Monarch Surveyors & Engineering Consultants Ltd., a well-established infrastructure consultancy firm, is launching its initial public offering (IPO) to raise ₹93.75 crore via the Book Built Issue route. The issue opens on 22 July 2025 and closes on 24 July 2025, with listing scheduled tentatively on 29 July 2025 on the BSE SME platform.

The company provides end-to-end engineering consultancy services across domains such as transportation, urban planning, water, industrial infrastructure, and environmental planning. Notably, its operations are not limited to India—it has also executed high-value consultancy projects in Sri Lanka and Bhutan.

IPO Structure & Investment Details

The IPO consists of a fresh issue of 37.50 lakh shares. The price band for the IPO is set at ₹237 to ₹250 per equity share, with a lot size of 600 shares. Retail investors need to subscribe to at least two lots (1,200 shares), which translates to a minimum investment of ₹3,00,000.

At the upper price band of ₹250, the company’s post-issue market capitalization is projected to be ₹353.9 crore.

• Book Running Lead Manager: Beeline Capital Advisors Private Limited

• Registrar: Bigshare Services Private Limited

• Market Maker: Spread X Securities Private Limited

Use of IPO Proceeds

Monarch Surveyors plans to deploy the net proceeds from the IPO for the following objectives:

1. ₹3,198.89 lakh for the purchase of advanced machinery to upgrade its service infrastructure.

2. ₹3,000 lakh to meet working capital requirements and manage increased project scale.

3. The remaining funds will go toward general corporate purposes, ensuring operational flexibility and brand development.

Anchor Investment Participation

On 19 July 2025, the company successfully raised ₹26.53 crore through its Anchor Investor allocation, pricing each share at ₹250—the upper end of the band. A total of 10,61,400 equity shares were allocated, reflecting strong institutional confidence.

Anchor shares are allotted from the Qualified Institutional Buyers (QIBs) reservation and reinforce the belief that the issue will likely price at the upper band.

Grey Market Premium (GMP) & Listing Expectations

As of 19 July 2025, the GMP (Grey Market Premium) of Monarch Surveyors IPO is reported at ₹80 per share. Based on the upper band IPO price of ₹250, this implies an expected listing price of ₹330, resulting in a 32% premium.

⚠️ Note: While GMP is not a regulated or reliable indicator, it does reflect investor sentiment in the grey market. The demand-supply mechanics in this informal market often signal early listing expectations but should not form the sole basis for investment decisions.

Financial Performance Snapshot

Monarch Surveyors has displayed a consistent and strong financial growth trajectory over the past three years:

This rapid growth reflects the company’s dominance in civil engineering consultancy, particularly in large-scale infrastructure and urban development projects.

Valuation Metrics & Return Ratios

• Pre-issue EPS (FY24): ₹33.47

• Post-issue EPS (FY24): ₹24.61

• Pre-issue P/E Ratio: 7.46x

• Post-issue P/E Ratio: 10.16x

• Industry P/E Benchmark: ~20x

This suggests the IPO is fairly valued, even leaving room for valuation expansion post listing.

Return Ratios:

• Return on Capital Employed (ROCE): 39.59%

• Return on Equity (ROE): 32.01%

• Return on Net Worth (RoNW): 32.01%

Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a solicitation to buy or sell any securities. Investors should perform their own due diligence or consult a SEBI-registered financial advisor before making any investment decisions. All data is based on information available as of the publication date and may be subject to change.

The Upcoming IPOs in this week and coming weeks are Sellowrap Industries, Repono, Shanti Gold International, Indiqube Spaces, GNG Electronics, Brigade Hotel Ventures, Patel Chem Specialities, Monarch Surveyors & Engineering Consultants, TSC India, NSDL.

The Current active IPO are Swastika Castal, Savy Infra.

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