Ketan Kothari, Whole-time Director, Augmont Enterprises
Augmont Enterprises shares made a strong debut on Monday, listing at a premium of more than 21 per cent before rallying over 29 per cent during the session. The stock subsequently pared gains and slipped below its listing price at the time of writing.On the NSE, Augmont Enterprises shares listed at ₹961, marking a 22 per cent premium over the IPO price of ₹788. On the BSE, the stock began trading at ₹956, a 21.3 per cent premium.The stock rallied over 29 per cent from the IPO price to ₹1,019.80 on the NSE, before dipping to around ₹932 at 10.30 am.Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, maintained a neutral view on Augmont Enterprises after its listing.According to Nyati, the company’s high revenue is largely driven by bullion trading volumes, while its PAT margin remains below 0.4 per cent, leaving limited room for margin expansion.She also highlighted that promoter-group entity Riddisiddhi Bullions contributed around 27.44 per cent of FY26 revenue, while the top 10 customers accounted for 52.09 per cent, with no long-term contracts. According to Nyati, this highlights concentration and governance risks.At the IPO price, valuations were already relatively rich at around 18.5–19.5x FY26 P/E and 6.8–7.1x P/B, making the post-listing premium less attractive for fresh buying, she said.For allotted investors, Nyati suggested booking partial profits and holding the remaining shares with a stop-loss of ₹900. She said a sustained move above ₹1,000 could support further upside, while a break below ₹900 would warrant caution.IPO detailsThe ₹825-crore IPO of integrated gold and silver platform Augmont Enterprises Ltd was subscribed 105.78 times overall, receiving bids for 81,61,86,230 shares against 77,15,999 shares on offer, according to data available with the NSE.The portion reserved for Qualified Institutional Buyers was subscribed 226.96 times. The category for non-institutional investors was subscribed 121.47 times, while retail investors subscribed 30.98 times.The IPO price band was ₹750-788 per equity share. It comprised a fresh issue of shares worth ₹620 crore and an offer-for-sale component worth ₹205 crore.At the upper end of the price band, the company will have a post-issue market capitalisation of around ₹7,200 crore.Augmont Enterprises plans to use the IPO proceeds primarily to fund its future working capital needs, including procurement and expansion of inventory, inventory maintenance, advance margin requirements for purchasing inventory and general corporate purposes.The company 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.Published on August 31, 2026
