Magnum Ventures lists at Rs 37
Magnum Ventures lists at Rs 37 New Delhi-based paper manufacturer Magnum Ventures got listed at Rs 37 on the BSE with a premium of 23.33%, against its issue price of Rs 30 a share. > Shares of the company were last trading at Rs 57.80, up Rs 27.80, or 92.66%. Within minutes of opening a total of 4,127,008 shares were traded at the BSE. (10.07 am) It touched a high of Rs 66.70 and a low of Rs 36.95. The company had raised about Rs 528 million by issue 17.6 million equity shares of Rs 10 each, at a price of Rs 30. The initial public offer (IPO) was oversubscribed 2.95 times. The company will utilize the IPO proceed for technological up-gradation of two of its existing and also to enhance paper production and quality. Magnum Ventures also plans to foray into hotel business by setting up a 4 star deluxe hotel comprising 212 rooms in Sahibabad, NCR.
