Monarch Surveyors IPO: Strong Valuation & Demand

Monarch Surveyors & Engineering Consultants Ltd. is gearing up for its initial public offering (IPO) set to open between 22nd and 24th July 2025. This SME IPO is raising ₹93.75 crore entirely through a fresh issue of 37.5 lakh equity shares, with a price band of ₹237 to ₹250 per share.

As a high-margin and niche player in infrastructure and engineering services, the company has caught investor attention, not just for its financials, but also for the solid Grey Market Premium (GMP) of ₹135 per share—implying a potential listing gain of 54% over the upper band price.

IPO Snapshot

Grey Market Premium (GMP) Trends

As of 22nd July 2025, the GMP is ₹135, implying a listing estimate of ₹385 and a potential 54% gain.

Note: GMP fluctuates with market sentiment.

Company Overview

Incorporated: Early 2000s
Industry: Infrastructure, Land & Engineering Survey
Headquartered in: India (exact location undisclosed in IPO docs)

Monarch Surveyors & Engineering Consultants Ltd is a specialized provider of:

• Land and geospatial surveying
• Engineering consulting for real estate, infra, and construction projects
• Drone-enabled digital topography and asset management

Their client base spans government bodies, PSU entities, private construction firms, and infrastructure developers.

Website: www.monarchsurveys.com

IPO Objectives

The company plans to utilize the net proceeds from the IPO as follows:

1. Capital expenditure for machinery purchases
2. Working capital infusion to support new contracts and services
3. General corporate purposes to support operational expansion

This indicates a forward-looking approach with plans to scale operations, improve productivity, and take on higher-value contracts.

Financial Highlights

• Revenue Growth: 10.18%
• PAT Growth: 16.06%
• EPS Growth: 15.65%

This consistent increase in top-line and bottom-line performance, combined with high margins, demonstrates sound financial management.

Technical Ratios and Valuation

Interpretation:

• The pre-IPO P/E of 7.47 is attractive compared to sector averages.
• Strong ROE and ROCE, coupled with consistent earnings, support a premium valuation.

Peer Comparison

Compared to government-backed consultancies, Monarch Surveyors offers a smaller revenue base but superior margins, ROE, and EPS.

Promoter Holding

As the IPO is a fresh issue, promoter dilution will primarily occur to accommodate public investment. Exact post-IPO shareholding will be released in RHP filings.

IPO Subscription and Allotment Process

• IPO Bidding Date: 22–24 July 2025
• Allotment Finalization: 25 July 2025
• Refunds Initiation: 28 July 2025
• Shares Credited to Demat: 29 July 2025 (Tentative)
• Listing Date: 29 July 2025

Retail Investor Bidding

Note: High retail investment size indicates this IPO targets well-capitalized individuals.

Expert Opinions: Should You Invest?

Brokerage and analyst sentiment leans moderately positive, owing to:

• Reasonable pricing
• High GMP (₹135)
• Sector leadership in niche surveying services

However, concerns remain around:

• SME platform liquidity
• Retail ticket size being high

Verdict:

• For risk-tolerant investors: This IPO offers strong listing potential with GMP-driven momentum.
• For conservative investors: Consider smaller exposure due to the SME platform risks.

Pros & Cons

Pros

• High profitability and return ratios
• Fast-growing infrastructure service space
• Premium GMP indicates demand
• Smart capital use plans for equipment and expansion

Cons

• SME platform stocks often lack liquidity
• High investment threshold (₹3L minimum)
• Limited analyst coverage

How to Apply for Monarch Surveyors IPO

1. Research IPO details, GMP, and subscription trends.
2. Login to your broker’s demat platform.
3. Choose the SME IPO section.
4. Select Monarch Surveyors IPO and bid for 2 lots (1,200 shares).
5. Confirm UPI or ASBA payment.
6. Wait for allotment and listing updates.

How to Check Allotment

Through BSE or Registrar:

• Visit IPO Allotment page on Bigshare Services Pvt Ltd
• Enter PAN/Application Number/DP ID
• Click submit to view allotment

Final Thoughts

The Monarch Surveyors IPO blends strong fundamentals, appealing pricing, and bullish GMP to make a compelling case. The company’s growth in revenue and profits, plus high ROE and EBITDA margins, positions it as a potential multi-bagger over the long term.

With a modest issue size and robust investor interest, this IPO is expected to be oversubscribed, especially among HNIs. However, retail investors should weigh liquidity risks and investment limits on SME exchanges.

Bottom Line:

• Short-term: High potential for listing gains
• Long-term: Strong fundamentals support portfolio inclusion
• Caveat: Apply only if you can commit ₹3L minimum

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