Pappajack aims to raise RM50.1mil from IPO to fund expansion plans

KUALA LUMPUR: Pappajack Bhd, en route to a listing on the ACE Market of Bursa Malaysia on April 1, 2022, plans to raise RM50.1mil in proceeds from its initial public offering (IPO) of 167 million shares at 30 sen apiece

Of the proceeds, RM19.22mil will be allocated to the expansion of Pappajack’s new pawnbroking outlets within Peninsular Malaysia, RM27.08mil will go towards cash capital to existing pawnbroking outlets while the remaining RM3.8mil will be used to defray listing expenses.