Monarch Surveyors IPO Sees Strong Start with 68.5% Listing Gain

Monarch Surveyors & Engineering Consultants made a stellar debut on the BSE SME platform on Tuesday. From the issue price of ₹250, the shares listed at ₹421.25, i.e., a whopping 68.5% premium. 

After a stellar listing, Monarch Surveyors shares hit the lower circuit of ₹400.20 at 10:02 AM. 

The engineering consultancy firm, which offers services across roads, ports, metro projects, and other infrastructure segments, saw robust demand across all investor categories during its IPO and received a total subscription of 231.43 times. 

Among investor categories, non-institutional investors led the charge with 228.62 times subscription, followed closely by individual investors at 263.01 times and qualified institutional buyers at 179.01 times.

The ₹93.75 crore initial public offering was entirely a fresh issue of 37.5 lakh equity shares. The company intends to use the IPO proceeds to fund working capital requirements, purchase of machinery, and general corporate purposes. 

Monarch Surveyors is engaged in the business of providing consultancy services in the infrastructure consultancy space, from planning, surveying, design, and project management services to government and private sector clients. The company’s revenue from operations had increased by 94.61% from ₹7167.70 lakhs in fiscal 2023 to ₹13949.18

lakhs in fiscal 2024. 

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