Gaja Alternative Asset Management IPO GMP today is Rs 18. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
Mainboard IPO
GAJA
Gaja Alternative Asset Management IPO GMP & Allotment
Gaja Alternative Asset Management Limited operates under the brand name Gaja Capital as an alternative asset management and private equity firm. The company primarily acts as an investment manager for India-focused Category I and Category II Alternative Investment Funds, while also advising offshore funds that provide capital to Indian companies. Gaja Capital focuses on providing growth capital to mid-market enterprises across sectors such as education, financial services, consumer, and digital technology. The firm employs an invest-and-collaborate approach to drive enterprise value within its portfolio companies. Revenue is primarily generated through three distinct streams: management fees charged to the funds it manages, carried interest derived from the performance of its fund investments, and income generated from sponsor commitments across its various existing and proposed constituent funds.
- IPO Price Band
- ₹152.00 - ₹160.00
- Lot Size
- 93 Shares
- Bidding Closes
- 21 Aug 2026
- Listing Date
- 26 Aug 2026
Quick Answer & Highlights
Gaja Alternative Asset Management IPO GMP Today & Key Takeaways
Last updated: 25 Aug 2026
Gaja Alternative Asset Management IPO officially listed on 26 Aug 2026 at Rs 185.20, delivering a +15.75% listing gain compared to its issue price of Rs 160.00. Pre-listing, its final recorded Grey Market Premium (GMP) was ₹18.
Gaja Alternative Asset Management IPO officially listed on 26 Aug 2026 at ₹185.20, delivering a +15.75% listing gain compared to its issue price of ₹160.00. Pre-listing, its final recorded Grey Market Premium (GMP) was ₹18.
| Key Metric | Figure | Status / Context |
|---|---|---|
| Current GMP | ₹18 | +11.25% vs upper band (25 Aug 2026) |
| Est. Listing Price | ₹185.20 | +15.75% Est. Listing Gain |
| Price Band | ₹152.00 - ₹160.00 | Mainboard IPO |
| Retail Minimum Investment | ₹14,880 | 1 Lot (93 Shares) |
| Bidding Window | 19 Aug 2026 – 21 Aug 2026 | Listed |
| Allotment & Listing Dates | Allotment: 24 Aug 2026 | Listing: 26 Aug 2026 |
Current GMP Status
₹18
+11.25% vs upper band
Est. Listing Gain
+15.75%
Last Trend
25 Aug 2026
Listing Price
₹185.20
Retail Entry
₹14,880
IPO Details
Complete IPO information
| IPO Open Date | 19 Aug 2026 |
|---|---|
| IPO Close Date | 21 Aug 2026 |
| IPO Price Band | ₹152.00 - ₹160.00 |
| Lot Size | 93 Shares |
| Current GMP | ₹18 |
| Estimated Listing Gain | +15.75% |
| Issue Size | Approx ₹550 Cr |
| Fresh Issue | - |
| Issue Type | Mainboard |
| IPO Listing | NSE, BSE |
| Retail Quota | TBA |
| Registrar | TBA |
| Overall Subscription | 31.33x |
| Minimum Investment | ₹14,880 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus | - |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 72.36 | 3,153.83 | 43.58xx |
| NII | 54.27 | 3,384.15 | 62.35xx |
| Retail | 126.64 | 1,397.3 | 11.03xx |
| Overall Subscription | 253.28 | 7,935.28 | 31.33xx |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Gaja Alternative Asset Management is priced at ₹160 per share. With a minimum lot size of 93 shares, a retail investor applying for one lot would need approximately ₹14,880 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for Gaja Alternative Asset Management stands at ₹18, implying an estimated listing gain of around 11.25% over the issue price if it holds until listing. This is down ₹3 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Gaja Alternative Asset Management's IPO was subscribed 31.33x overall, with a category-wise breakdown of Retail 11.03x, QIB 43.58x, NII 62.35x.
Among the strengths highlighted in Gaja Alternative Asset Management's IPO documents: Well-established alternative asset management platform with a unique and differentiated business model.; Proven track record of delivering consistent performance and returns across various Gaja Capital Funds..
Investors should also weigh the risk factors Gaja Alternative Asset Management has disclosed, including: High revenue dependency on the underlying financial performance of the managed and advised funds..
