The popular nightspots Beijing Club, Billion Club and Magnum Club are owned by the Magnum Entertainment Group which has announced its flotation on the Hong Kong Stock Exchange. If you ever wondered why so many new bars and clubs open here’s a clue, according to the IPO documents the group revenue for 2012-13 was $173million (up from $134million the previous year) returning a pre-tax profit of $34million! The company will trade under the name Magnum Entertainment with the stock code 02080 and is looking to raise between $80-$120million through the sale of 84million shares at an indicative price of between HK$1.0 and HK$1.5 per share.
The HK public offer closes on the 16 January and the final offer price and allotment results will be announced on 22 January. Dealing in the shares will commence on the main board on 23 January. More details on the IPO can be found here http://www.etnet.com.hk/www/eng/stocks/ci_ipo_detail.php?code=02080&type=listing