Magnum Ventures IPO to list on Sept 20

Magnum Ventures Limited, engaged in paper production and hospitality business, will list on the bourses with 3,76,01,884 shares on September 20, 2007.

Magnum Ventures IPO price has been fixed at Rs 30 per equity share at higher end of band of Rs 27-30.IPO was subscribed 2.95 times.

Magnum Ventures has more than 25 years of experience in the business of trading and manufacturing of paper .From the funds raised from the IPO the company is planning to modernise its production facilities of its Paper Unit II and III by technological upgradation including replacement of plant and machinery with regard to manufacturing of duplex board, writing and printing paper, and allied sections such as chemicals and fibre recovery section, recycling of backward system, etc., at a project cost of Rs 50 crore.

The company has also plans to venture into the hospitality sector and is setting up a 4-Star business hotel with 212 rooms, conference halls, food & beverages and other facilities, in Sahibabad District, ( Ghaziabad) (close to Delhi), at a cost of Rs 102.63 crore.

Magnum Ventures will list tommorrow on both the BSE and NSE stock exchanges.

Share Symbol for Magnum Ventures on NSE is (MAGNUM)

Script Code for Magnum Ventures on BSE is (532896)

Investors who have recieved the allotment of shares hope the bull run continues tommorrow and Magnum Ventures IPO listing does very well tommorow on the stock exchanges.