Monarch Surveyors IPO Day 2: GMP Up 68%, Issue Subscribed Over 60 Times — Check Details
The IPO price band has been fixed at Rs 237 to Rs 250 per share.
The initial public offering (IPO) of Monarch Surveyors and Engineering Consultants Ltd. continued to see a strong response from investors on the second day of bidding on July 23. The BSE SME issue was fully booked within hours of launch on July 22.
The IPO saw an overall subscription of 64.91 times on Day 2, as per the BSE data till 4:15 p.m.
The Qualified Institutional Buyers (QIBs) segment was subscribed 11.84 times, while the Non-Institutional Investors (NIIs) category was booked 78.17 times. The retail portion of the IPO was booked more than 89.50 times.
Meanwhile, amid the rising demand for the SME issue, the grey market premium for Monarch Surveyors IPO surged to 68% on the second day of bidding.
Monarch Surveyors IPO GMP Today
According to Investorgain, the grey market premium (GMP) for the Monarch Surveyors SME IPO stood at Rs 170 per share as of 02:59 p.m. on July 23. The latest GMP indicates an estimated listing price of around Rs 420 over the upper limit of the issue price, implying a potential premium of 68% per share.
Note: GMP is not an official source of data and is based on speculation.
Monarch Surveyors IPO Key Details
The Monarch Surveyors IPO is a book-building issue worth Rs 93.75 crore, comprising a fresh issue of 37.5 lakh shares. The IPO price band has been fixed at Rs 237 to Rs 250 per share
The SME IPO is open for subscription from July 22 to July 24, with share allotment expected on July 25. Successful bidders will receive shares in their Demat accounts by July 28 and refunds to non-allottees will also be processed on the same day.
The company’s shares are scheduled to be listed on the BSE SME platform on July 29.
Beeline Capital Advisors Pvt. is the book-running lead manager, Bigshare Services Pvt. is the registrar and Spread X Securities Pvt. is the market maker for the issue.
About Monarch Surveyors and Engineering Consultants
Monarch Surveyors and Engineering Consultants Ltd. is a civil engineering consultancy firm. Its services include topographic surveys, project management, design and engineering, geotechnical investigations, land acquisition, GIS mapping and feasibility studies.
Use of Proceeds
Monarch Surveyors and Engineering Consultants Ltd. has proposed to use the IPO proceeds to fund the purchase of machinery, meet working capital requirements and for general corporate purposes.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
