Monarch Surveyors And Engineering Consultants Ltd IPO Listing Day Performance: A Comprehensive Analysis
Monarch Surveyors and Engineering Consultants Ltd made a stellar debut on the BSE SME platform on July 29, 2025, with shares listing at ₹421.25, a 68.50% premium over the IPO issue price of ₹250. The IPO, which raised ₹93.75 crore, was oversubscribed an extraordinary 250.65 times, reflecting robust investor confidence in the infrastructure consultancy sector.
This comprehensive blog offers a deep dive into the listing day performance of Monarch Surveyors and Engineering Consultants Ltd, analyzing the factors behind its stellar debut and unprecedented investor demand during the subscription period. It also explores the IPO’s financials, peer comparisons, market context, and investment insights—highlighting what this means for the company and the broader SME market.
IPO Snapshot
| Parameter | Details |
|---|---|
| Issue Type | 100% Fresh Issue — 37.50 lakh equity shares |
| Issue Size | ₹93.75 crore |
| Price Band | ₹237–₹250 per share |
| Face Value | ₹10 |
| Lot Size | 600 shares (₹1,50,000 minimum at upper band) |
| Subscription Window | July 22–24, 2025 |
| Allotment Finalisation | July 25, 2025 |
| Listing Date | July 29, 2025 (BSE SME) |
| Registrar | Bigshare Services Pvt Ltd |
| Lead Manager | Beeline Capital Advisors Pvt Ltd |
| Market Maker | Spread X Securities Pvt Ltd |
| Grey Market Premium (GMP) | ₹210 as of July 24, 2025 (84% premium, estimated listing price ₹460) |
| Anchor Lock-in | ₹26.54 crore raised from 19 anchor investors |
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Listing Day Performance
Opening and Intraday Movement
- Opening Price: ₹421.25, a 68.50% premium over the IPO price of ₹250.
- Intraday High: ₹435.00.
- Intraday Low/Closing Price: ₹400.20, hitting the 5% lower circuit limit due to profit booking.
- Market Capitalization: ₹596.32 crore post-listing.
Despite the strong debut, the stock’s closing at the lower circuit suggests early profit-taking, a common trend in heavily oversubscribed SME IPOs. The listing premium was slightly below the grey market’s expectation of 84% (₹460) but still delivered significant gains.
Grey Market Premium (GMP) Trends
| Date | GMP (₹) | Expected Listing Price (₹) | Expected Gain (%) |
|---|---|---|---|
| July 17–18, 2025 | 150 | 400.00 | 60.00 |
| July 19–21, 2025 | 135 | 385.00 | 54.00 |
| July 22, 2025 | 135 | 385.00 | 54.00 |
| July 24, 2025 | 210 | 460.00 | 84.00 |
The GMP surged to ₹210 by the subscription close, indicating strong pre-listing sentiment, though the actual listing price of ₹421.25 was slightly lower.
Subscription Performance
The IPO saw exceptional demand across all investor categories, driven by the company’s strong fundamentals and sector tailwinds:
| Investor Category | Shares Reserved | Shares Bid | Subscription Multiple |
|---|---|---|---|
| Retail Investors | 12.41 lakh | 32.63 crore | 263.01x |
| Non-Institutional Investors (NIIs) | 7.40 lakh | 16.91 crore | 317.05x |
| Qualified Institutional Buyers (QIBs) | 7.08 lakh | 12.67 crore | 179.01x |
| Overall | 26.89 lakh | 62.22 crore | 250.65x |
- NIIs led with 317.05x subscription, particularly from high-net-worth individuals bidding above ₹10 lakh (135.08x).
- Retail participation was robust at 263.01x, with 3,21,096 applications.
- QIBs showed strong interest at 179.01x, reflecting institutional confidence.
