The IPO of Monarch Surveyors and Engineering Consultants Ltd witnessed a blockbuster opening on Day 1 as it was subscribed 11 times within just four hours of bidding, driven by overwhelming demand from retail individual investors (RIIs) and non-institutional investors (NIIs). This strong response has boosted the grey market premium (GMP), signalling robust listing expectations.
IPO Subscription Status
According to data available from the exchanges till early afternoon, the ₹43.26 crore SME IPO received bids for over 11.03 times the shares on offer, reflecting strong market appetite despite volatility in broader indices.
Category-wise Subscription
| Investor Category | Shares Offered | Shares Bid For | Times Subscribed |
|---|---|---|---|
| Retail (RII) | 5,68,000 | 72,85,600 | 12.8x |
| Non-Institutional (NII) | 5,68,000 | 59,77,600 | 10.5x |
| QIB | 5,68,000 | 4,25,600 | 0.75x |
| Total | 17,04,000 | 1,36,88,800 | 11.03x |
The IPO consists of a fresh issue of 42 lakh equity shares at a fixed price of ₹103 per share, aggregating to ₹43.26 crore. There is no offer-for-sale (OFS) component.
Grey Market Premium (GMP) Trends
Market observers reported that Monarch Surveyors IPO is commanding a grey market premium of ₹58-₹62 per share, implying an estimated listing price in the range of ₹161-₹165 per share, representing nearly 60% premium over the issue price.
GMP Movement Over Last 5 Days
| Date | GMP (₹) | Listing Gain % (Est.) |
|---|---|---|
| Day of IPO opening | 58-62 | 56-60% |
| One day prior | 51-54 | 49-52% |
| Two days prior | 45-47 | 43-45% |
| Three days prior | 40-42 | 38-40% |
| Four days prior | 37-39 | 35-37% |
About Monarch Surveyors and Engineering Consultants
Incorporated in 1997, Monarch Surveyors is a Mumbai-based infrastructure consultancy firm providing services including:
- Land survey, GIS, and LiDAR mapping
- Structural engineering and architectural consultancy
- Project management consultancy (PMC) for government and private sector infrastructure projects
The company has executed over 400 projects across roads, highways, railways, irrigation, and urban planning segments.
Utilisation of IPO Proceeds
The net proceeds from the IPO will be utilised towards:
- Purchase of equipment and software for survey and consultancy services
- Repayment of certain borrowings
- Working capital requirements
- General corporate purposes
Financial Performance Overview
| 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’s strong revenue and profit growth, healthy margins, and robust order book have boosted investor confidence in the IPO despite it being a small-cap SME issue.
IPO Broker and Registrar Details
- Lead Manager: Narnolia Financial Services Ltd
- Registrar: Kfin Technologies Ltd
- Market Lot: 1200 shares
- Minimum Investment: ₹123,600 (1200 shares x ₹103)
Analyst Views
Analysts tracking SME IPOs noted:
“Monarch Surveyors’ domain expertise in infrastructure consultancy, healthy financials, and premium GMP indicate high listing day interest. However, investors should consider SME stock liquidity risks and align exposure with risk appetite.”
IPO Timetable
| Event | Date |
|---|---|
| IPO Opening Date | July 22, 2025 |
| IPO Closing Date | July 25, 2025 |
| Basis of Allotment | July 26, 2025 |
| Refunds Initiation | July 28, 2025 |
| Shares Credit to Demat | July 29, 2025 |
| Listing Date | July 30, 2025 |
Competitive Strengths
- Established brand with 25+ years track record in infrastructure consultancy
- Integrated service offerings from survey to project management
- Experienced management team with domain expertise
- Diversified order book across highways, railways, and urban development sectors
Risk Factors
- SME IPOs are subject to low liquidity post listing
- Dependency on government infrastructure project approvals and fund releases
- Limited client concentration; top 5 clients contribute over 50% revenue
- Volatility in grey market does not guarantee actual listing gains
Market Outlook
The IPO market has seen renewed enthusiasm in July 2025 with strong listing gains in recent SME IPOs like Radhika Jeweltech and Maitreya Medicare, boosting retail participation. Analysts believe the robust response to Monarch Surveyors IPO indicates positive sentiment towards infrastructure-related companies amid India’s ongoing capital expenditure push.
Conclusion
Monarch Surveyors IPO’s massive subscription of 11 times within four hours on Day 1, led by retail and NII investors, and a surging GMP underscore the strong market appetite. The focus now shifts to final day subscription data and listing performance, which is keenly awaited by investors aiming to capitalise on India’s infrastructure growth story.
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.
