Simplex Projects to list above Rs 300: Experts

Integrated engineering and construction service provider Simplex Projects will list on the bourses with 1,20,00,378 shares on August 3, 2007. The offer price fixed at Rs 185 per share. Its BSE ID is 532877 and NSE ID is SIMPLEX.

Analysts told Moneycontrol.com that Simplex is expected to list above Rs 300 and recommended holding for short term.

Investment Advisor, S P Tulsian feels that the stock will list at around Rs 300 and advised investors to book profits.

R S Iyer of KR Choksey Securities says, "Simplex was supposed to list at around Rs 335 but looking at the market situation, it will list around Rs 250 levels. People can book profits, if it crosses Rs 300 mark otherwise they can hold till the level of Rs 300."

According to Manish Bhatt of Prabhudas Lilladher, "The share will list with premium of Rs 145 above its issue price of Rs 185. People should hold the stock for short to medium term view."

The company had entered capital market with an initial public issue of 30-lakh equity shares of Rs 10 each in the price band of Rs 170-Rs 185 through a 100 per cent book building process.

The issue had received a overwhelming response from non-institutional investors, followed by QIBs and retail investors. Overall it subscribed 85.53 times.

UTI Securities is the book running lead manager and Cameo Corporate Services Limited is the registrar to the issue.