The public issue will close on July 24, and allotment is expected to be finalized on July 25. The shares are scheduled to be listed on the BSE SME platform on July 29, marking an important milestone for the company in its growth journey.
Subscriptions: Retail leads the charge
Investor enthusiasm is evident in the subscription numbers. As of 11 AM on July 23 (Day 2), the IPO had received strong interest across all investor categories.
Retail Individual Investors (RIIs) led the subscription momentum, applying for shares 38.44 times over their allotted quota of 12,40,800 shares. This overwhelming response highlights strong interest from everyday investors, likely driven by expectations of attractive listing gains.
Close behind were the Non-Institutional Investors (NIIs)—including high-net-worth individuals and private firms—who subscribed 22.07 times their reserved portion of 7,39,800 shares. On the institutional front, Qualified Institutional Buyers (QIBs), including entities like banks and mutual funds, showed solid participation as well, with a subscription rate of 2.23 times their allocated shares.
This overwhelming response has driven the overall subscription tally to 24.40 times, signaling strong market confidence in the company’s prospects. Retail demand, in particular, reflects excitement around potential listing gains and the company’s growth potential in the niche engineering consulting sector.
GMP signals robust listing premium
Adding to the buzz is a Grey Market Premium (GMP) of 68%—a significant indicator of investor sentiment. With the upper price band at Rs 250, the GMP of 68% suggests that shares are trading in the unofficial market at around Rs 420, a premium of Rs 170 per share. This implies that the stock is likely to debut well above its issue price, provided market conditions remain stable.Grey market trends, while unofficial, often give a fair indication of how the stock may perform on listing day. A high GMP like this one reflects strong pre-listing demand and investor optimism about Monarch Surveyors’ future performance.
Investor category reservations
The minimum amount of investment required by an individual investor (retail) is Rs 2,84,400 (1,200 shares). The minimum lot size investment for HNI is 3 lots (1,800 shares) amounting to Rs 4,50,000.
The IPO is being managed by Beeline Capital Advisors, with Bigshare Services acting as registrar. Spread X Securities is the market maker.
Headquartered in Mumbai, Monarch Surveyors provides end-to-end civil engineering consultancy services across the infrastructure landscape — including roads, railways, ports, oil & gas, and urban transit systems.
Its offerings span surveying and mapping, geotechnical investigations, GIS-based land planning, engineering design, project reports, and bid process management.
The company prides itself on precision, technical depth, and optimal resource utilisation — strengths that have helped it build a wide client base and execute high-stakes projects efficiently.
Monarch Surveyors has seen consistent financial growth, with revenue rising 10% year-on-year to Rs 155.66 crore in FY25, while profit after tax surged 16% to Rs 34.83 crore.
The IPO proceeds are aimed at scaling operations. About Rs 32 crore will be used to fund capital expenditure for new machinery, Rs 30 crore for working capital needs, and the rest towards general corporate purposes.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
