New Delhi, July 29 (H.S.): Monarch Surveyors and Engineering Consultants debuted strongly in the stock market today, with shares listed at ₹421.25, a 68.50% premium over the IPO price of ₹250.

However, selling pressure soon caused shares to drop to ₹407 by 10:30 AM, reducing IPO investors' profits to 62.80%.

The company's IPO of ₹93.75 crores, open from July 22 to 24, saw a remarkable subscription rate of 250.65 times overall, with QIBs at 179.01 times, NIIs at 317.05 times, and retail investors at 263.01 times. The IPO included 3.75 million new shares at a face value of ₹10, with raised funds intended for new machinery, working capital, and general corporate purposes.

Monarch's financial health appears robust; it reported a net profit of ₹8.59 crores for FY 2022-23, projected to grow to ₹30.01 crores in FY 2023-24 and ₹34.83 crores in FY 2024-25. Revenue rose from ₹11.68 crores in 2022-23 to estimated ₹42.78 crores in 2023-24, and anticipated ₹51.10 crores in 2024-25.

Hindusthan Samachar / Jun Sarkar