Monarch Surveyors IPO Day 1: Subscribed 20x, GMP Hits ₹165 – Should You Apply?
Monarch Surveyors & Engineering Consultants’ ₹93.75 crore IPO opened on July 22 and witnessed an enthusiastic response from investors right from the start. Within minutes of opening, the issue was fully subscribed, reflecting strong investor sentiment and a sharp rise in grey market premium (GMP).
Strong Day 1 Subscription Status
By afternoon, the IPO was subscribed 12.60 times, with over 3.12 crore shares bid against just 24.81 lakh shares on offer. The retail segment was the highlight, with bids nearly 20 times the allocated quota. Non-institutional investors followed with a 12x subscription, while Qualified Institutional Buyers (QIBs) subscribed 1.19 times.
GMP Surges to ₹165
The grey market premium has surged to ₹165 per share, compared to ₹135 a few days back. With the IPO’s price band set between ₹237 and ₹250, the projected listing price could touch ₹415 — a potential 66% gain. However, GMP is unofficial and should not be the sole factor in investment decisions.
IPO Details at a Glance
- Price Band: ₹237 – ₹250 per share
- Lot Size: 600 shares
- Minimum Investment (Retail): 2 lots = ₹2,84,400
- Issue Size: 37.50 lakh fresh equity shares
- IPO Open: July 22 to July 24
- Allotment Date: July 25
- Refunds & Demat Credit: July 28
- Listing Platform: BSE SME on July 29
Anchor Investment
On July 21, Monarch Surveyors secured ₹26.54 crore from 19 anchor investors. Key names include Aarth AIF Growth Fund, Morgan Stanley Asia (Singapore), Beacon Stone Capital, Innovative Vision Fund, and Viney Growth Fund.
Company Background
Founded in 1999 and headquartered in Pune, Monarch Surveyors is a full-fledged civil infrastructure consultancy offering services like surveying, design, geospatial mapping, land acquisition, technical supervision, and project execution planning. The company employs over 500 professionals and is currently handling 68 high-value projects across India, mainly for public sector clients.
Financial Performance
For the financial year ending March 2025, the company reported a 10% rise in revenue and a 16% jump in profit after tax, showcasing consistent financial growth.
Utilization of Funds
- Purchasing new machinery
- Meeting working capital needs
- General corporate purposes