Pawnshop operator, Pappajack Berhad (“Pappajack”), is scheduled to be listed on the ACE Market of Bursa Malaysia on April 1.  Under the initial public offering (IPO), the company will offer 167 million new shares at 30 sen each to raise RM50.1 million, which will partly finance the expansion of the company’s pawn shops across the country. If you are looking at Pappajack with interest, here are 9 things to know before you invest.   1. Business overview Pappajack operates 25 pawnbroking outlets in Peninsular Malaysia which are licensed by the Ministry of Housing and Local Government of Malaysia (KPKT), providing pawn loans of up to RM10,000 per pawn transaction (i.e. pawn ticket) against the pledges of gold (i.e. gold jewellery, gold bars and gold coins) and luxury watches.  For gold, Pappajack provides a loan margin of up to 90% of the prevailing market value (i.e. spot price) of the pledge. As...