Gaja Alternative Asset Management IPO: An independent, domestic alternative asset management company with over two decades of experience managing and advising India-focused funds, including Category I and Category II AIFs, as well as offshore funds investing in India, has launched its IPO in the market.
The company is looking to raise ₹550.00 crore through this IPO. Gaja Alternative Asset Management IPO will open for subscription on August 19, 2026, and close on August 21, 2026.
Gaja Alternative Asset Management IPO is a book build issue of 3,43,75,000 shares (₹550.00 Cr.). The issue is a combination of a fresh issue of 2,81,25,000 shares (₹450.00 Cr.) and an offer for sale of 62,50,000 shares (₹100.00 Cr.).
The price band for Gaja Alternative Asset Management IPO is ₹152 to ₹160 per share. The minimum application size is 1 lot (93 shares), requiring a retail investor to invest at least ₹14,880 (based on the upper price band).
Gaja Alternative Asset Management IPO Details
| Open Date | August 19, 2026 |
| Close Date | August 21, 2026 |
| Issue Type | Book Building Issue |
| Face Value | ₹5.00 Equity Share |
| Price Band | ₹152.00 – ₹160.00 Per Share |
| Listing On | BSE, NSE |
| Issue Size | ₹550.00 Cr. (3,43,75,000 Shares) |
| Fresh Issue | ₹450.00 Cr. (2,81,25,000 Shares) |
| Offer For Sale | ₹100.00 Cr. (62,50,000 Shares) |
| Prospectus | RHP | Anchor Investors |
Gaja Alternative Asset Management IPO Reservation
| Category | Reservation | Shares Offered |
|---|---|---|
| QIB | 50.00% | 1,71,87,500 |
| NII | 15.00% | 51,56,250 |
| RII | 35.00% | 1,20,31,250 |
| Total | 100.00% | 3,43,75,000 |
Gaja Alternative Asset Management IPO Market Lot
| Application | Lot | Shares | Amount |
| Retail Minimum | 1 | 93 | ₹14,880 |
| Retail Maximum | 13 | 1,209 | ₹1,93,440 |
| S-HNI Minimum | 14 | 1,302 | ₹2,08,320 |
| S-HNI Maximum | 67 | 6,231 | ₹9,96,960 |
| B- HNI Minimum | 68 | 6,324 | ₹10,11,840 |
Key Performance Indicator
| KPI [March 31, 2026] | Value |
| Market Capitalisation | ₹2,256.16 Cr. |
| P/E Ratio | 22.04x |
| EPS | ₹7.26 |
| ROE | 16.47% |
| ROCE | — |
| RoNW | 13.13% |
| Dept/Equity | 0.07 |
| EBITDA Margin | — |
| PAT Margin | 51.94% |
| Net Assets Value | ₹53.73 |
| Price To Book Value | 2.08x |
Gaja Alternative Asset Management IPO Peer Comparison
| Company | P/E | EPS | RoNW | NAV |
| 360 One Wam Limited | 40.01x | ₹30.16 | 12.37% | ₹242.17 |
| Aditya Birla Sun Life Amc Limited | 30.28x | ₹33.76 | 24.13% | ₹139.94 |
| Anand Rathi Wealth Limited | 91.50x | ₹47.87 | 39.64% | ₹120.23 |
| HDFC Asset Management Company Limited | 37.82x | ₹66.77 | 30.97% | ₹215.42 |
| Icici Prudential Asset Management Company Limited | 45.38x | ₹66.73 | 79.07% | ₹84.39 |
| Nippon Life India Asset Management Limited | 49.57x | ₹24.05 | 32.83% | ₹73.01 |
| Nuvama Wealth Management Limited | 30.44x | ₹57.59 | 25.26% | ₹226.37 |
| SBI Funds Management Limited | 37.80x | ₹15.08 | 51.44% | ₹29.28 |
| UTI Asset Management Company Limited | 28.84x | ₹31.51 | 8.97% | ₹350.50 |
Gaja Alternative Asset Management IPO Dates
| Open Date | August 19, 2026 |
| Close Date | August 21, 2026 |
| Allotment Date | August 22, 2026 |
| Refund Date | August 25, 2026 |
| Share Credit Date | August 25, 2026 |
| Listing Date | August 26, 2026 |
Gaja Alternative Asset Management Limited Company Financial Report (Restated)
| Period Ended | Total Assets | Total Income | Total Expenses | Net Worth | Profit After Tax | Reserves and Surplus | Total Borrow |
|---|---|---|---|---|---|---|---|
| March 2026 (Consolidated) | ₹706.49 Cr. | ₹157.80 Cr. | ₹70.39 Cr. | ₹606.52 Cr. | ₹81.96 Cr. | ₹525.33 Cr. | ₹41.56 Cr. |
| March 2025 (Consolidated) | ₹451.87 Cr. | ₹123.31 Cr. | ₹64.47 Cr. | ₹388.97 Cr. | ₹61.95 Cr. | ₹381.75 Cr. | ₹4.00 Cr. |
| March 2024 (Consolidated) | ₹388.60 Cr. | ₹103.96 Cr. | ₹48.98 Cr. | ₹331.88 Cr. | ₹44.74 Cr. | ₹325.79 Cr. | ₹3.51 Cr. |
Company Promoters
