Infra consultancy provider Monarch Surveyors IPO to open on July 22

Monarch Surveyors IPO

Pune-based Monarch Surveyors and Engineering Consultants - which provides consultancy services under concept-to-commissioning of infrastructure projects - will launch its Rs 94 crore SME public issue next week on July 22 - priced at Rs 237-250 per share - with a likely listing by the end of the month.

The IPO comprises of entirely fresh issue of 37.5 lakh shares at a price band of Rs 237-250 per share for the book-building issue. The anchor book for institutional investors will be launched on July 21, a day before the issue opening and the offer will close for the public on July 24.

The company will finalise IPO share allotment by July 25, while the participants can start trading in Monarch Surveyors shares on the BSE SME effective July 29.

The consultancy services provide by Monarch Surveyors includes survey, design and technical supervision for roads, railways, metros, town planning, geospatial, mapping, land acquisition, water, transmission Line, pipelines and other civil engineering sectors.

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The company that competes with listed peers like Dhruv Consultancy Services and Rudrabhishek Enterprises intends to spend Rs 32 crore out of IPO proceeds for purchase of machinery, and Rs 30 crore for its working capital requirement. The remainder funds will be used for general corporate purposes.

The merchant banker handling the Monarch Surveyors and Engineering Consultants IPO is Beeline Capital Advisors.

Next week, so far, there will be four SME companies launching their public issues. TSC India, Swastika Castal, and Savy Infra & Logistics are other three IPOs.