Valuemax to raise $70.4m in IPO

Plans to offer 138m shares at $0.51 each.

According to OSK, Singapore's biggest pawnbroker chain by revenue, Valuemax, plans to raise about SGD70.4m by offering 138m shares which is about 25.9% of the company at SGD0.51 per share in an initial public offering to expand its business.

Valuemax will be the third pawnbroker to go public and is priced at a price-earnings ratio of 12.4 times based on the group's pro forma net earnings per share for the year ended Dec 31, 2012.

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