MUMBAI: Simplex Projects Ltd’s initial public offering of 30 lakh equity shares through 100% book building route opened on Tuesday. The company has priced the Rs 10 share in the Rs 170-185 range. The issue closes July 13.

The company is into construction business, providing integrated engineering, procurement and construction services for civil and structural construction and infrastructure projects.

The net issue will constitute 25% of the fully diluted post-issue paid-up capital. UTI Securities is the book running lead manager and Cameo Corporate Services the registrar.

The equity shares will be listed on BSE and NSE.

The IPO proceeds are mainly for long term working capital, to acquire plant and machinery, and invest in subsidiary Simpark Infrastructure Pvt Ltd.

Simplex Projects’ total income grew to Rs 82.57 crore in 2006-07 (Apr-Mar) from Rs 41.82 crore in 2002-03. Net profit for the period rose to Rs 3.81 crore from Rs 67.65 lakh.

Total income for the year ended Mar 31, 2007 stood at Rs 136.24 crore and net profit Rs 10.49 crore.

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