Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management Limited (Gaja Capital) is a home-grown alternative asset management company with over two decades of experience managing India-focused Category I and II AIFs and advising offshore funds investing in India.
Issue Size
Price Band
IPO Dates
Listing Date
IPO Snapshot
| Particular | Details |
|---|---|
| IPO Name | Gaja Alternative Asset Management IPO |
| Company Name | Gaja Alternative Asset Management Limited |
| Issue Type | Book Built Issue |
| Exchange | BSE, NSE |
| Face Value | ₹5 per share |
| Price Band | ₹152 to ₹160 |
| Lot Size | 93 Shares |
| Minimum Investment | ₹14,880 (Retail, upper band) |
| Fresh Issue | 2,81,25,000 shares (~₹450 Cr) |
| Offer for Sale | 62,50,000 shares (~₹100 Cr) |
| Total Issue Size | 3,43,75,000 shares (~₹550 Cr) |
| IPO Opens | 19 Aug 2026 |
| IPO Closes | 21 Aug 2026 |
| Listing | BSE & NSE |
| Registrar | MUFG Intime India Pvt. Ltd. |
IPO Lot Size
Investors can bid for a minimum of 93 shares and in multiples thereof.
| 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 |
About the Company
Gaja Alternative Asset Management Limited, operating under the Gaja Capital brand and incorporated in April 1999, is an independent, home-grown alternative asset management company with over two decades of experience managing and advising India-focused funds.
The company acts as investment manager to India-focused funds including Category I and Category II AIFs, and as adviser to offshore funds investing in India, focusing on alternative investments across education, energy and environment, financial services, and consumer and digital technology sectors, with a differentiated approach centred on the mid-market segment.
Founded in 2004 as Gaja Capital and transitioned to a public limited company in January 2025, the firm has built a portfolio including investments in Teamlease, Lighthouse Learning, RBL Bank, John Distilleries, Xpressbees and Leadsquared.
Company Strengths
- Well-established alternative asset manager with over two decades of vintage and multi-cycle track record.
- High profitability with an asset-light operating model (FY26 PAT margin of 51.94%).
- Negligible gearing with a clean balance sheet (Debt/Equity of 0.07).
- Direct beneficiary of the rapid growth in India's domestic private equity and AIF ecosystem.
- Experienced leadership team including Gopal Jain (MD & CEO) and Ranjit Jayant Shah (Executive Vice-Chairman).
Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Investment towards sponsor commitments to existing and new funds, and repayment of bridge loan | 372.0 |
| 2 | General corporate purposes | |
| Total | 372.00 |
Financial Performance
| Particular | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | - | - | - |
| Profit After Tax | - | 59.50 | 79.60 |
| PAT Margin | - | - | 51.94% |
| Debt/Equity | - | - | 0.07 |
GMP Today
Important Dates
| Event | Date |
|---|---|
| Anchor Bidding | 18 Aug 2026 |
| IPO Opens | 19 Aug 2026 |
| IPO Closes | 21 Aug 2026 |
| Basis of Allotment | 24 Aug 2026 (Tentative) |
| Refund Initiation | 25 Aug 2026 (Tentative) |
| Listing Date | 26 Aug 2026 (Tentative) |
IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Offer |
| Non-Institutional Investors (NII) | Not less than 15% of the Offer |
| Retail Individual Investors | Not less than 35% of the Offer |
Promoter Holding
Pre-Issue Promoter Holding: To be updated from final offer document
Post-Issue Promoter Holding: To be updated from final offer document
Key promoter selling shareholders in the OFS include Ranjit Jayant Shah (jointly with Mona Ranjit Shah), Imran Jafar, and Gopal Jain (jointly with Chitra Jain).
Lead Managers
- JM Financial Ltd.
- IIFL Capital Services Ltd.
Registrar and IPO Status
Key Risk Factors
- Revenue depends on assets under management (AUM) growth and fund performance, both of which are market-linked.
- Alternative asset management is a relatively new listed category in India, with limited public-market comparables.
- Business is exposed to regulatory changes affecting AIFs and private equity fund structures in India.
- A portion of net proceeds will fund sponsor commitments to new funds, exposing the company to future fund performance risk.
- Fee income can be cyclical, tied to fundraising cycles and market sentiment toward private equity.
- IPO investing carries market and listing risk; read the final offer document carefully before investing.
Frequently Asked Questions
What is the Gaja Alternative Asset Management IPO date?
The IPO opens on 19 Aug 2026 and closes on 21 Aug 2026.What is the price band of Gaja Alternative Asset Management IPO?
The price band is set at ₹152 to ₹160 per share.What is the lot size of Gaja Alternative Asset Management IPO?
The lot size is 93 shares, with a minimum retail investment of ₹14,880 at the upper price band.Where will Gaja Alternative Asset Management IPO list?
The equity shares are proposed to be listed on BSE and NSE.Who is the registrar of Gaja Alternative Asset Management IPO?
MUFG Intime India Pvt. Ltd. is the registrar to the issue.What is the total issue size of Gaja Alternative Asset Management IPO?
The total issue size is approximately ₹550 Crore, comprising a fresh issue of ~₹450 Cr and an offer for sale of ~₹100 Cr.Disclaimer
IPO dates, price band, lot size, issue size and other details may change before the final offer document is issued.
Grey Market Premium (GMP), when available, is unofficial and can change anytime. It is not an assurance of listing gains.