Monarch Surveyors IPO Sees Massive Demand: Subscribed Over 250 Times, GMP Signals Strong Listing- Details Here

The IPO (Initial Public Offering) of Monarch Surveyors & Engineering Consultants Ltd received an overwhelming response from investors, closing on Wednesday, July 24, with a subscription of over 250 times. The Rs 93.75 crore IPO opened on July 22 and was fully booked within hours of launch.

Monarch Surveyors Subscription Details:

On the last day of the IPO, it was subscribed 250.65 times. This means the company received bids for over 62.20 crore shares, while only 24.81 lakh shares were available.

Retail investors had subscribed 263 times, non-institutional investors (NIIs) 317 times, and qualified institutional buyers (QIBs) 179 times, showing very strong demand across all categories in the IPO.

Monarch Surveyors IPO GMP:

The grey market premium (GMP) also jumped significantly, reaching around Rs 210 per share. This suggests that Monarch shares could list at approximately Rs 460, an 84% premium over the IPO price of Rs 250, according to investorgain.com.

However, GMP is unofficial and should not be the sole basis for investment decisions. Investors should look at market trends, the company's fundamentals, and their risk profile before investing.

Monarch Surveyors IPO Details:

The IPO was entirely a fresh issue of 37.5 lakh shares, with no Offer for Sale (OFS) component. Retail investors had to apply in a minimum of two lots (1,200 shares), requiring an investment of Rs 2.84 lakh.

The IPO was open for subscription between July 22 and July 24. The allotment of shares will take place on July 25, with refunds, if any, being initiated on July 28.

Beeline Capital Advisors Pvt Ltd is managing the Monarch Surveyors IPO as the lead book-running manager. Bigshare Services Pvt Ltd is handling the share allotment and investor-related services as the registrar.

Shares will be credited to investors' Demat accounts the same day, and the company is expected to be listed on the BSE SME platform on July 29.

The company plans to use the raised funds to buy machinery, support working capital, and meet general business needs.

About Monarch Surveyors:

Monarch Surveyors & Engineering Consultants Limited, founded in 1992, is a civil engineering consultancy firm that offers a wide range of services for infrastructure projects. These include surveying and mapping, design and engineering, project management, geotechnical investigations, land acquisition, and GIS-based planning.

The company has worked on projects in sectors such as railways, roads, ports, metros, and oil & gas. Its services are aimed at ensuring accurate planning and smooth execution of infrastructure developments. As of March 31, 2024, Monarch Surveyors employs 417 people.