Monarch Surveyors IPO Subscribed 263 Times by Retail Investors, Total Subscription Reaches 250.65 Times

Mumbai, 24 July 2025: The public issue of Monarch Surveyors Ltd has closed with a subscription of 250.65 times, with the retail category receiving bids 263.01 times the allocated shares. The IPO opened for bidding on 22 July 2025 and closed on 24 July 2025. Allotment is expected on 25 July 2025, and listing is tentatively scheduled for 29 July 2025 on the BSE SME platform.

Retail Investors Place Highest Number of Bids Across All Categories

The retail investor segment recorded the highest number of bids. Against an allocation of 12,40,800 shares, investors bid for 32.63 crore shares, bringing the subscription to 263.01 times. The total value of bids received in this segment stood at ₹8,158.62 crore. Each application in the retail category required a minimum of 1,200 shares, amounting to ₹2,84,400 at the issue price of ₹250 per share.

Non-Institutional Investor Subscription Reaches 317.05 Times

The Non-Institutional Investors (NII) category recorded a subscription of 317.05 times, with 16.89 crore shares bid for against an allocation of 5,32,800 shares. Within the NII category, bNII (bids above ₹10 lakh) received bids 364.02 times, while sNII (bids below ₹10 lakh) saw 224.26 times subscription. Total bid value across both segments stood at ₹4,223.07 crore.

Qualified Institutions Bid 179.01 Times by Close

Qualified Institutional Buyers (QIBs) bid for 12.67 crore shares against an allocation of 7,08,000 shares, resulting in a subscription of 179.01 times. This translated to a total bid value of ₹3,168.47 crore. Institutional bids increased sharply on the final day.

IPO Details and Share Allocation Structure

Monarch Surveyors IPO is a bookbuilding issue of ₹93.75 crore, comprising a fresh issue of 37.50 lakh shares. The price band was fixed at ₹250 per share, and investors could apply in multiples of 600 shares. The minimum lot size for HNI investors was 1,800 shares requiring an investment of ₹4,50,000.

Beeline Capital Advisors Pvt Ltd acted as the book-running lead manager, while Bigshare Services Pvt Ltd served as the registrar. Spread X Securities Private Limited was the market maker for the issue.

Category-wise Allocation of Shares in the IPO

The IPO offered 12,40,800 shares to retail investors, 5,32,800 shares to NIIs, 7,08,000 shares to QIBs, 2,07,000 shares to market makers, and 10,61,400 shares to anchor investors. The anchor investor portion raised ₹26.54 crore on 21 July 2025. Anchor shares are subject to lock-in until 24 August 2025 (50%) and 23 October 2025 (remaining 50%).

Subscription Trend Over Three Days

The IPO saw progressive increases in subscription across all three days. On Day 1, the total subscription stood at 18.36 times, increasing to 67.33 times on Day 2, and closing at 250.65 times on Day 3. The retail category alone moved from 27.60 times on Day 1 to 92.60 times on Day 2, and ended at 263.01 times.

Key Dates and Timeline

• IPO Opened: 22 July 2025
• IPO Closed: 24 July 2025
• Allotment Date (Tentative): 25 July 2025
• Refund Initiation: 28 July 2025
• Demat Credit: 28 July 2025
• Listing Date (Tentative): 29 July 2025
• UPI Cut-Off: 5 PM on 24 July 2025

The IPO process for Monarch Surveyors Ltd now moves to the allotment stage, expected on 25 July 2025. Refunds and demat credits are scheduled for 28 July 2025, with listing tentatively set for 29 July 2025 on BSE SME. Investors will now await share allocation results following the closure of bidding on 24 July 2025.

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