Monarch Surveyors and Engineering Consultants Ltd IPO

The IPO opens on 22 Jul 2025 & closes on 24 Jul 2025.

Monarch Surveyors and Engineering Consultants Limited was originally incorporated as 'Monarch Surveyors and Contractors Private Limited' as a Private Limited Company, dated July 20, 1999. Later, the Company name was changed to 'Monarch Surveyors and Engineering Consultants Private Limited' and fresh Certificate of Incorporation dated June 06, 2008 was issued by Registrar of Companies. Subsequently, the status got converted from a Private Limited to Public Limited on December 26, 2023 and the name of the Company was changed to 'Monarch Surveyors and Engineering Consultants Limited' pursuant to fresh Certificate of Incorporation dated January 13, 2024 issued to the Company by the Registrar of Companies, Pune. The business specializes in providing comprehensive consultancy services for infrastructure projects, guiding clients through every phase from concept to commissioning. This includes critical functions such as surveying, design, and technical supervision across a range of sectors, including roads, railways, metros, urban planning, geospatial analysis, water management, transmission lines, pipelines, and other areas of civil engineering. The early years of the Company were marked by hand-carved cadastral maps and contour markings. In 1999, Company formalized as a limited company, and a decade later were tapped to map Sri Lanka's Jaffna rail corridor, navigating conflict zones just ahead of each survey team. Monarch is certified as an ISO 9001-2000 company committed to providing professional services in the field of Civil Engineering infrastructure and working to lead a change in the infrastructure industry. Catering to various services starting from Topographic Survey to Project Management Consultancy for multidisciplinary infrastructure projects, the Company help in providing high-quality services on time and before time. Being managed by a team of qualified engineers and planners along with 100+ civil engineers and experts on board. Monarch is at the forefront of infrastructural solutions. With years of experience in the industry, it completed a variety of projects from land acquisition to project management services for large infrastructure projects across every sub-discipline of civil engineering. Stepping into the world of Monarch is not just about comprehensive services of the civil engineering industry but more about discovering and connecting to the largest network of professional expertise of a pioneering company. While providing a secured workplace and project sites, Company hold specialization in feasibility studies, designing and engineering, land acquisition, geo-technical investigation, GIS mapping and digital services. The Company commissioned Gadchiroli - Nagpur Expressway (Pkg III) - 162 km, 4/6-lane; DPR in February, 2024. Company commissioned Nagpur - Mumbai Samruddhi Expressway (LAQ & Asset-Mapping) - 701 km access-controlled corridor; GIS-based land-acquisition package delivered in January 2025. The Company launched the initial public offer of 37,50,000 equity shares having the face value of Rs 10 each by raising Rs 93.75 Crore through fresh issue in July, 2025.

Monarch Surveyors and Engineering Consultants Ltd IPO will close on 24 Jul 2025.

<ul><li>Experienced Promoter and Management Team.</li><li>Wide Range of Services.</li><li>Wide Range of Client Base.</li><li>Optimal Utilization of Resources.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Dattatraya Mohanraj Karpe</td> <td>2559290</td> <td>24.59</td> <td>2559290</td> <td>18.08</td> </tr> <tr> <td>2</td> <td>Sanjay Bhalchandra Vidwans</td> <td>2559290</td> <td>24.59</td> <td>2559290</td> <td>18.08</td> </tr> <tr> <td>3</td> <td>Sunil Shrikrishna Bhalerao</td> <td>2559290</td> <td>24.59</td> <td>2559290</td> <td>18.08</td> </tr> <tr> <td>4</td> <td>Bhartesh Rajkumar Shah</td> <td>2559290</td> <td>24.59</td> <td>2559290</td> <td>18.08</td> </tr> <tr> <td>5</td> <td>Seema Dattatraya Karpe</td> <td>1210</td> <td>0.01</td> <td>1210</td> <td>0.01</td> </tr> <tr> <td>6</td> <td>Anjali Sanjay Vidwans</td> <td>1210</td> <td>0.01</td> <td>1210</td> <td>0.01</td> </tr> <tr> <td>7</td> <td>Neelam Bhartesh Shah</td> <td>1210</td> <td>0.01</td> <td>1210</td> <td>0.01</td> </tr> <tr> <td>8</td> <td>Sunita Sunil Bhalerao</td> <td>1210</td> <td>0.01</td> <td>1210</td> <td>0.01</td> </tr> </tbody> </table>

