Magnum Ventures fixes IPO price at Rs 30/share

Mumbai, Sep 5: Magnum Ventures, a company that operates in paper business, has fixed the offer price of its Initial Public Offering (IPO) at Rs 30 per share.

The Company, which has sold 1.76 crore shares through 100 per cent book building process, had earlier fixed the price band at Rs 27 and Rs 30 per share, sources at Magnum said.

The issue, which had closed on August 30, was subscribed 2.95 times. Qualified Institutional Bidder's (QIB) portion was subscribed around 2.34 times, non-institutional investor portion around 3.9 times while the retail investor portion was subscribed around 3.39 times. Shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange.

Magnum Ventures, which has over 25 years of experience in the business of trading and manufacturing of paper, has three manufacturing units in Sahibabad and Uttar Pradesh.

The Company has plans to modernise its production facilities at a project cost of Rs 50 crore and will soon venture into the hospitality sector by setting up a four star business hotel in Ghaziabad at a cost of Rs 102.63 crore, the Company added.

UNI