Monarch Surveyors & Engineering Consultants IPO Receives Stellar Response with 179.11x Subscription

Monarch Surveyors & Engineering Consultants Ltd., a leading infrastructure consultancy firm, has seen an overwhelming response from investors, with its IPO being subscribed 179.11 times. The book-built issue of ₹93.75 crores, fully comprised of a fresh issue of 37.50 lakh equity shares, opened for subscription from July 22 to July 24, 2025, and will now be listed on the BSE SME platform on July 29, 2025.

The IPO price band was set at ₹237 to ₹250, and the company opted to raise capital at the upper end of the band at ₹250 per share. This gives the company a market capitalisation of ₹353.9 crores at listing. With a lot size of 600 shares, the minimum investment for retail investors was ₹3,00,000 for 1,200 shares (2 lots).

About the Company

Monarch Surveyors & Engineering Consultants offers end-to-end infrastructure consultancy services across a wide range of sectors such as transportation, water, urban development, industrial, and environmental planning. The company has played a pivotal role in executing engineering solutions for Indian Railways, State Road Authorities, Municipal Bodies, and even internationally in Bhutan and Sri Lanka.

Its projects include transport surveys, detailed engineering designs, feasibility studies, and topographical analysis. The company is known for leveraging data analytics and GIS-based planning, making it one of the most technologically advanced consultancies in the Indian infra ecosystem.

IPO Details and Objectives

The entire IPO proceeds of ₹93.75 crores will be channelled into three core areas:

1. ₹3,198.89 lakhs for capital expenditure, primarily to purchase advanced machinery and technical tools required for engineering solutions

2. ₹3,000.00 lakhs for working capital needs, helping the firm maintain liquidity and scale operations

3. General Corporate Purposes, ensuring strategic flexibility in operations

The Book Running Lead Manager for the IPO is Beeline Capital Advisors Private Limited, with BIGSHARE Services Pvt. Ltd. acting as the registrar. Spread X Securities Private Limited is designated as the Market Maker for the issue.

Anchor Investor Participation

Ahead of the public offering, Monarch Surveyors successfully raised ₹26.53 crores from Anchor Investors, with a total allocation of 10,61,400 equity shares at ₹250 per share. This early trust from institutional investors helped boost retail interest and added credibility to the offering.

Subscription Status

The IPO saw massive interest across all investor categories, with the final day (July 24) recording a subscription of 179.11 times. This includes:

• High demand from Qualified Institutional Buyers (QIBs)

• Enthusiastic response from Non-Institutional Investors (NIIs)

• Substantial oversubscription by Retail Individual Investors (RIIs)

This type of subscription is uncommon in the SME IPO space and reflects strong investor belief in the company’s fundamentals and future prospects.

Grey Market Premium (GMP) and Listing Outlook

The Grey Market Premium (GMP) for the IPO was recorded at ₹150, which suggests a potential listing price of ₹400, representing a 60% premium over the issue price of ₹250. While GMP is unofficial and unregulated, it serves as a barometer of market sentiment, and in this case, indicates robust listing expectations.

Financial Strength and Performance

Monarch Surveyors has built a scalable and profitable business model with high-margin services, strong project execution, and low overhead. While detailed financials haven’t been disclosed publicly yet, the huge QIB and anchor investor interest signals strong balance sheet and cash flow visibility.

The company’s reliance on government and semi-government projects ensures consistent demand, especially as infrastructure remains a top priority under national development schemes like PM Gati Shakti, Smart Cities Mission, and Bharatmala.

Allotment and Listing Schedule

• IPO Allotment Date: July 25, 2025 (Friday)

• Listing Date: July 29, 2025 (Tuesday)

• Registrar Website: Investors can check allotment by visiting the registrar’s site and using PAN, DP ID, or Application Number

The allotment is expected to be completed on time with seamless integration into investor accounts via demat credit before listing day.

Analyst View & Recommendation

Analysts are bullish on Monarch Surveyors, citing:

• Strong sectoral demand for infrastructure consultants

• Global footprint with proven execution in Bhutan and Sri Lanka

• Technologically advanced operations using GIS, BIM, and AI tools

• Financial backing and anchor investor trust

However, they also advise caution to retail investors in terms of valuation. While the expected listing gain is attractive, the high IPO price of ₹250 may already factor in strong future growth. Long-term investors should wait for quarterly performance reports post-listing before making additional commitments.

Conclusion

The IPO of Monarch Surveyors & Engineering Consultants Ltd. has not only drawn heavy investor participation but also established confidence in India’s consulting-driven infra growth story. With a likely listing gain of 60%, the IPO may offer quick returns to short-term investors. For long-term investors, the company’s niche in engineering consultancy, diversified project experience, and solid financial planning provide a compelling investment case.

As the stock prepares to debut on BSE SME on July 29, all eyes are now on the opening bell performance and whether it will match or exceed the ₹400 expected listing price.

Would you like a real-time listing day report or post-listing technical analysis on this IPO?

Disclaimer: This review is for informational purposes only. It should not be construed as investment advice. Investors must consult their financial advisors before investing. Past performance is not indicative of future results. Investment in securities is subject to market risks.

The Upcoming IPOs in this week and coming weeks are M&B Engineering, Cash Ur Drive Marketing, Renol Polychem, Jyoti Global Plast, Takyon Networks, Mehul Colours, Aditya Infotech, Sri Lotus Developers & Realty, Lakshmi India Finance, Jyoti Global Plast, B.D. Industries (Pune), Kaytex Fabrics, Umiya Mobile, Repono, NSDL.

The Current active IPO are Shree Refrigerations, Sellowrap Industries, Shanti Gold International, Patel Chem Specialities, Brigade Hotel Ventures, Indiqube Spaces, GNG Electronics, TSC India.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.