Pawnbroker Maxi-Cash to launch S$16.8m Singapore IPO

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Pawnbroker Maxi-Cash today launched an initial public offering (IPO) in Singapore, despite the volatile markets, to raise about S$16.8 million.

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.