Gaja Alternative Asset Management IPO

The Gaja Alternative Asset Management mainboard IPO opens for subscription on 19 Aug 2026 and closes on 21 Aug 2026, offered at a price band of ₹152–160 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹550 crore. Retail investors bid in lots of 93 shares, a minimum application of ₹14,880.

Issue structure

The offer combines a fresh issue of ₹450 crore with an offer for sale (OFS) of ₹100 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward 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 crore), alongside general corporate purposes.

Financials

In FY2026, Gaja Alternative Asset Management reported revenue of ₹157.8 crore and a net profit of ₹81.96 crore. Revenue grew from ₹103.96 crore in FY2024 to ₹157.8 crore in FY2026 (+52.0%). Net worth stood at ₹606.52 crore at the end of FY2026. At the upper band, that puts the issue at roughly 22.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 27.54× post-issue earnings and 2.98× book value, against a return on net worth of 13.13% and a debt-to-equity ratio of 0.07. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including 360 One Wam Limited and Aditya Birla Sun Life Amc Limited, with a median peer P/E of about 37.8×. The issue's own post-issue P/E works out to 27.54×.

Promoters

The promoters of the company are <p>Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain, Mona Ranjit Shah</p>. Promoter holding stands at 71.03% before the issue and comes down to 54.23% after listing.

Grey market premium (GMP)

In the unofficial grey market, Gaja Alternative Asset Management shares are quoted at a premium of ₹17 implying an expected listing around ₹177, about +10.6% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Gaja Alternative Asset Management IPO was subscribed 32.98 times overall. The strongest demand came from non-institutional investors (NII) at 65.63 times, with qualified institutional buyers (QIB) at 45.87× and retail investors at 11.61×.

What to weigh

When evaluating the Gaja Alternative Asset Management IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Gaja Alternative Asset Management

Incorporated in 2004, Gaja Alternative Asset Management is an&nbsp;alternative asset management company. The company operates under the brand name, "Gaja Capital" is one of the leading private equity and alternative asset management firm. The company acts as an investment manager to India focused funds, including category II and category I alternative investment funds (&ldquo;AIFs&rdquo;) and also act as advisors to offshore funds, which provide capital to companies in India. The company invests across many sectors and&nbsp;the funds managed and advised by them, has been focused on various sectors, including, EEE, financial services, consumer and digital technology. As of September 30, 2025, the company employed a total of 38 personnel across permanent and contractual staff. Competitive Strengths: Well-established alternative AMC with a differentiated business model focused on driving the enterprise value of the Company. Proven track-record of delivering consistent performance across the Gaja Capital Funds. Focus on the high-growth alternative asset management industry in India with significant headroom to scale. Invest-and-collaborate approach with a key focus on value addition to portfolio companies of the Gaja Capital Funds. Ensuring skin-in-the game and alignment of interest with the investors of the Gaja Capital Funds. &nbsp;