Monarch Surveyors IPO closes with 231 times subscription: Check GMP, listing & allotment dates

Monarch Surveyors IPO

Pune-based Monarch Surveyors and Engineering Consultants closed its initial public offering on July 24 with a massive 231.43 times subscription on overwhelming response from across categories of investors.

The company that provides topographic surveys, project management consultancy to GIS mapping, and feasibility studies is raising Rs 93.75 crore via public issue of 37.5 lakh shares at Rs 250 per share.

Investors applied for 62.22 crore equity shares during July 22-24, compared to the offer size of 26.88 lakh shares via 3.18 lakh applications.

Retail and non-institutional investors took the lead, subscribing 263.01 times, and 228.62 times their allotted quota. The portion set aside for qualified institutional buyers was booked 179.01 times.

The company will finalise the IPO share allotment by July 25, and its equity shares will be available for trading on the BSE SME effective July 29.

The grey market premium for Monarch Surveyors IPO shares surged further to 70-80 percent, from 65 percent in previous session, the market observers said. The grey market is unofficial market for trading in IPO shares till the listing.

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The company that provides comprehensive consultancy services under concept to commissioning of infrastructure projects (including survey, design and technical supervision for roads, railways, metros, town planning, geospatial, mapping, land acquisition, water, transmission line, pipelines and other civil engineering sectors) intends to utilise Rs 32 crore of IPO proceed for purchase of machinery, Rs 30 crore for working capital requirement, and the remainder funds for general corporate purposes.

Beeline Capital Advisors acted as the merchant banker for the Monarch Surveyors IPO.