<ul><li>Its revenues majorly depend on the projects tendered by the Government Departments. The company performance could be affected in case its competitors participate with lower bid value or projects not awarded to it.</li><li>In execution of its projects, the company collect information and data which are highly sensitive with regard to maintenance of secrecy of the projects and its data and information. Any failures on its part to maintain secrecy of the company projects, will have an adverse effect on its results of operations and financial condition.</li><li>The company relies on the software which the company is using, for its operations and its reliability and functionality is critical to its business success.</li><li>The company has had instances in the past where we could not spend the total amount allocated towards corporate social responsibility activities for the respective years.</li><li>The Project of its customers may be delayed, modified, cancelled or not fully paid by the company customers, which may have an adverse effect on the company business, financial condition and results of operations.</li><li>The Company is dependent on few numbers of clients. Any loss of top 10 customers will significantly affect our revenues and profitability.</li><li>Its Auditor has noted certain observation in Audit Report for the year 2022-23 concerning various aspects of the company financial operations and accounting treatments.</li><li>The company is responsible for timely completion of a project, and if we fail to comply with the same it may result in loss of clients or additional cost or loss in revenue.</li><li>Its majority of the company revenue is concentrated in Maharashtra and any adverse developments affecting its operations in these regions could have a significant impact on the company revenue.</li><li>The company is subject to quality standard requirements and other terms and condition of projects which may lead to cancellation of orders, loss of pre-qualification status for bidding for future projects.</li><li>The company requires certain approvals and licenses in the ordinary course of business and the failure to successfully obtain such registrations would adversely affect its operations, results of operations and financial condition.</li><li>Its failure to perform in accordance with the standards prescribed in work order of the company client could result in loss of business or compensation payment.</li><li>The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.</li><li>Some of its corporate records, including forms filed with the Registrar of Companies are not traceable. The company cannot assure you that these forms of filings will be available in the future or that its will not be subject to any penalties imposed by the relevant regulatory authority in this respect and There are non-compliances and late filings noticed in some of its reporting and/or records relating to filing of returns with statutory authorities.</li><li>Its ability to attract, train and retain executives and other qualified employees is critical to the company business, results of operations and future growth and the company depends on skilled personnel and if the company is unable to recruit and retain skilled personnel, its ability to operate or grow the company business could be affected.</li><li>The company has certain outstanding litigation involving the Company and Directors, an adverse outcome of which may adversely affect its business, reputation and results of operations.</li><li>Any increase in or occurrence of its contingent liabilities and commitments may adversely affect the company financial condition.</li><li>Non-payment of MSME dues can occur when creditors raise bills for the full scope of work before the completion of the project. Such non-payment could have financial implications and adversely affect the financial position of the Company.</li><li>The company depends on skilled personnel and if the company is unable to recruit and retain skilled personnel, its ability to operate or grow its business could be affected.</li><li>The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.</li><li>Its operations are subject to high working capital requirements. The company inability to maintain sufficient cash flow, credit facilities and other sources of funding, in a timely manner, or at all, to meet requirement of working capital or pay out debts, could adversely affect its operations and the company has significant ongoing funding requirements and may not be able to raise additional capital in the future. As a result, its may not be able to respond to business opportunities, challenges or unforeseen circumstances.</li><li>Its may not be able to realize the amounts reflected in the company order book, timely completion and performance standards of a project which may materially and adversely affect its financial condition and results of operation.</li><li>Changes in latest technology or requirement of machinery based on business opportunity may adversely affect its Company's results of operations and its financial condition.</li><li>If the company is unable to attract new customers or retain its existing customers the growth of the company business and cash flows will be adversely affected.</li><li>The Company is in use of trademark, which is not registered under the Trademarks Act, 1999 as on date of Red Herring Prospectus. Thus, its may be subject to claims alleging breach of third-party intellectual property rights.</li><li>The company has entered into arrangements or agreements or Memorandum of Understanding or Power of attorney with third parties to complete infrastructure consultancy services.</li><li>Its insurance coverage may not be adequate to protect us against all potential losses to which the company may be subject to and this may have a material adverse effect on its business.</li><li>Its success is dependent on the compny Promoter, management team and skilled manpower. Its inability to attract and retain key personnel or the loss of services of the company Promoter or Managing Director and Whole Time Director may have an adverse effect on its business prospects.