Monarch Surveyors IPO: Latest GMP Rises To 66% As Issue Fully Subscribed On Day 1
The Monarch Surveyors IPO is a book-building issue of Rs 93.75 crore. It comprises entirely a fresh issue of 37.5 lakh shares.
The initial public offering (IPO) of Monarch Surveyors and Engineering Consultants Ltd. opened to a strong demand across investor categories on Tuesday. The BSE SME issue was fully subscribed within hours of launch, led by the retail investors.
Monarch Surveyors IPO received bids for more than 2 crore shares against 24.81 lakh shares on offer, the data from Chittorgarh till 1:05 p.m. showed. The SME issue was booked 8.37 times.
The Qualified Institutional Buyers’ (QIBs) segment was subscribed only 0.29 times, while the Non-Institutional Investors (NIIs) booked their category nearly 8 times. The retail portion of the IPO was booked 13.15 times.
Amid the strong demand for the public offer, the grey market premium (GMP) for the Monarch Surveyors IPO indicated a robust listing gain. As per the latest GMP, Monarch Surveyors IPO shares are likely to be listed at a premium of 66% over the issue price.
Here are the key details about Monarch Surveyors IPO for the investors looking forward to participating in the subscription.
Monarch Surveyors IPO GMP Today
The GMP for the Monarch Surveyors IPO stood at Rs 165 apiece as of 11:32 a.m. on July 22, according to InvestorGain. The latest GMP indicates a listing price of Rs 415 apiece at a premium of 66% over the upper limit of the price band.
Ahead of the launch, the GMP stood at Rs 160 apiece on July 21, indicating a premium of 64% over the issue price. The estimated listing price stood at Rs 410 per share on Monday, as per the GMP.
Note: GMP does not represent official data and is based on speculation.
Monarch Surveyors IPO: Key Details
The Monarch Surveyors IPO is a book-building issue of Rs 93.75 crore. It comprises entirely a fresh issue of 37.5 lakh shares.
To participate in the IPO, retail investors need to bid for two lots comprising 1,200 shares, requiring an investment of Rs 2,84,400. High Net-Worth Individuals need to bid for three lots, amounting to an investment of Rs 4,50,000.
The price band for the IPO is set between Rs 237 and Rs 250 per share.
The SME IPO is open for subscription from July 22 to July 24. The allotment of shares is proposed to be finalised on July 25. The company will transfer shares to the Demat accounts of successful bidders on July 28 and refunds for non-allottees will also be processed on the same day.
Shares of Monarch Surveyors and Engineering Consultants Ltd. are expected to be listed on the BSE SME platform on July 29.
Beeline Capital Advisors Pvt. is the book-running lead manager of the Monarch Surveyors IPO. Bigshare Services Pvt. is the registrar for the issue. The market maker for Monarch Surveyors IPO is Spread X Securities Pvt.
Use Of Proceeds
The company has proposed to use proceeds from the IPO to fund capital expenditure for purchasing machinery, fund working capital requirements and for general corporate purposes.
About Monarch Surveyors
The company provides consulting services for infrastructure projects in India and abroad. Its services include engineering surveys, feasibility studies and geotechnical investigations.
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.
