New Delhi, July 22 -- The Rs.93.75 crore initial public offering (IPO) of Monarch Surveyors kicked off for subscription today, July 22. The SME IPO sailed through within a few hours of opening, amid strong demand from retail and HNI investors and strong grey market premium (GMP) trends.

Monarch Surveyors IPO will remain open for bidding till July 24. The issue entirely a fresh share sale of 37.50 lakh shares. Monarch Surveyors IPO price band has been fixed in the range of Rs.237 to Rs.250 per share. Investors can apply for the IPO is lots of 600 shares. For a retail investor the minimum lot requirement is two, resulting in an investment of Rs.2,84,400.

The company plans to use the funds raised from the IPO for funding capex to purchase ...