</li><li>The properties used by the Company for the purpose of its operations are not owned by the company. Any termination of the relevant lease agreements or rent agreements in connection with such properties or its failures to renew the same could adversely affect the company operations.</li><li>The company have a substantial amount of outstanding indebtedness, which requires significant cash flows to service and are subject to certain conditions and restrictions in terms of its financing arrangements, which restricts our ability to conduct the company business and operations in the manner its desire.</li><li>Any failures to comply with financial and other restrictive covenants imposed on it under the company financing agreements may affect its operational flexibility, business, results of operations and prospects.</li><li>Its inability to effectively manage the company growth or to successfully implement its business plan and growth strategy could have an effect on the company business, results of operations and financial condition.</li><li>The company has entered into and may enter into related party transactions in the future also.</li><li>The company lenders have charge over its immovable properties in respect of finance availed by the company.</li><li>Its ability to pay dividends in the future may be affected by any material adverse effect on the company future earnings, financial condition or cash flows.</li><li>The company is subject to the risk of failures of, or a material weakness in, its internal control systems and major fraud, lapses of internal control or system failures could adversely impact the company's business.</li><li>Its business is substantially affected by prevailing economic, political and other prevailing conditions in India.</li><li>The company has not independently verified certain data in this Red Herring Prospectus.</li><li>The company is susceptible to risks relating to unionization of its workers employed by the company.</li><li>Its Promoters and Executive Directors hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses and its Promoter and Executive Directors hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.</li><li>Any Penalty or demand raise by statutory authorities in future will affect its financial position of the Company.</li><li>The company has not identified any alternate source of raising the fund for capital expenditure and working capital mentioned as its `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect the company growth plans, operations and financial performance.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.</li><li>Portion of its Issue Proceeds are proposed to be utilized for general corporate purposes which constitute [?] of the Issue Proceed. As on date the company has not identified the use of such funds.</li><li>The company has in the last 12 months issued Equity Shares at a price that may be at lower than the Issue Price.</li><li>The Company is yet to place 100% orders for the Machinery for our proposed object, as specified in the Objects of the Issue. Any delay in placing orders, procurement may delay its implementation schedule and may also lead to increase in price of these plant & machinery, further affecting the company revenue and profitability.</li><li>The average cost of acquisition of Equity Shares by its Promoter could be lower than the Issue Price.</li><li>The company will continue to be controlled by its Promoter and Promoter Group after the completion of the Issue, which will allow them to influence the outcome of matters submitted for approval of the company shareholders.</li><li>Its Equity Shares have never been publicly traded and may experience price and volume fluctuations following the completion of the Issue, an active trading market for the Equity Shares may not develop, the price of its Equity Shares may be volatile and you may be unable to resell your Equity Shares at or above the Issue Price or at all.</li><li>Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.</li><li>The Issue Price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of the company Equity Shares may decline below the Issue Price and you may not be able to sell your Equity Shares at or above the Issue Price.</li><li>A third party could be prevented from acquiring control of the Company because of anti-takeover provisions under Indian law.</li><li>Its may requires further equity issuance, which will lead to dilution of equity and may affect the market price of the company Equity Shares or additional funds through incurring debt to satisfy our capital needs, which its may not be able to procure and any future equity offerings by the company.</li></ul>

The Issue type of Monarch Surveyors and Engineering Consultants Ltd is Book Building - SME.

The minimum application for shares of Monarch Surveyors and Engineering Consultants Ltd is 1200.

The total shares issue of Monarch Surveyors and Engineering Consultants Ltd is 3750000.

Initial public issue of upto 37,50,000 equity shares of face value of Rs.10/- each of Monarch Surveyors and Engineering Consultants Limited ("msecl" or the "company" or the "issuer") for cash at a price of Rs. 250/- per equity share including a share premium of Rs. 240/- per equity share (the "issue price") aggregating upto Rs. 93.75 crores ("the issue"), of which 2,07,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 250/- per equity share including a share premium of Rs.240/- per equity share aggregating to Rs. 5.18 crores will be reserved for subscription by market maker to the issue (the "market maker reservation portion"). The issue less the market maker reservation portion i.e. net issue of 35,43,000 equity shares of face value of Rs. 10/- each at a price of Rs. 250/- per equity share including a share premium of Rs. 240/- per equity share aggregating to Rs. 88.57 crores is herein after referred to as the "net issue". the issue and the net issue will constitute [*]% and [*]%, respectively, of the post issue paid up equity share capital of the company. the face value of the equity shares is Rs. 10/- each.