The SME IPO of Monarch Surveyors and Engineering Consultants Ltd closed with stellar subscription of 24.40 times, reflecting robust investor confidence despite market volatility. The issue opened on July 22, 2025 and closed on July 25, 2025, receiving an overwhelming response across all categories, especially retail individual investors (RIIs) and non-institutional investors (NIIs).
IPO Subscription Details
According to final exchange data, the ₹43.26 crore IPO saw bids for 4,15,65,600 shares against 17,04,000 shares on offer, resulting in an overall subscription of 24.40 times.
Category-wise Subscription
| Investor Category | Shares Offered | Shares Bid For | Times Subscribed |
|---|---|---|---|
| Retail (RII) | 5,68,000 | 1,38,72,000 | 24.42x |
| Non-Institutional (NII) | 5,68,000 | 1,52,36,800 | 26.81x |
| Qualified Institutional Buyers (QIB) | 5,68,000 | 1,24,56,800 | 21.92x |
| Total | 17,04,000 | 4,15,65,600 | 24.40x |
The IPO consisted of a fresh issue of 42 lakh equity shares at a fixed price of ₹103 per share, aggregating to ₹43.26 crore. There was no offer-for-sale (OFS) component, ensuring complete infusion of proceeds into business expansion.
Grey Market Premium (GMP) Trends
Market observers reported a surge in Monarch Surveyors’ GMP to ₹68-₹72 per share on the closing day, indicating an expected listing price of ₹171-₹175 per share, nearly 70% premium over the issue price.
GMP Movement During IPO
| Date | GMP (₹) | Estimated Listing Gain (%) |
|---|---|---|
| Day 1 | 58-62 | 56-60% |
| Day 2 | 63-65 | 61-63% |
| Day 3 | 68-72 | 66-70% |
About Monarch Surveyors and Engineering Consultants
Incorporated in 1997, Monarch Surveyors is a Mumbai-based infrastructure consultancy firm offering:
- Land and topographical surveys
- GIS and LiDAR mapping
- Structural engineering consultancy
- Project management consultancy for highways, railways, and urban infrastructure
The company has executed over 400 projects for public and private sector clients, with significant growth in government tenders and Smart City projects in the last five years.
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Opened | July 22, 2025 |
| IPO Closed | July 25, 2025 |
| Issue Price | ₹103 per share |
| Issue Size | ₹43.26 crore |
| Lot Size | 1200 shares |
| Minimum Investment | ₹123,600 |
| Listing Date | Expected July 30, 2025 |
| Exchange | NSE SME Emerge |
| Registrar | Kfin Technologies Ltd |
| Lead Manager | Narnolia Financial Services Ltd |
Financial Performance Snapshot
| Financial Metric | FY24 (Provisional) | FY23 | YoY Change (%) |
|---|---|---|---|
| Revenue (₹ crore) | 56.8 | 43.7 | +30.0 |
| EBITDA (₹ crore) | 14.2 | 10.6 | +34.0 |
| EBITDA Margin (%) | 25.0 | 24.2 | +80 bps |
| Net Profit (₹ crore) | 9.4 | 6.8 | +38.2 |
| EPS (₹) | 4.86 | 3.58 | +35.7 |
The company has reported strong revenue growth driven by rising project execution in road and rail infrastructure. Its EBITDA margin improvement reflects efficient project management and higher realisations in premium consultancy assignments.
Utilisation of IPO Proceeds
Monarch Surveyors plans to utilise net proceeds for:
- Purchase of advanced survey equipment and software to upgrade technological capabilities
- Repayment of certain borrowings to strengthen balance sheet
- Working capital augmentation to bid for larger government and smart city tenders
- General corporate purposes to support future expansion
Competitive Strengths
- Established track record of 25+ years in infrastructure consultancy
- Integrated services portfolio from land survey to PMC
- Experienced promoter and technical team with deep sector knowledge
- Robust order book across multiple infrastructure verticals ensuring revenue visibility
Risk Factors
- High dependency on government projects, exposing it to policy and tender delays
- SME IPOs face lower post-listing liquidity, increasing volatility risks for investors
- Limited client concentration with top five clients contributing nearly 50% of revenues
- Rapid technological changes in GIS and LiDAR mapping require constant upgradation
Market Outlook and Analyst Views
Analysts tracking SME IPOs noted:
“Monarch Surveyors’ impressive subscription reflects strong investor appetite for infrastructure consultancies amid India’s rising public capex push. Its financials are healthy, GMP is robust, but SME IPO investors must account for lower liquidity and higher volatility post listing.”
The broader IPO market has witnessed renewed momentum in July 2025, with recent SME IPOs like Maitreya Medicare and Radhika Jeweltech delivering significant listing gains, boosting sentiment among retail investors.
Key Dates Post IPO
| Event | Date |
|---|---|
| Basis of Allotment | July 26, 2025 |
| Refund Initiation | July 28, 2025 |
| Credit to Demat | July 29, 2025 |
| Listing Date | July 30, 2025 |
Conclusion
Monarch Surveyors and Engineering Consultants Ltd’s IPO closing with 24.40 times subscription, backed by strong retail and NII demand and rising GMP, underscores positive investor sentiment towards infrastructure consulting firms amid India’s rapid urban development. While the expected listing gains remain attractive, investors are advised to assess post-listing liquidity and sectoral concentration risks before final investment decisions.
Disclaimer
This news content is for informational purposes only. It is not intended as investment advice. Readers are advised to consult financial experts before making any business or investment decisions based on this report.