- Gopal Jain
- Ranjit Jayant Shah
- Imran Jafar
- Chitra Jain
- Mona Ranjit Shah
| Holding Pre Issue | 11,28,85,230 Shares | 71.03% |
| Holding Post Issue | 14,10,10,230 Shares | 54.23% |
Gaja Alternative Asset Management IPO Lead Managers
- JM Financial Limited
- IIFL Capital Services Limited
Gaja Alternative Asset Management IPO Registrar
MUFG Intime India Private Limited
Telephone: 022-49186000
Email: gajaalternative.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
About Gaja Alternative Asset Management Limited (Incorporated in April 1999)
The company is a well-known, old-school alternative asset management company with over 20 years of experience. It serves as an investment manager for India-focused funds, including Category II and Category I Alternative Investment Funds (“AIFs”), and as an advisor to offshore funds that provide capital to companies in India.
We are an experienced, independent, and indigenously incorporated alternative asset management company (“AMC”). With over two decades of experience in alternative asset management, we have managed and advised funds across various investment cycles. As an independent alternative AMC, we are not sponsored or owned by any financial institution, corporate group, or global firm, and our ownership structure is largely held by our leadership team. Our indigenous character stems from the background of our promoters and senior management, all of whom have built their careers in India and are Indian citizens.
It was incorporated in 1999 as View Advisors Private Limited. These were the early years of India’s alternative ecosystem, when private equity funds began investing in the Indian market soon after the liberalization of the economy in the early 1990s. (Source: CRISIL Report). It later rebranded itself as “Gaja Capital,” with the objective of mobilizing, directly managing, and advising domestic and offshore funds to make private equity investments in India. The “Gaja Capital” brand reflects its focus on combining its investment and advisory experience and aligning its interests with the interests of the investors and portfolio companies of the funds it manages and advises (“portfolio companies“).
AUM for alternative investments in India is expected to grow by 25-27% between March 2026 and March 2030 and reach ₹41-44 trillion by March 2030 (Source: CRISIL report). The market share of the mid-market category, which includes deal sizes of ₹500–2,500 million, increased to 19% by volume and 14% by value in fiscal 2025, from 16% and 12%, respectively, in fiscal 2020. The mid-market share of PE investments is expected to grow even faster. By March 2026, the market share of the mid-market category was 22%, compared to 19% in fiscal 2025 (Source: CRISIL report).
With extensive experience in the mid-market segment, they have developed a distinct alpha-oriented strategy for the funds they manage and advise, focusing on an invest-and-collaborate approach to add value to portfolio companies. Their investment strategy focuses on specific aspects of portfolio companies, including (i) product, (ii) sales, (iii) human resources, and (iv) financial management. Given their experience and customized investment strategy for the needs of the mid-market segment, they believe they are well-positioned to benefit from the anticipated growth in the alternative asset management industry in India.
His competence as an investment manager and advisor is demonstrated by the consistent performance of the funds he manages and advises. He began his initial investment management and advisory operations with a set of four investments made on a deal-by-deal (D2D) basis between 2005 and 2007 (“Earlier Investments”). Following these earlier investments, he created Fund II in 2007 and Fund III in 2015. The most recent fund, Fund IV (combining Fund II and Fund III, “Gaza Capital Funds”), was created in 2021.
