MoneyMax Financial Services Ltd.'s stock soared 4.09% during intraday trading on Monday, following the successful completion of a significant capital raising initiative.

The surge comes after the company announced it has raised approximately S$44.3 million through a fully-subscribed private placement of 53 million new ordinary shares at S$0.835 each. The placement was taken up by institutional investors including Fullerton Fund Management, Lion Global Investors, and Eastspring Investments. Net proceeds of about S$43.4 million are earmarked for general working capital, with a focus on expanding the company's pawnbroking portfolio and purchasing retail inventory. Furthermore, the transaction increases the company's public float to approximately 16.9%, meeting the minimum requirement for its planned transfer from the Catalist board to the SGX Main Board, targeted for completion in the first week of May.