Magnum Entertainment Group, Hong Kong's First Nightclub Operator To Go Public, Experiences Big IPO Pop On First Day Of Trading

Shares of Magnum Entertainment Group Holdings (HKG:2080), a Hong Kong-based nightclub and disco operator that went public at an offer price of HK$1.50 ($0.19), more than doubled to as high as $3.21 on its first day of trading Thursday, Bloomberg reported. Magnum's initial public offer, or IPO, which was oversubscribed more than 1,200 times according to the South China Morning Post, is reportedly the first by a nightclub operator in Hong Kong, and paves the way for a new business model for simila...