Monarch Surveyors IPO Seeing Strong Subscription Demand

Mumbai, July 22, 2025: The ₹93 crore Initial Public Offering (IPO) of Monarch Surveyors and Engineering Consultants Ltd continued to attract robust interest on Day 1, recording an overall subscription of 3.08 times by 10:53 AM. Early bidding was notably dominated by retail and high-net-worth investors, while Qualified Institutional Buyers (QIBs) were yet to participate.

Subscription Status (as of 11:15 AM, July 22)

Overwhelming Response From Retail Investors

The IPO witnessed overwhelming participation from retail investors, who placed more than 5,300 applications, subscribing their allocated portion by an impressive 5.21 times. This surge in retail demand indicates strong confidence in Monarch Surveyors’ business fundamentals and its positioning within the infrastructure consultancy sector. This segment’s robust interest is a key highlight of the early subscription trends.

Among Non-Institutional Investors (NIIs), those bidding above ₹10 lakh subscribed 3.18 times, while smaller HNIs (bidding up to ₹10 lakh) oversubscribed their portion by 3.77 times, reflecting healthy traction from both segments. In total, NIIs contributed bids for over 18 lakh shares, against a reservation of just 7.39 lakh shares.

However, Qualified Institutional Buyers (QIBs) have not yet placed any bids. This is typical in SME IPOs where institutional activity often picks up closer to the final day of the offer. Their eventual participation will be crucial in determining the overall institutional confidence and price discovery outcome.

With two days still left for bidding and momentum building steadily, Monarch Surveyors’ IPO is poised to attract further traction across all investor categories, with retail investor interest being a significant driver so far.

Key IPO Details

Financial Performance

Monarch Surveyors and Engineering Consultants Ltd has demonstrated consistent financial growth. For the fiscal year ended 31 March 2025, the company reported a revenue from operations of ₹155.66 crore, marking a 10% year-on-year increase from FY24. Profit After Tax (PAT) for FY25 surged by 16% to ₹34.83 crore. This robust performance is also reflected in key metrics such as Return on Equity (ROE) at 32.01%, Return on Capital Employed (ROCE) at 39.59%, and a healthy PAT Margin of 22.60% for FY25. The company’s Net Worth stood at ₹108.80 crore as of 31 March 2025. These figures underscore the company’s financial stability and growth trajectory ahead of its IPO.

IPO Analysis For Retail Investors

For retail investors considering Monarch Surveyors and Engineering Consultants Ltd’s IPO, several factors stand out. The company operates in the growing infrastructure consultancy sector, offering a wide range of services from surveying to project management. Its strong financial performance, with revenue rising to ₹155.66 crore and profit after tax increasing to ₹34.83 crore in FY25, indicates a healthy and expanding business.

The retail portion of the IPO has already seen an outstanding subscription of 5.21 times on Day 1, demonstrating strong investor enthusiasm. While the minimum investment for retail investors is ₹1,50,000 for a lot of 600 shares (at the upper price band of ₹250 per share), this IPO falls under the SME segment, which typically carries higher risks and rewards compared to mainboard IPOs.

The IPO proceeds of ₹93 crore are earmarked for crucial activities: approximately ₹32 crore for capital expenditure on new machinery, ₹30 crore for working capital needs, and the remainder for general corporate purposes. This transparent utilisation of funds for business expansion could be seen as a positive. The listing on the BSE SME platform is scheduled for 29 July 2025, providing a relatively quick liquidity event for successful allottees. While institutional participation is yet to commence, the current strong retail interest suggests a positive sentiment for the company’s prospects.

However, it is utmost important that investors analyse the IPO Issue along with the company’s strengths and risk factors and take a decision accordingly.

How To Apply To Monarch Surveyors IPO

Retail investors can apply for the Monarch Surveyors and Engineering Consultants Ltd IPO primarily through the ASBA (Application Supported by Blocked Amount) facility, which is available via various online and offline channels:

1. Through Your Bank’s Net Banking or Mobile App (ASBA):
   • Log in to your bank’s internet banking portal or mobile application. Ensure your bank is a Self-Certified Syndicate Bank (SCSB). Most major Indian banks offer this facility.
   • Navigate to the ‘Investments’ or ‘IPO’ section.
   • Select the “Monarch Surveyors and Engineering Consultants Ltd IPO” from the list of ongoing public issues.
   • Fill in your bid details, including the number of shares (in multiples of the lot size, e.g., 600 shares) and your bid price (you can choose the ‘cut-off price’ option for retail bids).
   • Provide your Demat account details (DP ID and Client ID) where the shares will be credited if allotted.
   • The application amount will be blocked in your bank account, not debited immediately. It will only be debited if shares are allotted to you.
   • Confirm and submit your application. You will receive a unique application number.
2. Through Your Broker’s Platform (if offered, often via UPI):
   • Many stockbrokers offer a seamless online IPO application process through their trading platforms or mobile apps.
   • Log in to your trading account and navigate to the IPO section.
   • Select the Monarch Surveyors IPO.
   • Enter your bid quantity (in lots) and price.
   • Provide your UPI ID. You will receive a mandate request on your UPI app (e.g., Google Pay, PhonePe, BHIM).
   • Approve the mandate on your UPI app to block the funds for the IPO application.

Important points to remember:

• You can only submit one application per Permanent Account Number (PAN). Multiple applications with the same PAN will lead to rejection.
• Ensure you have sufficient funds in your bank account to cover the application amount, as the funds will be blocked.
• The IPO window is from 22 July to 24 July 2025. Ensure your application is submitted before the deadline (typically 5:00 PM on the closing day).

Important Dates

Company Background

Headquartered in Pune, Monarch Surveyors and Engineering Consultants Ltd is a full-spectrum infrastructure consultancy firm offering services across topographic surveys, GIS mapping, engineering design, planning, project management, and geotechnical investigations.

Founded in 1992, Monarch has a significant presence in Maharashtra and a diversified clientele including government infrastructure agencies. The company was named among the Top 10 Engineering Consultants in India by Industry Outlook in 2022.

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