Gaja Alternative Asset Management IPO
Sub-headline : Gaja Alternative Asset Management IPO was a Mainboard book-built issue of ₹550 crore, comprising a Fresh Issue of ₹450 crore and an Offer for Sale of ₹100 crore. The price band was ₹152 to ₹160 per share, with a lot size of 93 shares.
Gaja Alternative Asset Management IPO Details
Gaja Alternative Asset Management IPO opened for public subscription on August 19, 2026 and closed on August 21, 2026. The basis of allotment was finalized on August 24, refunds and credit of shares to Demat accounts were completed on August 25, and the shares were listed on BSE and NSE on August 26, 2026.
Gaja Alternative Asset Management IPO GMP
The final reported Gaja Alternative Asset Management IPO GMP around the listing period was approximately ₹18.50 against the ₹160 issue price, indicating an unofficial estimated price of about ₹178.50. The shares actually listed at ₹185 on NSE and ₹185.20 on BSE. GMP is unofficial and does not guarantee the actual listing price.
Gaja Alternative Asset Management IPO Timeline (Tentative)
Gaja Alternative Asset Management IPO opened for subscription on August 19, 2026 and closed on August 21, 2026. The basis of allotment was finalized on August 24, followed by refund initiation and credit of shares to Demat accounts on August 25. The shares were listed on BSE and NSE on August 26, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Aug 19, 2026 |
| IPO Close Date | Fri, Aug 21, 2026 |
| Basis of Allotment | Mon, Aug 24, 2026 |
| Initiation of Refunds | Tue, Aug 25, 2026 |
| Credit of Shares to Demat | Tue, Aug 25, 2026 |
| Listing Date | Wed, Aug 26, 2026 |
| IPO Opens | August 19, 2026 |
| IPO Closes | August 21, 2026 |
| Basis of Allotment | August 24, 2026 |
| Refund Initiation | August 25, 2026 |
| Credit of Shares to Demat | August 25, 2026 |
| Listing Date | August 26, 2026 |
Gaja Alternative Asset Management IPO Lot Size
The Gaja Alternative Asset Management IPO lot size was 93 shares. At the upper price band of ₹160 per share, one lot required an investment of ₹14,880. Retail investors could apply for up to 13 lots, or 1,209 shares, amounting to ₹1,93,440.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 93 | 14,880 |
| Retail (Max) | 13 | 1,209 | 1,93,440 |
| S-HNI (Min) | 14 | 1,302 | 2,08,320 |
| S-HNI (Max) | 67 | 6,231 | 9,96,960 |
| B-HNI (Min) | 68 | 6,324 | 10,11,840 |
Gaja Alternative Asset Management IPO Reservation
The Gaja Alternative Asset Management IPO reserved not more than 50% of the Net Offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and not less than 35% for Retail Individual Investors. The issue also included an anchor investor portion within the QIB category.
Gaja Alternative Asset Management IPO Subscription
Gaja Alternative Asset Management IPO received 31.33x overall subscription by the close of bidding on August 21, 2026. QIBs subscribed 43.58x, NIIs 62.35x and Retail Individual Investors 11.04x.
| Category | Subscription (times) |
|---|---|
| QIB | 43.58x |
| NII | 62.35x |
| RII | 11.04x |
| Total | 31.33x |
About Gaja Alternative Asset Management
Gaja Alternative Asset Management Limited is an alternative asset management company operating under the Gaja Capital brand. The company acts as an investment manager to India-focused Alternative Investment Funds and also provides advisory services to offshore funds that invest in Indian businesses.
The company has more than two decades of experience in alternative asset management and has managed and advised funds across multiple investment cycles. Its activities include fund management, investment advisory and sponsor-related activities associated with its alternative investment platform.
Gaja's investment approach has focused on sectors including financial services, consumer businesses, digital technology and other areas of the Indian economy. The company works with portfolio businesses and seeks to create value through operational and strategic support.
The company states that its ownership is predominantly held by its leadership team and that it operates independently without being sponsored or owned by a financial institution, corporate group or global firm.
Strengths
- More than two decades of experience in alternative asset management.