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Company Background
Founded in 1992 and headquartered in Pune, Monarch Surveyors & Engineering Consultants Ltd is a leading civil engineering consultancy firm offering end-to-end services for infrastructure projects. Its key offerings include:
- Topographic Surveys and GIS Mapping
- Geotechnical Investigations
- Project Management Consultancy
- Engineering Design and Technical Supervision
- Land Acquisition and Feasibility Studies
The company serves sectors like railways, roads, ports, metros, and oil & gas, with a workforce of 417 employees as of March 2024. Its client base includes government agencies, state municipalities, and corporates, with a growing presence in domestic and international markets.
Financial Performance
| Metric (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 72.00 | 141.27 | 155.66 |
| EBITDA | – | 44.50 | 51.10 |
| EBITDA Margin (%) | – | 31.50 | 34.14 |
| Profit After Tax (PAT) | 8.64 | 30.01 | 34.83 |
| PAT Margin (%) | 12.00 | 21.24 | 22.36 |
| Net Worth | – | 73.97 | 108.80 |
| ROE (%) | – | 40.57 | 32.02 |
| ROCE (%) | – | 49.83 | 39.59 |
| Debt/Equity (x) | – | 0.30 | 0.13 |
Key Insights:
- Revenue Growth: 10.49% YoY in FY25 to ₹155.66 crore, with a CAGR of 47% from FY23–FY25.
- Profit Surge: PAT grew 16.1% YoY to ₹34.83 crore, with a PAT margin of 22.36%.
- Efficiency: ROCE of 39.59% and ROE of 32.02% reflect strong capital utilization.
- Debt Reduction: Debt/Equity dropped to 0.13x in FY25, indicating financial prudence.
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Peer Comparison
Monarch Surveyors operates in the infrastructure consultancy sector, competing with firms like Rites Ltd and Engineers India Ltd. Below is a comparison based on FY25 financials:
| Metric | Monarch Surveyors | Rites Ltd | Engineers India Ltd | Systra India |
|---|---|---|---|---|
| Revenue (₹ Cr) | 155.66 | 2,453.76 | 3,284.20 | 250.00 (est.) |
| PAT (₹ Cr) | 34.83 | 495.07 | 346.90 | 15.00 (est.) |
| EBITDA Margin (%) | 34.14 | 25.50 | 14.70 | 12.00 (est.) |
| PAT Margin (%) | 22.36 | 20.17 | 10.56 | 6.00 (est.) |
| ROE (%) | 32.02 | 21.50 | 18.90 | 15.00 (est.) |
| P/E Ratio (x) | 17.10 (post-listing) | 36.50 | 24.80 | – |
| Market Cap (₹ Cr) | 596.32 | 9,800 | 6,500 | – |
| Focus Area | SME Infra Consultancy | Railways & Infra | Oil & Gas, Infra | Metro & Railways |
Peer Comparison Analysis
- Revenue & Scale: Monarch’s revenue (₹155.66 Cr) is smaller than Rites and Engineers India, reflecting its SME status, but comparable to Systra India.
- Profitability: Monarch’s EBITDA margin (34.14%) and PAT margin (22.36%) outperform peers, driven by its high-margin consultancy model.
- Valuation: Post-listing P/E of 17.10x is significantly lower than Rites (36.50x) and Engineers India (24.80x), suggesting attractive pricing.
- ROE: Monarch’s 32.02% ROE exceeds peers, highlighting efficient capital use.
Industry & Market Context
Infrastructure Sector Boom
- Market Growth: India’s logistics and infrastructure market is projected to grow from $317.26 billion in 2024 to $484.43 billion by 2029 (CAGR 8.8%).
- Government Push: ₹11.11 lakh crore allocated for infrastructure in Union Budget 2025, driving demand for consultancy services.
- SME IPO Appeal: BSE SME platform has seen a surge in listings, with 76 SME IPOs managed by Beeline Capital in the last three years, averaging 0.06%–146.91% listing gains.
Market Sentiment
- Posts on X highlighted strong retail and HNI interest, with some cautioning about post-listing volatility due to low trading volume and SME stock risks.
- The listing underperformed GMP expectations (84% vs. 68.5%), reflecting broader market corrections impacting SME IPOs.
