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Augmont Enterprises IPO Day 2
Augmont Enterprises IPO Day 2: GMP Jumps to 48%; Should You Apply? Check Subscription Status, Price, Lot Size
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Augmont Enterprises IPO Day 2: The initial public offering (IPO) of integrated gold and silver platform Augmont Enterprises Ltd is witnessing its second day of bidding today, August 24. So far, the public issue has been subscribed 2.88 times. The Rs 825-crore IPO, which opened for subscription on August 21, will close tomorrow, August 25.
The company’s shares are proposed to be listed on both the BSE and the NSE on Friday, August 31.
According to NSE data, the IPO received bids for 2,11,70,769 shares against 73,43,908 shares on offer, translating into an overall subscription of 2.88 times on the first day of bidding on Friday.
The QIB portion was subscribed by 1.85 times, while the retail investor category was booked by 2.94x. The NII category received a subscription of 4.18 times. Within the NII segment, the small NII (sNII) portion was subscribed 6.12 times, while the big NII (bNII) category was subscribed 3.21 times.
Augmont Enterprises has fixed the IPO price band at Rs 750-788 per share. Investors can apply for a minimum of one lot comprising 19 shares, requiring a minimum investment of Rs 14,972 at the upper end of the price band.
The public issue consists of a fresh issue of equity shares worth Rs 620 crore and an offer for sale (OFS) of Rs 205 crore by existing shareholders, taking the total issue size to Rs 825 crore.
According to market observers, unlisted shares of Augmont Enterprises Ltd were commanding a grey market premium (GMP) of Rs 380 per share on Monday, compared with Rs 310 on Friday.
Based on the upper price band of Rs 788, the GMP indicates a potential listing price of around Rs 1,168 per share, which is a 48.22 per cent listing gain. However, investors should note that the grey market is unofficial and GMP keeps changing based on investor sentiments.
Brokerages have a largely positive view of the Augmont Enterprises IPO, citing the company’s integrated business model, strong distribution network, refining capabilities and growing presence across both digital and offline channels.
SMIFS Ltd has recommended subscribing to the issue for the long term, pointing to the growth potential of India’s bullion market. The brokerage estimates that the Indian bullion trading market could double from around ₹4.3 trillion in FY26 to ₹8.8 trillion by FY30, supported by rising investment demand for precious metals, greater adoption of digital gold and increasing formalisation of the industry.
According to SMIFS, Augmont is well placed to benefit from this growth because of its presence across the precious-metals value chain, including procurement, refining, bullion trading, digital gold, jewellery exports and gold-backed financial services. The company has a 284 MTPA refining capacity and is authorised to deliver bullion on the BSE and MCX. Its distribution network includes 20 delivery centres, more than 218 partners, over 3,700 Muthoot branches and 49.6 million registered consumers.
The brokerage also highlighted Augmont’s technology platforms, including Augmont SPOT and Gold For All, which support real-time price discovery and customer engagement. Financially, the company has reported strong growth, with revenue and profit after tax recording CAGRs of 64% and 114%, respectively, between FY24 and FY26. SMIFS also noted the company’s strong return ratios and near debt-free balance sheet.
Going ahead, the brokerage expects growth to be supported by expansion into Tier 2, Tier 3 and Tier 4 markets, the addition of 15 delivery centres by FY29, higher refining and export activity and deeper consumer penetration. Its recently launched lab-grown diamond trading platform could provide another growth avenue.
“Given its integrated business model, strong market position, robust financial profile and multiple growth drivers, we recommend subscribing to the issue as a long-term investment opportunity," said SMIFS in the note.
Anand Rathi has also assigned a ‘Subscribe for Long Term’ rating to the IPO, although it believes the issue is fully priced at the upper price band. Based on annualised FY26 earnings, the IPO is valued at 20.6 times price-to-earnings and 18.3 times EV/EBITDA, giving the company a post-issue market capitalisation of around ₹7,200 crore.
The brokerage highlighted Augmont’s presence across both online and offline channels, serving jewellers, consumers and retail investors. Its integrated bullion platform, refining capabilities, distribution network and digital ecosystem provide multiple avenues for future growth, particularly as India’s gold and silver market becomes more organised and digital.
However, Anand Rathi also flagged some risks. Augmont remains exposed to fluctuations in gold and silver prices, while the bullion trading business operates on relatively thin margins and depends heavily on continued growth in transaction volumes.
“Backed by a strong brand, extensive distribution network, robust refining capabilities and a scalable digital ecosystem, the company is well positioned to benefit from the increasing formalisation and digitalisation of India’s gold and silver market. Thus, we assign a Subscribe for Long Term rating for the issue," Anand Rathi said.
The IPO has a fresh issue of shares worth Rs 620 crore and an offer for sale (OFS) of shares worth Rs 205 crore by promoters. The OFS will be undertaken by promoters — Namita Ketan Kothari, Vivek Prithviraj Kothari and Dimple Mukesh Kothari.
Ahead of the IPO, Augmont Enterprises Ltd last week raised Rs 246.3 crore from anchor investors, including Nomura, HDFC Mutual Fund and Nippon India Mutual Fund.
At the upper end of the price band, the company will have a post-issue market capitalisation of around Rs 7,200 crore.
The company plans to use the IPO proceeds primarily to fund its future working capital needs, including procurement and expansion of inventory, inventory maintenance and advance margin requirements for purchasing inventory and for general corporate purposes.
Augmont Enterprises operates an integrated gold and silver platform serving businesses and consumers across 24 states. Its operations span gold and silver value-chain activities, including procurement and refining, bullion trading, digital gold offerings, jewellery manufacturing, financial services and related technology platforms.
Source: News18
Related Posts: Augmont Enterprises IPO Day 2, GMP, grey market premium, Should You Apply, Subscription Status
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