Gaja Alternative Asset Management IPO
Bookbuilding IPO | ₹550.00 Cr | Listing at BSE, NSE
Closed
IPO Open
Wed, Aug 19, 2026
IPO Close
Fri, Aug 21, 2026
Price Band
₹152.00 to ₹160.00
Market Cap (Pre-IPO)
₹2,256.16 Cr
IPO Details
| IPO Date | Aug 19, 2026 to Aug 21, 2026 |
| Listing Date | Tentative: Aug 26, 2026 |
| Face Value | ₹5.00 per share |
| Price Band | ₹152.00 to ₹160.00 |
| Lot Size | 93 Shares (Minimum: ₹14,880.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹550.00 Crores |
| Total Shares Offered | 34,375,000 shares |
| Fresh Issue | 28,125,000 shares |
| Offer For Sale | 6,250,000 shares |
Gaja Alternative Asset Management IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
Gaja Alternative Asset Management 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 | ₹193,440 |
| S-HNI (Min) | 14 | 1,302 | ₹208,320 |
| S-HNI (Max) | 67 | 6,231 | ₹996,960 |
| B-HNI (Min) | 68 | 6,324 | ₹1,011,840 |
Gaja Alternative Asset Management Financial Information (Restated Consolidated)
Gaja Alternative Asset Management Ltd.'s revenue increased by 28% and profit after tax (PAT) rose by 32% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 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 |
| EBITDA | - | - | - |
| 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 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 17.19% |
| Debt/Equity | 0.01 |
| RoNW (Return on Net Worth) | 15.31% |
| PAT Margin (Profit After Tax Margin) | 50.24% |
| Price to Book Value | 4.29 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 7.26 | 5.81 |
| P/E (x) | 22.04 | 27.54 |
Company Overview
Gaja Alternative Asset Management Ltd. – Company Overview
- Gaja Alternative Asset Management Ltd. is an alternative asset management company focused on managing and advising India-focused funds, including Category I and Category II AIFs and offshore funds.
- The company focuses on mid-market alternative investments across sectors such as education, energy & environment, financial services, consumer, and digital technology.
- Investment Focus:
- Education
- Energy & Environment
- Financial Services
- Consumer
- Digital Technology
- The company has built its track record through multiple fund cycles, including Gaja Capital Funds II, III and IV, with investor relationships across 20+ countries.
- Its revenue is primarily generated through management fees, carried interest, and gains from sponsor commitments.
- Gaja Capital follows an invest-and-collaborate approach, working with portfolio companies across areas such as product, sales, HR, and financial management.
- As of March 31, 2026, the company had 37 personnel, including 23 permanent and 14 contractual employees.
Company Strengths
- 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.
Use of Proceeds
| 1) | 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 | 372.00 |
| 2) | General Corporate Purposes | |
| Total | 372.00 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Gaja Alternative Asset Management IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Gaja Alternative Asset Management Limited | 7.17 | 7.17 | 53.73 | - | 13.13 | - | Consolidated |
| 360 One Wam Limited | 30.16 | 29.19 | 242.17 | 40.01 | 12.37 | 4.83 | Consolidated |
| Aditya Birla Sun Life Amc Limited | 33.76 | 33.68 | 139.94 | 30.28 | 24.13 | 7.33 | Consolidated |
| Anand Rathi Wealth Limited | 47.87 | 47.17 | 120.23 | 91.50 | 39.64 | 17.98 | Consolidated |
| Hdfc Asset Management Company Limited | 66.77 | 66.50 | 215.42 | 37.82 | 30.97 | 11.70 | Consolidated |
| Icici Prudential Asset Management Company Ltd | 66.73 | 66.73 | 84.39 | 45.38 | 79.07 | 36.05 | Consolidated |
| Nippon Life India Asset Management Ltd | 24.05 | 23.63 | 73.01 | 49.57 | 32.83 | 16.04 | Consolidated |
| Nuvama Wealth Management Ltd | 57.59 | 56.06 | 226.37 | 30.44 | 25.26 | 7.55 | Consolidated |
| Sbi Funds Management Ltd | 15.08 | 15.04 | 29.28 | 37.80 | 51.44 | 19.59 | Consolidated |
| Uti Asset Management Company Ltd | 31.51 | 31.41 | 350.50 | 28.84 | 8.97 | 2.59 | - |
Quick Info
| Sector | financial services |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹2,256.16 Cr |
Important Dates
| IPO Open | Aug 19, 2026 |
| IPO Close | Aug 21, 2026 |
| Allotment Date | Aug 24, 2026 |
| Credit to Demat | Aug 25, 2026 |
| Listing Date | Tentative: Aug 26, 2026 |
Lead Manager(s)
JM Financial Ltd.
Registrar
Description
- IPO Type: Book build issue aggregating to ₹550.00 crores.
- Issue Structure: 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.
- IPO Dates: The issue opens on August 19, 2026 and closes on August 21, 2026.
- Allotment Date: The allotment is expected to be finalized on August 24, 2026.
- Listing Details: The shares are proposed to be listed on both NSE and BSE on August 26, 2026.
- Retail Investment Requirement: Minimum 1 lot (93 shares) amounting to approximately ₹14,880 (at the upper price band).
- Issue Price Band: ₹152 to ₹160 per equity share.
- Lot Size: 93 shares per lot.
This IPO offers investors an opportunity to participate in the alternative asset management sector through a combination of a fresh issue of shares and an offer for sale by existing shareholders.