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IPO Objectives & Fund Utilization
| Purpose | Allocation | Rationale |
|---|---|---|
| Capital Expenditure | ~40% | Purchase new machinery for operational efficiency |
| Working Capital | ~40% | Support project execution and expansion |
| General Corporate Purposes | ~20% | Enhance liquidity and strategic flexibility |
The funds aim to bolster Monarch’s capacity to handle large-scale infrastructure projects.
Strengths
- Strong Financials: 47% revenue CAGR (FY23–FY25) and 22.36% PAT margin.
- High Margins: 34.14% EBITDA margin due to comprehensive service offerings.
- Sector Tailwinds: Aligned with India’s infrastructure growth.
- Anchor Support: ₹26.54 crore from investors like Morgan Stanley and Aarth AIF.
- Reasonable Valuation: Post-listing P/E of 17.10x compared to peers’ 24.80x–36.50x.
Risks
| Risk | Impact | Mitigation |
|---|---|---|
| SME Stock Volatility | Price fluctuations | Strong fundamentals support long-term stability |
| Low Trading Volume | Liquidity constraints | Market maker (Spread X Securities) support |
| Project Concentration | Sector-specific risks | Diversified client base across railways, roads, ports |
| Execution Delays | Cost overruns | ISO-certified processes and experienced leadership |
Investment Recommendation
Why Invest?
- Listing Gains Achieved: Delivered 68.50% premium on debut, though below GMP expectations.
- Growth Potential: 47% revenue CAGR and 32.02% ROE signal strong growth.
- Sector Opportunity: Infrastructure consultancy benefits from India’s 8.8% CAGR logistics market.
- Attractive Valuation: P/E of 17.10x is lower than peers, offering value.
Risks to Consider
- Volatility: SME stocks often face post-listing corrections, as seen with the 5% lower circuit.
- Liquidity: Low trading volume noted on listing day could limit exit options.
- Market Sentiment: Broader market corrections may cap near-term gains.
Recommendation: HOLD for Long-Term
Investors who secured allotments should hold for 1–2 years to capitalize on Monarch’s growth in the infrastructure sector. The company’s strong financials, high margins, and sector tailwinds make it a compelling long-term investment. New investors should approach with caution due to SME stock volatility and monitor trading volume. Limit portfolio allocation to 2–3% to manage risk.
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How to Check Allotment Status
- Visit Bigshare Services (https://ipo.bigshareonline.com/IPO_Status.html) or BSE (https://www.bseindia.com/investors/appli_check.aspx).
- Select “Monarch Surveyors IPO” from the dropdown.
- Enter PAN, Application Number, or DP ID.
- View allotment status.
Conclusion
Monarch Surveyors & Engineering Consultants Ltd’s IPO delivered a 68.50% listing premium, driven by 250.65x oversubscription and strong fundamentals. Its 34.14% EBITDA margin, 32.02% ROE, and alignment with India’s infrastructure boom make it a compelling long-term investment. However, investors should remain cautious of SME stock volatility and low trading volume. With a post-listing market cap of ₹596.32 crore and a P/E of 17.10x, Monarch offers value in a high-growth sector, ideal for patient investors.
FAQs
- What was the listing performance of Monarch Surveyors IPO?
Shares listed at ₹421.25, a 68.50% premium over the ₹250 IPO price, but closed at ₹400.20 after hitting the lower circuit. - How oversubscribed was the IPO?
250.65x overall, with NIIs at 317.05x, Retail at 263.01x, and QIBs at 179.01x. - What is Monarch’s business model?
A civil engineering consultancy offering end-to-end services for infrastructure projects in railways, roads, ports, and more. - Is Monarch a good long-term investment?
Yes, given its 47% revenue CAGR, 32.02% ROE, and infrastructure sector growth, but SME volatility requires cautious allocation. - What was the GMP?
₹210 (84% premium) on July 24, 2025, with an expected listing price of ₹460.
