Monarch Surveyors IPO: The ₹93.75 crore initial public offering (IPO) of Monarch Surveyors kicked off for subscription today, July 22. The SME IPO sailed through within a few hours of opening, amid strong demand from retail and HNI investors and strong grey market premium (GMP) trends.
Monarch Surveyors IPO will remain open for bidding till July 24. The issue entirely a fresh share sale of 37.50 lakh shares. Monarch Surveyors IPO price band has been fixed in the range of ₹237 to ₹250 per share. Investors can apply for the IPO is lots of 600 shares. For a retail investor the minimum lot requirement is two, resulting in an investment of ₹2,84,400.
The company plans to use the funds raised from the IPO for funding capex to purchase machinery and to meet working capital needs, along with general corporate purposes.
Monarch Surveyors IPO Subscription Status
As of 12.35 pm on the first day of the bidding, Monarch Surveyors IPO was subscribed 7.50 times as it garnered bids for 1,86,22,800 shares as against 24,81,600 shares on offer.
The retail portion was subscribed 11.91 times, and the NII portion was booked 6.99 times. At the same time, the QIB portion has received 0.17 times times bids so far.
Monarch Surveyors IPO GMP
The strong demand for the issue coincided with solid Monarch Surveyors IPO GMP. According to grey market observers, Monarch Surveyors IPO GMP today was ₹165 pr share, higher than ₹135 it was commanding a few days ago.
Considering the upper end of the price band and the prevailing GMP, Monarch Surveyors IPO share price could list at ₹415, a premium of 66%.
However, investors must not base their decision to apply for Monarch Surveyors IPO based on the GMP alone. They must take into consideration the fundamentals and their own risk appetite.
About Monarch Surveyors
Monarch Surveyors is engaged in the business of providing comprehensive consultancy services for infrastructure projects, which include survey, design and technical supervision for roads, railways, metros, town planning, geospatial, mapping, land acquisition, water, transmission lines, pipelines and other civil engineering sectors.
Beeline Capital Advisors is the book-running lead manager of the Monarch Surveyors IPO, while Bigshare Services is the registrar for the issue.
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