-Cash, surged 30 per cent above its initial public offering price on its debut yesterday.

The Catalist counter closed at 39 cents, compared to its IPO price of 30 cents. Over 85 million shares changed hands, making it the third most actively traded stock by volume.

In a statement, Maxi-Cash said it was offering 56 million new shares priced at S$0.30 each, in conjunction with its listing on the Catalist board.

The IPO consists both a placement tranche and a public offer.

The size of the placement tranche is 53.75 million shares, while the remaining 2.25 million shares will be offered to retail investors in Singapore.

Maxi-Cash said the IPO shares represent nearly 19 per cent of the group’s enlarged share capital of 296 million shares immediately post-IPO.

Of the estimated net proceeds of about S$15.1 million, Maxi-Cash said it intended to channel S$6 million to fund the expansion of its business operations, while the balance would be used for general corporate and working capital requirements.

Maxi-Cash opened its first pawn shop in Singapore in 2009 and now operates a network of pawnshops and retail outlets in 24 locations islandwide.

The company says its business has grown in tandem with its increased presence, with revenue increasing almost nine-fold from S$10.0 million in FY2009 to S$87.7 million in FY2011.

Posted in Featured, Singapore IPOs, Singapore Trading NewsComments (0)


 

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