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Gaja Alternative IPOLISTED

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Gaja Alternative Asset Management is an India-focused alternative asset manager with 20+ years of experience managing AIFs and offshore funds.

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Listing price

₹185

Listing gain

+15.63%

Current

₹185

Listed

26 Aug 26

Opens

19 Aug 26

Closes

21 Aug 26

Allotment

24 Aug 26

Refund

25 Aug 26

Demat

25 Aug 26

Listing

26 Aug 26

Listed at

₹185

+15.63% on 26 Aug 26

Min. investment₹14,880
GMP₹13 · +8.1%
Subscribed32.98x
Track in the app

Overview

Price band

₹152-160

Lot size

93 shares

Min. investment

₹14,880

Issue size

₹550.00 Cr

3.44 Cr shares

Fresh issue

₹450 Cr

2.81 Cr shares

Offer for sale

₹100 Cr

62.50 L shares

Face value

₹5 / share

Listing at

NSE, BSE

Reservation

QIB 50%NII 15%Individual 35%
CategoryShares offered% of issue
QIB68,75,00050%
NII (HNI)51,56,25015%
B-HNI34,37,500—
S-HNI17,18,750—
Individual1,20,31,25035%
Total2,40,62,500100%

Lot size & investment

ApplicationLotsSharesAmount
Retail (Min)193₹14,880
Retail (Max)131,209₹1,93,440
S-HNI (Min)141,302₹2,08,320
S-HNI (Max)676,231₹9,96,960
B-HNI (Min)686,324₹10,11,840

Listing performance

NSE/BSE: GAJAALTERNATIVE

Listing gain

+15.63%

Gain per retail lot

₹2,325

Latest vs issue

—

GMP was

₹13 (+8.13%)

₹160
₹173+8.13%
₹185+15.63%

Issue price

GMP estimate

Listing price

Latest price appears here during market hours.

Gaja Alternative Live GMP

GMP₹13
Est. Price₹173
Est. Gain8.13%
121416182022 Aug · ₹1925 Aug · ₹1322 Aug25 Aug

Latest GMP

₹13

All-time high

₹19

All-time low

₹13

GMP × retail lot ₹1,209GMP × S-HNI min ₹16,926Expected listing ~ ₹173GMP is unofficial and changes often. Data as of 22 Aug, 12:00 am.

Subscription

22 Aug, 12:00 am

Oversubscribed 32.98 times · 14,36,279 applications

QIB
45.87x
NII (HNI)
65.63x
S-HNI
44.85x
B-HNI
76.03x
Retail
11.62x
Total
32.98x

Total applications

14,36,279

Total bid amount

₹12,697 Cr

Category breakdown

CategoryShares offeredShares bidTimesBid amount
QIB68,75,00031,53,82,71645.87x₹5,046 Cr
NII (HNI)51,56,25033,84,20,58365.63x₹5,415 Cr
B-HNI34,37,50026,13,36,13876.03x₹4,181 Cr
S-HNI17,18,7507,70,84,44544.85x₹1,233 Cr
Retail1,20,31,25013,97,47,28711.62x₹2,236 Cr
Total2,40,62,50079,35,50,58632.98x₹12,697 Cr

Application-wise breakup

CategoryApplications reservedAppliedTimes
B-HNI2,64040,78315.45x
S-HNI1,32057,43243.51x
Retail1,29,36813,44,46110.39x

Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).

Financials

(₹ in crores)

0200400600800Mar 2024 · Revenue: 103.96Mar 2024 · Expense: 48.98Mar 2024 · Profit after tax: 44.74Mar 2024 · Assets: 388.6Mar 2024 · Borrowing: 3.51Mar 2024Mar 2025 · Revenue: 123.31Mar 2025 · Expense: 64.47Mar 2025 · Profit after tax: 61.95Mar 2025 · Assets: 451.87Mar 2025 · Borrowing: 4Mar 2025Mar 2026 · Revenue: 157.8Mar 2026 · Expense: 70.39Mar 2026 · Profit after tax: 81.96Mar 2026 · Assets: 706.49Mar 2026 · Borrowing: 41.56Mar 2026

