Monarch Surveyors makes solid D-Street debut; shares list at 68% premium

Monarch Surveyors stock listed at ₹421.25 per share, reflecting a premium of ₹171.25 or 68.5 per cent over the issue price of ₹250

Monarch Surveyors IPO listing today: Shares of civil engineering consultancy firm Monarch Surveyors & Engineering Consultants made a strong debut on the BSE SME platform on Tuesday, July 29, following the completion of its initial public offering (IPO). The company's stock is listed at ₹421.25 per share, reflecting a premium of ₹171.25 or 68.5 per cent over the issue price of ₹250. However, post-listing, the stock was trading 5 per cent lower from the listing price at ₹400.2.

 

Monarch Surveyors IPO listing underperformed the grey market expectations. Ahead of the debut, the unlisted shares of the company were trading at ₹460 in the grey market, commanding a premium of ₹210 or 84 per cent over the issue price, according to sources tracking unofficial markets. 

 

Monarch Surveyors IPO details

The public offering of Monarch Surveyors comprised an entirely fresh issue of 3.7 million equity shares, aggregating to ₹93.75 crore. It was available for subscription from Tuesday, July 22, to Thursday, July 24, at a price band of ₹237-250 per share, with a lot size of 600 shares.

 

The public issue received massive demand from investors, getting oversubscribed by 250 times by the end of the subscription period, as per BSE data. The basis of allotment for Monarch Surveyors IPO shares was finalised on Friday, July 25. The company set the issue price at ₹250 per share.  Bigshare Services was the registrar of the issue. Beeline Capital Advisors was the sole book-running led manager.

 

According to the red herring prospectus, the company proposes to utilise the IPO proceeds for purchasing machinery, meeting working capital requirements and general corporate purposes.   Check: Brigade Hotel Ventures IPO allotment Status

About Monarch Surveyors

Incorporated in 1992, Monarch Surveyors is a civil engineering consultancy firm. It is engaged in the business of providing comprehensive consultancy services from concept to commissioning of infrastructure projects. This includes surveying, design, and technical supervision for roads, railways, metros, town planning, geospatial mapping, land acquisition, water, transmission lines, pipelines, and other civil engineering sectors. The company’s expertise spans a wide array of sectors, including surveying, design services, and technical supervision.