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Mumbai, July 13 The initial public offering of Simplex Projects Ltd was subscribed 88.50 times on the BSE and NSE at 7.00 p.m.

25.65 crore bids were received against the issue size of 30 lakh shares. Over 5 crore bids were received at the cut off price.

Bids were received across the price band of Rs 170-Rs 185. UTI Securities Ltd is the book running lead manager to the issue.

Simplex Projects is into construction businesses and provides integrated engineering, procurement and construction services for civil and structural construction and infrastructure projects.

The company plans to utilise the IPO proceeds to finance long-term working capital, acquisition of plant and machinery, and for making investment in its subsidiary Simpark Infrastructure Pvt Ltd.

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