Gaja Alternative Asset Management IPO
Updated 11 Sept 2026, 5:03 pm.
Minimum investment (Retail)
₹14,880
1 lot · 93 shares at the upper price band
Price band
₹160
Latest GMP
Not yet quoted
Est. listing price
—
Issue size
₹550 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹160
- Issue size
- ₹550 Cr
- Lot size
- 93
- Opens
- 19 Aug 2026
- Closes
- 21 Aug 2026
- Allotment
- 24 Aug 2026
- Listing
- 26 Aug 2026
- Est. listing price
- —
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- MUFG Intime India Pvt.Ltd.
- Minimum investment
- ₹14,880 (1 lot · 93 shares)
- Face value
- ₹5 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Fresh issue
- ₹450 Cr
- Offer for sale
- ₹100 Cr
- Listing at
- BSE, NSE
- Refunds
- 25 Aug 2026
- Shares credited
- 25 Aug 2026
- Promoter holding
- 71.03% before · 54.23% after
- Lead managers
- JM Financial Ltd., IIFL Capital Services Ltd.
Offer documents & links
Subscription by category
As of 21 Aug 2026, 1:24 pm.
Total subscription
23.08x
Full issue details
Details as published for this issue, read 11 Sept 2026, 4:57 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 19 to 21 Aug, 2026 |
|---|---|
| Listed on | Wed, Aug 26, 2026 |
| Face Value | ₹ 5 per share |
| Price Band | ₹152 to ₹160 |
| Issue Price | ₹160 per share |
| Lot Size | 93 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 3,43,75,000 shares (agg. up to ₹ 550 Cr) |
|---|---|
| Fresh Issue | 2,81,25,000 shares (agg. up to ₹ 450 Cr) |
| Offer for Sale | 62,50,000 shares of ₹ 5 (agg. up to ₹ 100 Cr) |
| Share Holding Pre Issue | 11,28,85,230 shares |
| Share Holding Post Issue | 14,10,10,230 shares |
| BSE Script Code / NSE Symbol | 544885 / GAJA |
| ISIN | INE18UN01038 |
IPO Timetable
- IPO Open
- Wed, Aug 19, 2026
- IPO Close
- Fri, Aug 21, 2026
- Allotment
- Mon, Aug 24, 2026
- Refund
- Tue, Aug 25, 2026
- Credit of Shares
- Tue, Aug 25, 2026
- Listing
- Wed, Aug 26, 2026
Issue Reservation
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB | 1,71,87,500 | 50.00% | NA |
| − Anchor Investor | 1,03,12,500 | 30.00% | NA |
| − QIB (Ex. Anchor) | 68,75,000 | 20.00% | NA |
| NII (HNI) | 51,56,250 | 15.00% | NA |
| − bNII > ₹10L | 34,37,500 | 10.00% | 2,640 |
| − sNII < ₹10L | 17,18,750 | 5.00% | 1,320 |
| Retail | 1,20,31,250 | 35.00% | 1,29,368 |
| Total | 3,43,75,000 | 100.00% | — |
Gaja Alternative Asset Management IPO comprises a total issue size of 3,43,75,000 shares. Out of which, 1,71,87,500 (50.00%) are allocated to QIB , 51,56,250 (15.00%) allocated to NII 1,20,31,250 (35.00%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 93 | ₹14,880 |
| Retail (Max) | 13 | 1209 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1302 | ₹2,08,320 |
| S-HNI (Max) | 67 | 6231 | ₹9,96,960 |
| B-HNI (Min) | 68 | 6324 | ₹10,11,840 |
Investors can bid for a minimum of 93 shares and in multiples thereof.
IPO Subscription Details
IPO Anchor Investors
| Bid Date | Tue, Aug 18, 2026 |
|---|---|
| Shares Offered | 1,03,12,500 |
| Anchor Portion (₹ Cr.) | 165.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Tue, Sep 22, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sat, Nov 21, 2026 |
Gaja Alternative Asset Management IPO raises ₹ 165.00 crore from anchor investors . Gaja Alternative Asset Management IPO Anchor bid date is August 18, 2026 .
IPO Anchor Investors List
About Gaja Alternative Asset Management Ltd.
