Monarch Surveyors shares make stellar debut; list at ₹421.25 on BSE SME, up 68.5% from IPO price
The SME initial public offering (IPO), with a total issue size of ₹ 93.75 crore, was open for bidding from July 22 to July 24. The offering received an exceptional response from investors and was subscribed 250.65 times during the three-day bidding process.
The IPO attracted bids for 62.20 crore shares compared to the 24.81 lakh shares on offer. The retail investor portion was booked 263 times, while the non-institutional investor (NII) segment witnessed 317.05 times subscription. Meanwhile, the qualified institutional buyer (QIB) category was booked 179 times.
Monarch Surveyors IPO was entirely a fresh issue of 37.50 lakh shares with no offer-for-sale. It was priced in the range of ₹ 237-250. The IPO of Monarch Surveyors & Engineering Consultants has set the lot size at 600 shares, with the minimum investment for retail investors pegged at ₹ 2.84 lakh at the lower end of the price band. This corresponds to two lots or 1,200 shares.
The company intends to deploy the net proceeds from the IPO towards several key initiatives, including capital expenditure for machinery purchases, working capital requirements, and general corporate purposes aimed at supporting its expansion and operational needs.
Ahead of the public offering, Monarch Surveyors successfully secured ₹ 26.54 crore from anchor investors on July 21, demonstrating strong institutional interest in the issue.
The IPO was being managed by Beeline Capital Advisors Pvt Ltd, serving as the book-running lead manager, while Bigshare Services Pvt Ltd acts as the registrar. The market maker for the issue was Spread X Securities Private Limited.
Established in 1992, Monarch Surveyors & Engineering Consultants Limited is a seasoned civil engineering consultancy firm known for delivering end-to-end solutions across India's infrastructure sector.
The company's core offerings span a wide range of services, including topographic surveys, geotechnical investigations, project management consultancy, engineering design, land acquisition assistance, GIS mapping, and feasibility studies. Monarch's expertise lies in its ability to manage large-scale infrastructure projects with precision and efficiency.
Over the years, Monarch has built a strong track record by successfully executing projects across key sectors such as railways, roads, ports, and oil & gas. Its consultancy services encompass every critical phase of infrastructure development—right from detailed surveying and design to technical supervision and land acquisition support.
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