MoneyMax Financial Services Successfully Lists On Singapore Exchange

Last week we wrote about MoneyMax Financial Services Ltd, the latest Initial Public Offering on the Singapore Exchange and its attempt to raise S$16.1 million (net proceeds of approximately S$14.4 million) from the sale of 53.8 million new shares at S$0.30 each.

On Friday August 2, 2013 it was official.

Singapore Exchange (SGX) today welcomed the listing of MoneyMax Financial Services Ltd. on Catalist (the sponsor-supervised listing platform of the Singapore Exchange Securities Trading Limited (the “SGX-ST”)) under the stock code “5WJ”.

MoneyMax was established in 2008 and is one of Singapore’s largest pawnbroking chains. Through its 27 outlets, MoneyMax provides pawnbroking services and the trading of pre-owned jewellery and watches.

The release continued,

Lim Yong Guan, Executive Chairman and CEO of MoneyMax said, “”We are delighted to have successfully completed our listing on the Singapore Exchange and to receive overwhelming response for our IPO. Through our commitment to provide an unrivalled pawning experience in all our shops by constantly innovating and improving, we have grown from our humble beginning with just one store in 2008, to become one of Singapore’s largest pawnbroking chains with a network of 27 stores as at 14 June 2013.

Today, we are also pleased to announce that we are increasing our outlets to 29 with the opening of two new outlets in Little India. We believe the listing will further enhance our public image and open up further growth opportunities. The funds raised will also help us to further expand our network of outlets and strengthen our market share in Singapore.”

Investor Response

The release from MoneyMax highlighted the investor response to the offering. The offering was fully subscribed.

The Invitation (the 53.8 million share @ S$0.30 each) comprises 2.0 million Offer Shares, 51.3 million Placement Shares and 500,000 Reserved Shares.
As at the close of the Invitation at 12.00 noon on 31 July 2013, there were 12,363 valid applications received for the 2.0 million Offer Shares available to the public for subscription. In total, an aggregate of 1,277.4 million Offer Shares were applied for by these applicants, with application monies received amounting to approximately S$383.2 million.

Sources: Singapore Exchange ReleaseMoneyMax Release.pdf

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