Gaza Capital Funds has demonstrated consistent growth, with each subsequent fund size exceeding the previous one. His long-standing relationships with LPs have helped him build multiple funds. Gaza Capital Funds’ LPs are spread across more than 20 countries, including India, the United States, Europe, and the Middle East.
In addition to increasing capital commitments, he has focused on the performance of the funds he manages and advises as a tool to enhance his company’s enterprise value. He has managed and advised Gaza Capital funds at various stages, including fundraising, investment and deployment of funds, portfolio management, and exits from portfolio companies, with earlier investments and Gaza Capital funds having an average MOIC of 3.3x.
Their commitment to Gaja Capital Funds is reflected in the high level of sponsor commitments we have made to Gaja Capital Funds. SEBI AIF Regulations prescribe a limit for sponsor commitments of 2.5% of the total fund corpus or ₹50.00 million, whichever is lower. As of March 31, 2026, they had committed approximately ₹2,740.00 million as sponsor commitments to Gaja Capital Funds, representing 6.41% of the total size of Gaja Capital Funds, which is significantly higher than the regulatory limit.
Company Strengths (In Details)
- A well-known alternative AMC with a differentiated business model focused on increasing the enterprise value of their 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.
- Experienced Promoters and management team.
- Long-standing and well-established industry relationships with a diverse global investor base across the Gaja Capital Funds.
- Proven track record of delivering robust financial growth and a strong balance sheet.
Objects Of The Issue (In Details)
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Investing in its sponsor commitments for certain existing and new funds and repaying the bridge loan amount as described below: (Estimated Amount ₹372.00 Cr.)
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a) To invest the remaining sponsor commitments of Fund IV in the following participating funds and to repay the bridge loan amount:
- (i) Gaja Capital India Fund 2020 LLP;
- (ii) Gaja Capital India Fund 2021 (formerly known as Gaja Capital India Fund 2020);
- (iii) Bridge Loan Amount.
-
b) To invest towards their sponsor commitment for the proposed Fund V;
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c) Investing for their sponsor commitments for secondary funds.
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a) To invest the remaining sponsor commitments of Fund IV in the following participating funds and to repay the bridge loan amount:
- General corporate purposes
Company Address
Gaja Alternative Asset Management Limited
Address: 302, 3rd Floor, Kanchenjunga Building,
18, Barakhamba Road, Connaught Place, Central Delhi, New Delhi, New Delhi, 110001
Telephone: 91368 89894
Email: compliance@gajacapital.com
Website: https://www.gajacapital.com/
Gaja Alternative Asset Management IPO FAQs
What are the open and close dates of the Gaja Alternative Asset Management IPO?
The Gaja Alternative Asset Management IPO will open on August 19, 2026 and close on August 21, 2026.
What is the price band for Gaja Alternative Asset Management IPO?
The price band for the Gaja Alternative Asset Management IPO is ₹152 to ₹160 per share.
What is the issue size of the Gaja Alternative Asset Management IPO?
The total issue size of the Gaja Alternative Asset Management IPO is ₹550.00 Cr., comprising both fresh issue and offer for sale (if applicable).
What is Gaja Alternative Asset Management IPO Minimum and Maximum Lot Size?
The minimum bid is 1 Lot, 93 Shares with ₹14,880 amount while the maximum bid is 13 Lot, 1,209 shares with ₹1,93,440 for the Gaja Alternative Asset Management IPO.
What is Gaja Alternative Asset Management IPO Investors Portion?
The investors portion for QIB 50%, NII 15%, RII 35% for the Gaja Alternative Asset Management IPO.
When will the allotment for the Gaja Alternative Asset Management IPO be finalized?
The Gaja Alternative Asset Management IPO allotment is expected to be finalized on August 22, 2026.
When will the shares of Gaja Alternative Asset Management IPO get listed?
The Gaja Alternative Asset Management IPO shares are expected to be listed on BSE and NSE on August 26, 2026.
| Read Also |
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| Gaja Alternative Asset Management IPO GMP |
| Gaja Alternative Asset Management IPO Subscription Status |
| Gaja Alternative Asset Management IPO Allotment Status |
This content has been researched and written by the IPO Investors Team…
Disclaimer: Readers are strongly advised to seek guidance from a qualified financial advisor before making any investment decisions. Relying solely on the content presented here for financial choices is done entirely at the reader’s own risk.
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