Maxi-Cash

Maxi-Cash: Dow Jones says the stock may fail to rise from its $0.30 IPO price on debut despite its offering of 56m new shares receiving solid interest; it was 4.3X subscribed. Says, the Catalist stock is likely to take its cue from expected market weakness, although the pawnshop operator's somewhat counter-cyclical business may provide some support. Maxi-Cash, which has 24 retail locations in Singapore, raised an estimated $15.1m in net proceeds, with the funds earmarked to expand its operations and for general working capital. It reported FY11 net profit of $3.11m. Although it didn't set a fixed dividend policy, Maxi-Cash plans a 60.0% payout rate for FY12.