Magnum Ventures Limited IPO receives 2.95 times subscription

The Initial Public Offering (IPO) of Magnum Ventures Limited which closed for subscription on August 30, 2007 has received subscription of 2.95 times. The Company came with an IPO of 17640750 Equity Shares of Rs.10 each for cash at a price band of Rs.27/- to Rs.30/- per share through 100% book building process.

The issue received total bids for 51952400 equity shares against the offer of 17640750 shares. The issue received bids for 17401400 shares at Cut-off price.

Out of the issue, Qualified Institutional Buyers (QIBs) portion received bids for 20670000 equity shares against the offer of 8820375 shares resulting in a subscription of 2.3434 times.

The Non Institutional Investors portion of the issue received subscription of 3.9228 times with bids for 10380200 equity shares against the offer of 2646112 shares.

The Retail Individual Investors (RIIs) portion of the issue received bids for 20902200 shares against the offer of 6174263 shares resulting in a subscription of 3.3854 times.

The IPO opened for subscription on August 27, 2007. The Registrar to the issue is Bigshare Services Pvt Ltd.

Source : Equity Bulls

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