Key performance indicators

As of 31 Mar 2026

ROE

16.47%

PAT Margin

51.94%

Debt to Equity Ratio

0.07

Price to Book Value

2.98

RoNW

13.13%

Valuation vs listed peers

EPS Pre IPO

₹7.26

EPS Post IPO

₹5.81

P/E Pre IPO

22.04

P/E Post IPO

27.54

Price-to-earnings

Gaja Alternative (post-issue)
27.54×
360 One WAM Limited
40.01×
Aditya Birla Sun Life AMC Limited
30.28×
Anand Rathi Wealth Limited
91.50×
HDFC Asset Management Company Limited
37.82×
ICICI Prudential Asset Management Company Limited
45.38×
Nippon Life India Asset Management Limited
49.57×
Nuvama Wealth Management Limited
30.44×
SBI Funds Management Limited
37.80×
UTI Asset Management Company Limited
28.84×
CompanyP/EP/BRoNWFace value
360 One WAM Limited40.01———
Aditya Birla Sun Life AMC Limited30.28———
Anand Rathi Wealth Limited91.5———
HDFC Asset Management Company Limited37.82———
ICICI Prudential Asset Management Company Limited45.38———
Nippon Life India Asset Management Limited49.57———
Nuvama Wealth Management Limited30.44———
SBI Funds Management Limited37.8———
UTI Asset Management Company Limited28.84———

Peer median P/E 37.8× · Ratios as disclosed in the offer document.

Buzz AI analysis

From this IPO's filings and market data · educational, not investment advice

Revenue growth FY24 → FY26

+51.8%

Profit growth FY24 → FY26

+83.2%

P/E vs peer median

27.5× vs 37.8×

  • Priced below its listed-peer median P/E.

Strengths & risks

  • 20+ years of experience in alternative asset management.
  • Strong fund performance with 3.3x average MOIC.
  • PAT grew from ₹447.42 million in FY24 to ₹819.59 million in FY26.
  • Strong global investor base across 20+ countries.
  • High sponsor commitment shows strong skin-in-the-game.
6.1/10

Buzz score · Neutral

From GMP, subscription and issue size

Financials5.6
Growth5.5
Business6.0
Demand8.7
Risk7.2

Objects of the issue

PurposeAmount (₹ Cr)
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 Fund372
General Corporate Purposes-

Company & documents

Gaja Alternative Asset Management Limited is an independent alternative asset management company operating under the “Gaja Capital” brand. With over two decades of experience in alternative asset management and private equity, the company focuses on managing and advising investment funds that invest primarily in India.

The company acts as an investment manager to India-focused Category I and Category II AIFs and an advisor to offshore funds investing in Indian companies. It also sponsors, manages, and advises funds across investment strategy, fund management, portfolio management, and investments.

Gaja Capital primarily focuses on the Indian mid-market segment, investing across EEE, Financial Services, Consumer, and Digital Technology sectors. It follows an invest-and-collaborate approach to create value in portfolio companies.

The company began its investment activities through deal-by-deal investments and later launched Fund II (2007), Fund III (2015), and Fund IV (2021). It also entered the secondaries business, with its Secondaries Fund receiving SEBI approval in October 2025.

Business Model:

  • Management Fees: Fees earned for managing and advising funds, linked to the size of the fund and capital committed or invested by external investors.
  • Carried Interest: A performance-linked share of profits generated by the funds managed and advised by the company.
  • Income from Sponsor Commitment: Capital gains earned from the company’s own investments as a sponsor in the funds it manages and advises.

Gaja Capital has a diversified global investor base across more than 20 countries, including India, the US, Europe and the Middle East. The company manages funds across fundraising, investments, portfolio management and exits, with an average MOIC of 3.3x across its Prior Investments and Gaja Capital Funds.

As of September 30, 2025, the company employed 38 personnel, comprising both permanent and contractual staff.

Registrar

MUFG Intime India Pvt.Ltd.

Company contact

Gaja Alternative Asset Management Ltd.

302, 3rd Floor, Kanchenjunga Building, 18, Barakhamba Road, Connaught Place, Central Delhi, New Delhi, 110001

Phone: 91368 89894

Email: compliance@gajacapital.com

Web: https://www.gajacapital.com/

Book running lead managers

  • JM Financial Limited
  • IIFL Capital Services Ltd.

Promoters

71.0%Pre Issue
54.2%Post Issue
  • Gopal Jain
  • Ranjit Jayant Shah
  • Imran Jafar
  • Chitra Jain
  • Mona Ranjit Shah