Incorporated in April 1999, Gaja Alternative Asset Management Limited is an independent, home-grown alternative asset management company with over two decades of experience in managing and advising India-focused funds, including Category I and Category II AIFs, as well as offshore funds investing in India. The Company focuses on alternative investments across sectors such as education, energy and environment, financial services, consumer and digital technology, with a differentiated investment approach focused on the mid-market segment.
Gaja Alternative Asset Management has built a strong track record through multiple fund cycles, with the Gaja Capital Funds comprising Fund II, Fund III and Fund IV, supported by long-standing relationships with investors across more than 20 countries. The Company had committed approximately ₹274 crore as Sponsor Commitment, representing 6.41% of the total size of the Gaja Capital Funds as of March 31, 2026.
The Company generates income through management fees, carried interest and gains from sponsor commitments, with a focus on capturing the economic value generated by the funds managed and advised by it. Gaja Capital follows an invest-and-collaborate approach, working closely with portfolio companies across areas such as product, sales, human resources and financial management. As of March 31, 2026, the Company had 37 personnel, including 23 permanent and 14 contractual employees.
Strengths
Well-established alternative asset management company with over 20 years of experience.
Proven track record of consistent performance across Gaja Capital Funds.
Focus on the high-growth alternative asset management industry in India.
Differentiated invest-and-collaborate approach focused on value creation.
Strong alignment of interests with investors through significant Sponsor Commitment.
Experienced promoters and management team with deep industry expertise.
Long-standing relationships with a diverse global investor base.
Robust financial growth and strong balance sheet.
Company Financials (Restated Consolidated)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 706.49 | 451.87 | 388.60 |
| Total Income | 157.80 | 123.31 | 103.96 |
| Profit After Tax | 81.96 | 61.95 | 44.74 |
| EBITDA | 72.05 | 60.81 | 49.25 |
| NET Worth | 606.52 | 388.97 | 331.88 |
| Reserves and Surplus | 525.33 | 381.75 | 325.79 |
| Total Borrowing | 41.56 | 4.00 | 3.51 |
| Amount in ₹ Crore |
Gaja Alternative Asset Management Ltd.'s revenue increased by 28% and profit after tax (PAT) rose by 32% between the financial year ending with March 31, 2026 and March 31, 2025.
Recently Listed IPOs in Asset Management Company
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|---|---|---|---|---|---|---|---|
| SBI Funds Management Ltd. | Mainboard | ₹9,795.32 Cr | ₹574 | 38.12 | ₹609.75 | +6.23% | ₹551.00 |
| ICICI Prudential Asset Management Co.Ltd. | Mainboard | ₹10,602.65 Cr | ₹2165 | 40.37 | ₹2,585.90 | +19.44% | ₹3,033.50 |
| Canara Robeco Asset Management Co.Ltd. | Mainboard | ₹1,326.13 Cr | ₹266 | 27.82 | ₹300.45 | +12.95% | ₹240.05 |
View More »
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Investing towards Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount as follows: (a) investing towards balance Sponsor Commitment to the following constituent funds of Fund IV and Bridge Loan Amount (i) Gaja Capital India Fund 2020 LLP; (ii) Gaja Capital India Fund 2020 (iii) Bridge Loan Amount (b) investing towards Sponsor Commitment to the proposed Fund V (c) investing towards Sponsor Commitment to the Secondaries Fund | 372.00 |
| 2 | General Corporate Purposes | 44.25 |
| 3 | Issue Expenses | 42.60 |
| Total | 458.85 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 16.47% | 17.19% |
| Debt/Equity | 0.07 | 0.01 |
| RoNW | 13.13% | 15.31% |
| PAT Margin | 51.94% | 50.24% |
| NAV | 53.73 | 37.33 |
| Price to Book Value | 2.98 | 4.29 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 7.26 | 5.81 |
| P/E (x) | 22.04 | 27.54 |
| Market Cap at Offer Price | ₹1,806Cr. | ₹2,378.42 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 71.03% | 54.23% |
| Public | 28.97% | 45.77% |
| Total | 100% | 100% |
Company Promoters: Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain and Mona Ranjit Shah.