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
19 Aug 2026
✓
Bidding Closes
21 Aug 2026
✓
Allotment
24 Aug 2026
✓
Listing
26 Aug 2026
| Event / Milestone | Scheduled Date | Status |
|---|---|---|
| Bidding Opens | 19 Aug 2026 | Completed |
| Bidding Closes | 21 Aug 2026 | Completed |
| Allotment | 24 Aug 2026 | Completed |
| Listing | 26 Aug 2026 | Completed |
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 25 Aug 2026 | ₹15.00 | -₹3.00 | 9.38% |
| 21 Aug 2026 | ₹18.00 | -₹7.00 | 11.25% |
| 20 Aug 2026 | ₹25.00 | -₹5.00 | 15.63% |
| 19 Aug 2026 | ₹30.00 | +₹23.00 | 18.75% |
| 18 Aug 2026 | ₹7.00 | - | 4.38% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 93 | ₹14,880 |
| Retail Maximum | 13 Lot | 1,209 | ₹1,93,440 |
| S-HNI Minimum | 14 Lot | 1,302 | ₹2,08,320 |
| S-HNI Maximum | 67 Lot | 6,231 | ₹9,96,960 |
| B-HNI Minimum | 68 Lot | 6,324 | ₹10,11,840 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Issue Notes
Important takeaways before applying
Strengths
- Well-established alternative asset management platform with a unique and differentiated business model.
- Proven track record of delivering consistent performance and returns across various Gaja Capital Funds.
- Favorable exposure to the high-growth alternative asset management industry in India with significant scalability.
- The invest-and-collaborate approach is strongly focused on operational value addition for portfolio companies.
- Alignment of interest with investors through high sponsor commitment, ensuring skin in the game.
Risks
- High revenue dependency on the underlying financial performance of the managed and advised funds.
- Historical returns generated by the firm’s prior funds may not be indicative of future fund performance.
- Receipt of carried interest payments from managed funds is inherently uncertain and highly volatile.
- Heavy reliance on management fees, which accounted for the vast majority of total revenue in recent fiscal years.
- Potential pricing volatility and lack of market liquidity, as this is the company’s first public issue.
Analysis
Gaja Alternative IPO Reservation
The Gaja Alternative IPO has a category-wise reservation structure for Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), Retail Individual Investors and Anchor Investors.
As per the provided reservation structure, 50% of the offer is allocated to Qualified Institutional Buyers, excluding the anchor investor portion. 15% is reserved for Non-Institutional Investors, while 35% is reserved for Retail Individual Investors.
| Investor Category | Shares Offered | Reservation (%) |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Note: The exact number of shares offered under each investor category is currently unavailable in the provided data. The share quantities can be updated once the final category-wise reservation and anchor allocation details for the Gaja Alternative IPO are available.
Analysis
Gaja Alternative Asset Management IPO Anchor Investors
The Gaja Alternative Asset Management IPO anchor investor bidding is scheduled for August 18, 2026, one day before the public issue opens for subscription. The final anchor allocation will provide details about institutional participation ahead of the IPO.
As per the provided schedule, 50% of the shares allotted to anchor investors will have a 30-day lock-in period ending on September 17, 2026. The remaining 50% of the anchor shares will have a 90-day lock-in period ending on November 16, 2026.
| Particular | Details |
|---|---|
| Anchor Bidding Date | August 18, 2026 |
| Anchor Investors List | To be Updated |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date – 50% Shares (30 Days) | September 17, 2026 |
| Lock-in Period End Date – Remaining 50% Shares (90 Days) | November 16, 2026 |
Note: The anchor investor names, number of shares allocated and total anchor investment amount are currently unavailable in the provided data and can be updated after the final Gaja Alternative Asset Management IPO anchor allocation is announced.
Analysis
Gaja Alternative Asset Management IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 19 Aug 2026 |
| IPO Close Date | 21 Aug 2026 |
| Basis of Allotment | 24 Aug 2026 |
| Refunds | - |
| Credit to Demat Account | - |
| IPO Listing Date | 26 Aug 2026 |
Note: The timeline for Gaja Alternative Asset Management IPO is tentative and subject to change.
Analysis
Gaja Alternative Asset Management IPO Promoters and Holding Pattern
The promoters of Gaja Alternative Asset Management are Mr. Gopal Jain, Mr. Ranjit Jayant Shah, Mr. Imran Jafar, Ms. Chitra Jain and Ms. Mona Ranjit Shah.
