Pappajack debuts 30% above IPO price at 39c
KUALA LUMPUR: Papaajack Bhd, a licensed pawnbroker, opened today at 39 sen per share, a premium of nine sen or 30% to its issue price of 30 sen per share.
Announcing its debut on Bursa Malaysia’s ACE market, Pappajack Managing Director and CEO Lim Boon Jua said the company is entering a new phase of growth as the listing affirms its leading position in the lending industry. on pledge.
“We have come a long way since we opened our first pawnshop outlet in Klang, Selangor, and today we are proud to be the first group of licensed pawnbrokers to be listed. in Bursa Malaysia’s ACE market.
“We have worked diligently since 2014 to grow our business and finally we are seeing the fruits of our hard work,” Lim said in a statement.
Pappajack had previously announced that it intended to use the proceeds of RM50.1mil from the initial public offering (IPO) for cash capital and funding for the expansion of its outlets.
In addition, the company will acquire third-party pawnshop outlets in Peninsular Malaysia to further expand.
“Pawnbroking has been around for centuries as an essential service for people in need of immediate funds by pledging their valuables as collateral for a cash advance on which they are charged interest.
“Today pawnbrokers in Malaysia are classified as non-banking financial institutions, pawnbroking complements the financial ecosystem by providing short-term micro-loans to customers financially unserved or underserved by financial institutions conventional,” Lim said.
He added that pawnbrokers continue to play a vital role in supporting people who are looking for immediate funds to meet their temporary financial needs in a convenient, fast and flexible way.
Along with the title’s debut, Pappajack announced the opening of two new pawnshop outlets in Selangor, including the first of five planned new outlets.
Including recently launched outlets, Pappajack has a total of 27 pawnshop outlets in operation.