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Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Ranjit Jayant Shah jointly held with Mona Ranjit Shah | Promoter | 18,34,375 | 29.35 |
| Imran Jafar | Promoter | 12,50,000 | 20.00 |
| Sudesh Jain jointly held with Mr.Gopal Jain | Promoter | 6,25,000 | 10.00 |
| Sanjay Hiralal Patel | Other | 11,71,875 | 18.75 |
| Anshuman Goyal | Other | 5,87,500 | 9.40 |
| Abhinav Jain | Other | 3,12,500 | 5.00 |
| Sushane Chopra | Other | 3,12,500 | 5.00 |
| Suparna Kumar | Other | 1,56,250 | 2.50 |
| Total | — | 62,50,000 | 100.00 |
Gaja Alternative Asset Management IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 11 | 1 | 1 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 45.87 | 68,75,000 | 31,53,82,716 |
| NII | 65.63 | 51,56,250 | 33,84,15,375 |
| bNII (> ₹10L) | 76.03 | 34,37,500 | 26,13,36,138 |
| sNII (< ₹10L) | 44.85 | 17,18,750 | 7,70,79,237 |
| Retail | 11.61 | 1,20,31,250 | 13,97,36,127 |
| Total | 32.98 | 2,40,62,500 | 79,35,34,218 |
The Gaja Alternative Asset Management IPO is subscribed 32.98 times on August 21, 2026 6:54:35 PM (Day 3). The public issue subscribed 11.61 times in the retail category, 45.87 times in the QIB category, and 65.63 times in the NII category. Check Day by Day Subscription Details (Live Status)
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Total Applications: 14,36,184
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs’ fees and commissions (including underwriting commission, brokerage and selling commission) | 21.12 |
| 2 | Selling commission/processing fee for SCSBs, Sponsor Banks and fee payable to the Sponsor Banks for Bids made by RIBs | 0.29 |
| 3 | Brokerage and selling commission and bidding/uploading charges for members of the Syndicate (including their sub-Syndicate Members), Registered Brokers, RTAs and CDPs | 0.83 |
| 4 | Fees payable to the Registrar to the Offer | 0.38 |
| 5 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 4.08 |
| 6 | Printing and stationery expenses | 0.53 |
| 7 | Advertising and marketing expenses | 3.49 |
| 8 | Fees payable to legal counsel | 6.20 |
| 9 | Fees payable to auditors, chartered accountants and company secretaries | 2.14 |
| 10 | Fees payable to industry report provider | 1.06 |
| 11 | Miscellaneous (comprising fees payable to additional intermediaries or advisors, if any and monitoring agency appointed in connection with the Offer) | 2.48 |
| Total | 42.60 |
Listing Day Trading Information
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹ 160.00 | ₹ 160.00 |
| Open | ₹ 185.20 | ₹ 185.00 |
| Low | ₹ 165.50 | ₹ 165.40 |
| High | ₹ 191.35 | ₹ 191.65 |
| Last Trade | ₹ 168.70 | ₹ 168.67 |
Check IPO Performance…
IPO Registrar
MUFG Intime India Pvt.Ltd.
022-49186000
gajaalternative.ipo@in.mpms.mufg.com
IPO Lead Manager(s)
JM Financial Ltd.
IIFL Capital Services Ltd.
Contact Details
Gaja Alternative Asset Management Ltd. Address
302, 3rd Floor, Kanchenjunga Building,
18, Barakhamba Road,
Connaught Place, Central Delhi,
New Delhi, New Delhi , 110001
91368 89894
compliance@gajacapital.com
Gaja Alternative Asset Management IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
Gaja secures SEBI nod for fifth fund days after ₹550 crore IPO
app.dealroom.co · 1 Sept 2026
S&R Associates, Trilegal act on Gaja Capital ₹550 crore IPO
Bar and Bench · 31 Aug 2026
Gaja AAM Lists 16% Higher; Stock Ends 5% Up From Issue Price
HDFC Sky · 27 Aug 2026
S&R Associates Advises Gaja Alternative Asset Management on ₹550-Crore IPO
SCC Online · 27 Aug 2026
S&R Associates Advises Gaja Alternative Asset Management on ₹550 Crore IPO
SCC Online · 27 Aug 2026
Gaja Alternative shares make decent listing gains at 16% premium; should you buy, sell or hold?
Moneycontrol.com · 26 Aug 2026
Gaja Alternative Asset Management IPO listing: Shares list at a 16% premium over the issue price
Livemint · 26 Aug 2026