- Established Gaja Capital platform with experience across multiple investment cycles.
- Focused India-oriented alternative asset management business model.
- Diversified investment exposure across several sectors and portfolio businesses.
- Strong historical growth in total income and profitability.
- Significant sponsor commitment to the funds managed by the company, supporting alignment with investors.
Risks to Consider
- The company's income is dependent on the performance of funds managed and advised by it.
- Management fees, carried interest and sponsor commitment income are important components of its income.
- Historical returns generated by funds may not be replicated in future investment cycles.
- Fund performance and investment realisation can be affected by economic conditions and market cycles.
- The company operates in a competitive alternative asset management industry and its ability to raise future funds is important to long-term growth.
Gaja Alternative Asset Management Financials (₹ Cr)
Gaja Alternative Asset Management reported growth in total income and profitability across FY2024 to FY2026. Total income increased from ₹103.96 crore in FY2024 to ₹123.31 crore in FY2025 and ₹157.80 crore in FY2026, while PAT increased from ₹44.74 crore to ₹61.95 crore and ₹81.96 crore.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 103.96 | 44.74 | 388.60 | 331.88 |
| FY2025 | 123.31 | 61.95 | 451.87 | 388.97 |
| FY2026 | 157.80 | 81.96 | 706.49 | 606.52 |
KPIs & Valuation
At the upper IPO price band of ₹160, Gaja Alternative Asset Management had a pre-issue P/E of approximately 22.04x based on pre-issue EPS of ₹7.26. The post-issue EPS was ₹5.81, resulting in a post-issue P/E of approximately 27.54x. FY2026 RoNW was 13.13%, while NAV was ₹53.73 per share.
Objects of the Issue
The Fresh Issue of ₹450 crore was proposed to be used primarily for sponsor commitments to certain existing and new funds and repayment of the Bridge Loan Amount. The company also proposed to use part of the proceeds for general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Investing towards balance Sponsor Commitment to certain constituent funds of Fund IV and repayment of the Bridge Loan Amount.
- Investing towards Sponsor Commitment to the proposed Fund V.
- Investing towards Sponsor Commitment to the Secondaries Fund.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Gaja Alternative Asset Management Limited is promoted by Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain and Mona Ranjit Shah. JM Financial Limited and IIFL Capital Services Limited acted as the Book Running Lead Managers, while MUFG Intime India Private Limited acted as the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | 022-49186000 |
| gajaalternative.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Gaja Alternative Asset Management IPO Review
Gaja Alternative Asset Management reported consistent growth in consolidated total income and profit during FY2024 to FY2026. Total income increased from ₹103.96 crore in FY2024 to ₹123.31 crore in FY2025 and ₹157.80 crore in FY2026. Profit after tax increased from ₹44.74 crore to ₹61.95 crore and then ₹81.96 crore during the same period.
The company operates in the alternative asset management segment and generates income through management fees, carried interest and income related to sponsor commitments. Management fees represented 38.07% of total income in FY2026, compared with 46.65% in FY2025 and 72.96% in FY2024.
As of March 31, 2026, the company's consolidated borrowings stood at ₹41.56 crore, compared with ₹4 crore in FY2025. The reported debt-to-equity ratio was 0.07 as of March 31, 2026.
At the upper IPO price of ₹160, the reported pre-issue EPS was ₹7.26, resulting in a pre-issue P/E of approximately 22.04x. The post-issue EPS was ₹5.81, corresponding to a post-issue P/E of approximately 27.54x.
How to Apply
Gaja Alternative Asset Management IPO applications could be made through the ASBA process, including UPI-supported applications. The minimum application consisted of one lot of 93 shares, requiring ₹14,880 at the upper price band of ₹160.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Gaja Alternative Asset Management IPO.
- Enter the number of lots you want to apply for.
- Select the applicable bid price or Cut-off option where permitted.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's RHP, Prospectus and other IPO documents for detailed information relating to its business, financial performance, risk factors, capital structure, objects of the issue and other disclosures. The company has published its IPO documents through its official investor-relations section, while the RHP was also filed with SEBI.
Last updated Aug 29, 2026.