Before the IPO, the promoter and promoter group hold 80,179,559 equity shares, representing 71.03% of the company's pre-issue share capital. Other shareholders hold 32,705,671 shares, representing the remaining 28.97%.
Following completion of the IPO, the promoter and promoter group holding is expected to stand at approximately 54.23%, while other shareholders are expected to account for approximately 45.77% of the post-issue equity share capital.
Promoters of Gaja Alternative Asset Management
- Mr. Gopal Jain
- Mr. Ranjit Jayant Shah
- Mr. Imran Jafar
- Ms. Chitra Jain
- Ms. Mona Ranjit Shah
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 80,179,559 | 71.03% | – | 54.23% |
| Others* | 32,705,671 | 28.97% | – | 45.77% |
| Total | 11,28,85,230 | 100% | 14,10,10,230 | 100% |
Note: The above table summarizes the provided pre-IPO and post-IPO shareholding pattern of Gaja Alternative Asset Management. The promoter and promoter group holding is expected to change from 71.03% before the IPO to approximately 54.23% after completion of the issue.
Analysis
Gaja Alternative Asset Management Objects of the Issue & Utilisation of Proceeds
To Be Updated Soon
Analysis
Gaja Alternative Asset Management About IPO
Gaja Alternative Asset Management, founded in 2004, is one of the growing alternative management companies with over 20 years of experience. They are an experienced, independent, and home-grown alternative asset management company (“AMC”) that operates under the brand name ‘Gaja Capital’. The company manages 2 types of alternative investment funds (Category I and II). Moreover, the firm also helps foreign investors who invest in Indian companies.
As an independent, home-grown brand, the company runs its business itself with no control by any big organization. Its main income comes from 3 sources: management fees, carried interest, and returns from the money invested as a sponsor. Financially, the company has stayed profitable with profit growing immensely between FY2023 and FY2025.
Analysis
Gaja Alternative Asset Management Company Financials
To Be Updated Soon
Analysis
Gaja Alternative Asset Management Company Valuation – FY2026
To Be Updated Soon
Analysis
Gaja Alternative Asset Management IPO Peer Group Comparison
To Be Updated Soon
Analysis
IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- IIFL Capital Services Ltd.
Comparison
Compare Gaja Alternative Asset Management IPO with similar IPOs
FAQ
Gaja Alternative Asset Management IPO FAQs
Based on the latest Grey Market Premium (GMP) of Rs 18 and an issue price of Rs 160, the estimated listing price for Gaja Alternative Asset Management IPO is Rs 178.00 (approx 11.25% listing gain). Actual listing price is determined by market demand on the listing day.
Gaja Alternative Asset Management IPO price band is Rs 152.00 to Rs 160.00. Check the latest issue price, lot size and GMP together before applying.
Gaja Alternative Asset Management IPO open date is 19 Aug 2026, close date is 21 Aug 2026, and listing date is 26 Aug 2026.
Gaja Alternative Asset Management IPO lot size is 93 shares. The minimum retail investment is Rs 14,880.
Gaja Alternative Asset Management is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Gaja Alternative Asset Management IPO subscription status currently shows Retail 11.03x, QIB 43.58x, NII 62.35x, Overall 31.33x.
Gaja Alternative Asset Management Limited operates under the brand name Gaja Capital as an alternative asset management and private equity firm. The company primarily acts as an investment manager for India-focused Category I and Category II Alternative Investment Funds, while also advising offshore funds that provide capital to Indian companies. Gaja Capital focuses on providing growth capital to mid-market enterprises across sectors such as education, financial services, consumer, and digital technology. The firm employs an invest-and-collaborate approach to drive enterprise value within its portfolio companies. Revenue is primarily generated through three distinct streams: management fees charged to the funds it manages, carried interest derived from the performance of its fund investments, and income generated from sponsor commitments across its various existing and proposed constituent funds.
Gaja Alternative Asset Management IPO issue size is 550 and the expected allotment date is 24 Aug 2026.
In our empirical study of 117 Indian IPO listings, positive GMP was followed by a positive listing gain 69.8% of the time. However, as an exact forecast, the median variation between GMP-implied gain and actual listing price was 8 percentage points. GMP reflects informal market sentiment and should always be evaluated alongside company valuation and fundamentals.
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