Gaja Alternative Asset Management
Price band ₹152–160 · Issue ₹550.00 Cr
Opens
19 Aug 2026
Closes
21 Aug 2026
Allotment
24 Aug 2026
Listing
26 Aug 2026
Lot size
93
At a glance
IPO Open Wed, Aug 19, 2026 IPO Close Fri, Aug 21, 2026 Price Band ₹152 to ₹160 Market Cap * ₹2,256.16 Cr * on Upper Price IPO Details IPO Date 19 to 21 Aug, 2026 Listing Date Wed, Aug 26, 2026 T Face Value ₹ 5 per share Price Band ₹152 to ₹160 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 IPO Timetable (Tentative) 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 IPOs Timetable Issue Reservation Investor Category Shares QIB Not more than 50% of the Net Offer Retail Not less than 35% of the Net Offer NII Not less than 15% of the Net Offer 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 IPO Subscription Details About Gaja Alternative Asset Management Ltd. p>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.
Overview
Gaja Alternative Asset Management IPO is a book build issue of ₹550.00 crores. The issue is a combination of fresh issue of 2.81 crore shares aggregating to ₹450.00 crores and offer for sale of 0.63 crore shares aggregating to ₹100.00 crores.
Gaja Alternative Asset Management IPO opens for subscription on Aug 19, 2026 and closes on Aug 21, 2026. The allotment for the Gaja Alternative Asset Management IPO is expected to be finalized on Aug 24, 2026. Gaja Alternative Asset Management IPO will list on NSE and BSE with a tentative listing date fixed as Aug 26, 2026.
Gaja Alternative Asset Management IPO is set issue price band at ₹152 to ₹160 per share. The lot size for an application is 93 shares. The minimum amount of investment required by an individual investor (retail) is ₹14,880 (93 shares) (based on upper price).
JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Gaja Alternative Asset Management IPO RHP for detailed Information.
Issue details
IPO Date
19 to 21 Aug, 2026
Listing Date
Wed, Aug 26, 2026T
Face Value
₹5 per share
Price Band
₹152 to ₹160
Lot Size
93 Shares
Sale Type
Fresh capital cum OFS
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Lot size
| 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 |
Issue reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
About the company
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.
- 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.
Financials
| Metric | 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 |
| 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 |
Amounts in ₹ Crore (restated)
Key performance indicators
| 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 |
Valuation
Valuation Metric
Pre IPO
EPS (₹)
7.26
P/E (x)
22.04
Market Cap at Offer Price
₹1,806Cr.
Shareholding
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 71.03% | 54.23% |
| Public | 28.97% | 45.77% |
| Total | 100% | 100% |
Objects of the issue
- — 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
- — General Corporate Purposes
Intermediaries
Registrar
MUFG Intime India Pvt.Ltd.
Lead manager(s)
JM Financial Ltd., IIFL Capital Services Ltd.
FAQs
How to apply in Gaja Alternative Asset Management IPO through Zerodha?+
Zerodha customers can apply online in Gaja Alternative Asset Management IPO using UPI as a payment gateway. Zerodha customers can apply in Gaja Alternative Asset Management IPO by login into Zerodha Console (back office) and submitting an IPO application form. Steps to apply in Gaja Alternative Asset Management IPO through Zerodha Visit the Zerodha website and login to Console. Go to Portfolio and click the IPOs link. Go to the ' Gaja Alternative Asset Management IPO ' row and click the 'Bid' button. Enter your UPI ID, Quantity, and Price. Submit IPO application form. Visit the UPI App (net banking or BHIM ) to approve the mandate. Visit Zerodha IPO Application Process Review for more detail.
When Gaja Alternative Asset Management IPO will open?+
The Gaja Alternative Asset Management IPO opens on Wed, Aug 19, 2026 and closes on Fri, Aug 21, 2026.
What is the lot size of Gaja Alternative Asset Management IPO?+
Gaja Alternative Asset Management IPO lot size is 93 , and the minimum amount required for application is ₹14,880 .
How to apply for Gaja Alternative Asset Management IPO?+
You can apply in Gaja Alternative Asset Management IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .
When is Gaja Alternative Asset Management IPO allotment?+
The finalization of Basis of Allotment for Gaja Alternative Asset Management IPO will be done on Monday, August 24, 2026 , and the allotted shares will be credited to your demat account by Tue, Aug 25, 2026 . Check the Gaja Alternative Asset Management IPO allotment status .
When is Gaja Alternative Asset Management IPO listing date ?+
The Gaja Alternative Asset Management IPO listing date is not yet announced. The tentative date of listing is Wed, Aug 26, 2026 .
Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.