Stamford Law advised on the listing of Maxi-Cash Financial Services Corporation, a leader and innovator in the Singapore pawnbroking industry on the SGX-ST Catalist, raising a significant amount of proceeds in the face of a volatile and difficult economic situation. A public offer of 56 million new shares at SGD0.30 each was made and an overwhelming response (especially in the case of the public retail offer, which was 88 times subscribed) was received. Maxi-Cash surged 30 per cent above its initial public offering price on its debut, closing at 39 cents. Over 85 million shares had changed hands, resulting in it being the third most traded stock by volume.
In an article published on Reuters.com, a local trader commented that: “There’s a perception that Maxi-Cash’s earnings may be more defensive because even during times of recession, the pawnbroking business will still do well.”
Maxi-Cash, a subsidiary of the listed jeweller and property developer, Aspial Corp Ltd, is the first pawnbroker to debut on the Singapore bourse.
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