The ₹825 crore IPO includes a ₹620 crore fresh issue. Anchor investors include Nomura, HDFC MF, Nippon India MF. Valuation at 20.6x P/E, Anand Rathi assigned a subscribe rating.
Alpha Score of 60 reflects moderate overall profile with strong momentum, strong value, poor quality. Based on 3 of 4 signals — score is capped at 90 until remaining data ingests.
The public issue of Augmont Enterprises opened Friday at a price band of ₹750 to ₹788 per share. Bids require a minimum of 19 equity shares.
The ₹825 crore offer consists of a fresh issue of up to ₹620 crore and an offer for sale of up to ₹205 crore by existing shareholders. Selling shareholders include Namita Ketan Kothari, Vivek Prithviraj Kothari, and Dimple Mukesh Kothari (₹66.2 crore).
Up to 50% of the net offer is reserved for qualified institutional buyers. Retail investors get 35%, and high net worth individuals get up to 15%. Employees can subscribe to shares worth up to ₹4 crore.
The company plans to use the IPO proceeds mainly for working capital needs, including inventory procurement, expansion, maintenance, and margin requirements, and for general corporate purposes.
On Thursday, Augmont raised ₹246.29 crore from anchor investors. It allotted 31,25,633 shares to 14 anchor investors including Nomura Trust and Banking Co., HDFC Mutual Fund, Nippon India Mutual Fund, Tata Mutual Fund, Jupiter India Fund, Jupiter Global Fund, Lion Global Investment Funds, Edelweiss Life Insurance Company, Trust MF Flexi Cap Fund, Authum Investment and Infrastructure Ltd, Ashish Kacholia's Bengal Finance and Investment, Girik Multicap Growth Equity Fund, 360 ONE Alternates Asset Management, 360 ONE WAM, and Societe Generale ODI.
Augmont operates an integrated gold and silver platform across 24 states. Its activities span the full value chain: procurement and refining, bullion trading, digital gold, jewellery manufacturing, financial services, and related technology platforms.
The equity shares are proposed to list on the National Stock Exchange of India (NSE) and BSE Ltd. NSE will be the designated stock exchange.
Nuvama Wealth Management, Intensive Fiscal Services, JM Financial, and Motilal Oswal Investment Advisors are the book running lead managers.
Anand Rathi, in a note, assigned a "Subscribe for Long Term" rating. At the upper price band, based on annualised FY26 earnings, the issue is valued at 20.6 times price-to-earnings and 18.3 times EV/EBITDA. That implies a post-issue market capitalisation of ₹7,200 crore, making the issue fully priced, the brokerage said.
The business remains exposed to volatility in gold and silver prices and thin operating margins inherent to bullion trading, Anand Rathi said. The company benefits from a strong brand, wide distribution network, strong refining capabilities, and a digital platform, it added.
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