Monarch Surveyors IPO: A Look at the Latest Update
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. Shares of Monarch Surveyors and Engineering Consultants Ltd. are expected to be listed on the BSE SME platform on July 29.
High Demand for Monarch Surveyors IPO
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, showing a strong interest in the market. Amid the strong demand for the public offer, the grey market premium (GMP) for the Monarch Surveyors IPO indicated a robust listing gain.
Key Details for Investors
The GMP for the Monarch Surveyors IPO stood at Rs 165 apiece, indicating a listing price of Rs 415 apiece at a premium of 66% over the upper limit of the price band. The price band for the IPO is set between Rs 237 and Rs 250 per share.
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.
Subscription Details and Listing
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. 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.
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.
