Monarch Surveyors IPO subscribed 17 times on Day 1; Retail, NII lead—GMP surges

Monarch Surveyors IPO subscribed 10 times in first four hours on Day 1.

Monarch Surveyors IPO got subscribed nearly 17 times on the first day of bidding on July 22, driven by overwhelming participation from retail and Non Institutional Investors (NIIs).

The initial share sale of Monarch Surveyors and Engineering Consultants Ltd SME issue received bids for 4.55 crore shares against 26.88 lakh shares on offer, according to BSE data.

The portion for qualified institutional buyers (QIBs) fetched a 2.21 times subscription. The non-institutional investors part got subscribed 13.18 times, and retail individual investors (RIIs) received a 27.60 times subscription.

Earlier, the issue raised Rs 26.53 crore from 19 institutional investors via anchor book on July 21.

Monarch Surveyors IPO: 19 institutional investors including Morgan Stanley, Aarth AIF buy Rs 26.53 cr worth shares via anchor book

The public issue opened for public subscription on July 22, with price band of Rs 237-250 per share, and close on July 24. The company targets to raise Rs 93.75 crore via public issue of 37.5 lakh shares which consists of entirely fresh issue

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Monarch Surveyors IPO GMP Today Price

According to websites tracking the grey market activities, the shares of Monarch Surveyors and Engineering Consultants are commanding a GMP of about 66 percent in the unregulated market. Investorgain quoted a GMP of Rs 165 for the shares of the company.

Pune-based Monarch Surveyors and Engineering Consultants provides consultancy services under concept-to-commissioning of infrastructure projects.

Shares of the company will be listed on BSE SME on July 29, while the allotment is expected on Bigshare Services Pvt Ltd on July 25.

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