From Reuters Dot Com
SINGAPORE, June 12 (Reuters) - Maxi-Cash Financial Services Corp Ltd 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 ($13 million) despite weak markets.
Maxi-Cash said in a statement on Tuesday it is selling 56 million new shares at S$0.30 each and aims to list them on 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.
The main Straits Times Index has fallen around 8 percent from the year’s high of 3,035.8 points in mid-March.
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$10.0 million in 2009.
The company is a subsidiary of Aspial Corp, a Singapore jeweller and property developer.
Canaccord Genuity Singapore Pte Ltd, formerly known as Collins Stewart Pte Ltd, is the sponsor, underwriter and placement agent for the IPO.
From the estimated net proceeds of around S$15.1 million, Maxi-Cash aims to use S$6 million to expand in Singapore and the balance will be for general corporate and working capital requirements, it said. ($1 = 1.2827 Singapore dollars) (Reporting by Eveline Danubrata; Editing by Anshuman Daga)