Augmont Enterprises IPO Day 3: Subscribed 28x so far, led by NII’s demand

Augmont Enterprises Limited's initial public offering (IPO) saw a strong subscription rate of 2.74 times overall on the second day of bidding, according to the source dated August 21, 2026. The issuing company, an integrated precious metals and gold-tech firm, operated through two platforms and sought to raise ₹8,250 million through a fresh issue and an offer for sale.

The non-institutional investor (NII) category led the subscription, with a remarkable 3.97x subscription rate, particularly in the sub-₹10 lakh NII bucket that was subscribed 5.82 times. Retail individual investors contributed 2.79x, while qualified institutional buyers (QIBs) subscribed at 1.76x. The employee reservation portion was subscribed at 1.41x.

The IPO, priced between ₹750–788 per share, aims to capitalize on working capital requirements for bullion procurement and inventory management. Augmont reported impressive revenue growth for FY26, with operations reaching ₹941,862 million, a 42.2% year-on-year increase, and consolidated PAT of ₹3,483 million, up from ₹2,272 million in FY25.

Anand Rathi Research rated the IPO as "Subscribe for Long Term," assigning it a valuation of 20.6x P/E and 18.3x EV/EBITDA at the upper price band, which would result in a post-IPO market capitalisation of ₹72,002 million. The brokerage noted thin operating margins of 0.4% EBITDA and exposure to precious metal price volatility as key risks, but highlighted Augmont's strong brand, distribution network, and scalable digital ecosystem as positives.