Pawnbroker ValueMax surges in trading debut
SINGAPORE — Shares of ValueMax Group, one of the oldest pawnbroking chains here, surged as high as 17.6 per cent above its initial public offering (IPO) price in its trading debut yesterday, signalling strong investor interest in alternative finance providers in Singapore.
SINGAPORE — Shares of ValueMax Group, one of the oldest pawnbroking chains here, surged as high as 17.6 per cent above its initial public offering (IPO) price in its trading debut yesterday, signalling strong investor interest in alternative finance providers in Singapore.
ValueMax is the third pawnbroker to list in Singapore, after Maxi-Cash Financial Services and MoneyMax Financial Services.
The firm’s shares rose as high as S$0.60, versus its IPO price of S$0.51, before easing to S$0.525 at the close. It was the second most active counter by volume yesterday, with about 206 million shares changing hands.
ValueMax said it plans to acquire firms and set up new pawnshops and second-hand jewellery retail outlets. It also aims to distribute half of its net profit as dividends for each of its fiscal years from 2013 to 2015. AGENCIES
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