ValueMax plans to raise $70.4m in IPO

VALUEMAX Group, Singapore's biggest pawnbroking chain by revenue, is seeking about $70.4 million in an initial public offering to expand its business.

The company, set to be Singapore's first pawnbroking chain to list on the mainboard, plans to offer 138 million new shares, or 25.9 per cent of the company, at 51 cents each, its CEO, Yeah Hiang Nam, said at a briefing yesterday.

ValueMax will be the third pawnbroker to go public, after Maxi-Cash Financial Services and MoneyMax Financial Services made their debuts on the Catalist board in the past 18 months.