Monarch Surveyors IPO receives 25.42 times subscription applications by start of Day 2

Mumbai, 23 July 2025: Monarch Surveyors IPO has received 25.42 times subscription application by 10:59 AM of Day 2. The retail individual investor segment recorded the highest level of participation, subscribing 37.08 times against the shares reserved for them.

Retail Investors Account for Maximum Subscriptions

The public issue opened on 22 July 2025 and will close on 24 July 2025. By the morning of Day 2, retail investors had bid for 4.88 crore equity shares against the 12.40 lakh shares reserved for them. This translates to a subscription of 39.32 times in the retail category, the highest among all investor classes so far.

Retail investors are permitted to apply for a maximum of 2 lots, which equals 1,200 shares, at the IPO price of ₹250 per share. This brings the minimum investment for retail applicants to ₹2,84,400.

The bidding trend reflects a notable participation rate in the retail category since the IPO opened, with investors showing continued interest throughout Day 1 and into Day 2.

Subscription Trends Across Other Categories

While retail applications led the overall demand, other investor categories also contributed to the issue. Non-institutional investors (NIIs), including high net-worth individuals, subscribed for 1.54 crore shares against 5.32 lakh shares reserved, reflecting a 30.76 times subscription.

Among NIIs, bids from investors applying above ₹10 lakh (bNII) reached 33.12 times, whereas the sNII category (below ₹10 lakh) saw 27.21 times subscription.

Qualified Institutional Buyers (QIBs) recorded a 2.23 times subscription, with bids placed for 15.80 lakh shares against an allocation of 7.08 lakh shares. This indicates a steady but measured response from institutional investors at this stage of bidding.

Day-Wise Bidding Progress Highlights Subscription Momentum

On Day 1 (22 July 2025), Monarch Surveyors’ IPO had already seen significant traction across categories. The total subscription stood at 18.36 times, with retail investors accounting for 27.60 times the subscription, NII at 18.30 times, and QIB at 2.21 times.

By Day 2, these figures had increased, particularly in the retail and NII segments. Retail investor subscription grew to 39.32 times, and NII participation rose to 30.76 times, indicating continued engagement through successive bidding hours.

Key IPO Information for Applicants

Monarch Surveyors IPO is a book-building issue of ₹93.75 crore, consisting entirely of a fresh issue of 37.50 lakh shares. The price band is fixed at ₹250 per share, and the issue will be listed on the BSE SME platform.

Anchor investors were allotted 10.61 lakh shares on 21 July 2025, raising ₹26.54 crore. These shares are subject to a lock-in period, with 50% locked until 24 August 2025 and the remaining 50% until 23 October 2025.

The IPO is managed by Beeline Capital Advisors Pvt Ltd as the lead book-running manager, with Bigshare Services Pvt Ltd acting as the registrar. Spread X Securities Private Limited is the designated market maker for the issue.

Share Allocation Breakdown

Out of the 37.50 lakh shares, the net offer to the public stands at 35.43 lakh shares. The allocation includes:

• 12.40 lakh shares for Retail Investors (33.09%)
• 5.32 lakh shares for NIIs (14.21%)
• 17.69 lakh shares for QIBs (47.18%)
• 2.07 lakh shares reserved for Market Maker (5.52%)
• 10.61 lakh shares allotted to Anchor Investors (28.30%)

Retail investors are limited to 2 lots per application, while sNII can apply between 3 to 6 lots, and bNII for 7 lots or more. Bidding at cut-off price is not permitted for any category.

Important Dates and Allotment Schedule

The IPO closes on 24 July 2025, with allotment expected on 25 July 2025. Refunds and credit of shares to demat accounts are scheduled for 28 July 2025. The tentative listing date on BSE SME is 29 July 2025.

Applicants using UPI must ensure mandate confirmation by 5 PM on 24 July 2025 to complete their bidding process.

The IPO continues to remain open for subscription until Thursday, and updated figures on the final day will determine the allotment basis across categories, particularly for the oversubscribed retail segment.

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