Simplex Projets rises 75 pc on debut

New Delhi, Aug 3 (UNI) Construction firm Simplex Projects Ltd got listed this morning at Rs 323.75 on BSE and NSE, 75 per cent higher than its initial public offer price of Rs 185 share.

The volume of trade on BSE and NSE on the very first day totalled over 16 million equity shares.

The IPO of Simplex Projects received an overwhelming response from investors and was subscribed 82.78 times at the close of the issue on July 13. The company has received total bids for 24.83 crore equity shares against the public issue of 30,00,000 equity shares of Rs 10 each in the price band of Rs 170 to Rs 185 per equity share.

The company plans to use the proceeds for long-term working capital and to acquire plant and machinery.

UNI