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, Subscription & Allotment Status Today
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.
- Price Band
- ₹152.00 - ₹160.00
- Lot Size
- 93 Shares
- Bidding Closes
- 21 Aug 2026
- Listing Date
- 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
| Current GMP | ₹18 |
|---|---|
| Estimated Listing Gain | +15.75% |
| Price Band | ₹152.00 - ₹160.00 |
| Issue Price | Approx ₹160.00 Crores |
| Listing Price | ₹185.20 |
| Lot Size | 93 Shares |
| Issue Type | Mainboard |
| Registrar | TBA |
| Exchange | NSE, BSE |
| Retail Quota | TBA |
| Overall Subscription | 31.33x |
| Listing Date | 26 Aug 2026 |
| Minimum Investment | ₹14,880 |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 72.36 | 3153.83 | 43.58x |
| NII | 54.27 | 3384.15 | 62.35x |
| Retail | 126.64 | 1397.30 | 11.03x |
| Overall Subscription | 253.28 | 7935.28 | 31.33x |
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
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 Details
The Gaja Alternative Asset Management IPO is a book-built mainboard public issue with a total issue size of approximately ₹550 crores. The IPO comprises a fresh issue of approximately ₹450 crores along with an Offer for Sale (OFS).
The IPO is scheduled to open for subscription on August 19, 2026 and close on August 21, 2026. The price band has been fixed at ₹152 to ₹160 per equity share, while the face value is ₹5 per share. The shares are proposed to be listed on both the BSE and NSE.
| Particular | Details |
|---|---|
| IPO Open Date | August 19, 2026 |
| IPO Close Date | August 21, 2026 |
| Face Value | ₹5 Per Equity Share |
| IPO Price Band | ₹152 to ₹160 Per Share |
| Issue Size | Approx ₹550 Crores |
| Fresh Issue | Approx ₹450 Crores |
| Offer for Sale | Approx 62,50,000 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
Note: Gaja Alternative Asset Management is an alternative asset management company with experience investing in India's mid-market businesses. Investors should evaluate the company's financial performance, assets under management, IPO valuation, use of fresh issue proceeds and associated investment risks before applying for the IPO.
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
The Gaja Alternative Asset Management IPO opens for subscription on August 19, 2026 and closes on August 21, 2026. Investors can submit their IPO applications during this three-day subscription period.
The Gaja Alternative IPO allotment is expected to be finalized on August 24, 2026. Refunds for unsuccessful applicants and credit of shares to successful investors' demat accounts are scheduled for August 25, 2026. The shares are scheduled to list on the BSE and NSE on August 26, 2026.
| IPO Event | Date |
|---|---|
| IPO Open Date | August 19, 2026 |
| IPO Close Date | August 21, 2026 |
| Basis of Allotment | August 24, 2026 |
| Refunds | August 25, 2026 |
| Credit to Demat Account | August 25, 2026 |
| IPO Listing Date | August 26, 2026 |
Note: The above table summarizes the Gaja Alternative Asset Management IPO timeline, including the subscription dates, basis of allotment, refunds, demat credit and proposed BSE and NSE listing date.
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 IPO Objects of the Issue & Utilisation of Proceeds
Gaja Alternative Asset Management proposes to utilise a significant portion of the fresh issue proceeds towards meeting its sponsor commitments to existing and proposed investment funds. The proceeds will also be used towards repayment of the specified bridge loan amount and for general corporate purposes.
Approximately ₹372.00 crores is proposed to be deployed towards sponsor commitments across certain existing and new funds and repayment of the Bridge Loan Amount. This includes commitments relating to Fund IV, the proposed Fund V and the Secondaries Fund.
| Purpose | Amount |
|---|---|
| Investing towards Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount | ₹372.00 Crores |
| (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; and (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 | ₹- |
Note: The ₹372.00 crore allocation represents the combined proposed investment towards specified sponsor commitments and repayment of the Bridge Loan Amount. Separate amounts for the individual Fund IV, Fund V and Secondaries Fund components are not provided in the supplied data.
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 IPO Company Financial Report
Gaja Alternative Asset Management reported consistent growth in revenue and profitability between FY2024 and FY2026. Revenue increased from ₹103.96 crores in FY2024 to ₹123.31 crores in FY2025 and further reached ₹157.80 crores in FY2026.
Profit After Tax (PAT) also improved during the period, increasing from ₹44.74 crores in FY2024 to ₹61.95 crores in FY2025 and reaching ₹81.96 crores in FY2026. The company's total asset base expanded from ₹388.60 crores in FY2024 to ₹706.49 crores in FY2026.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹103.96 Cr. | ₹48.98 Cr. | ₹44.74 Cr. | ₹388.60 Cr. |
| 2025 | ₹123.31 Cr. | ₹64.47 Cr. | ₹61.95 Cr. | ₹451.87 Cr. |
| 2026 | ₹157.80 Cr. | ₹70.39 Cr. | ₹81.96 Cr. | ₹706.49 Cr. |
Amount in ₹ Crores: The above table summarizes Gaja Alternative Asset Management's revenue, expenses, Profit After Tax (PAT) and total assets from FY2024 to FY2026. Investors should evaluate the company's revenue growth, profitability trend, asset growth, margins and IPO valuation while assessing the issue.
Analysis
Gaja Alternative Asset Management IPO Valuation – FY2026
The Gaja Alternative Asset Management IPO valuation can be assessed using financial indicators such as Earnings Per Share (EPS), Return on Equity (ROE), PAT Margin, debt-to-equity ratio, Return on Net Worth (RoNW) and Net Asset Value (NAV).
For FY2026, Gaja Alternative Asset Management reported an ROE of 16.47% and a PAT margin of 51.94%. The company's debt-to-equity ratio stood at 0.07. Basic EPS was ₹7.17 per share, while RoNW stood at 13.13% and NAV was ₹53.73 per share.
| KPI | Values |
|---|---|
| ROE | 16.47% |
| ROCE | -% |
| EBITDA Margin | -% |
| PAT Margin | 51.94% |
| Debt to Equity Ratio | 0.07 |
| Earning Per Share (EPS) | ₹7.17 (Basic) |
| Price / Earnings (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | 13.13% |
| Net Asset Value (NAV) | ₹53.73 |
Note: The above valuation metrics are based on the provided FY2026 financial information. ROCE and EBITDA margin figures are currently unavailable. Investors should compare the company's EPS, RoNW, NAV, profitability, debt position and IPO pricing with relevant listed peers while evaluating the issue.
Analysis
Gaja Alternative Asset Management IPO Peer Group Comparison
The Gaja Alternative Asset Management IPO peer group comparison provides a benchmark for comparing the company with listed businesses operating across the asset management and wealth management industry. Important parameters include Earnings Per Share (EPS), Price-to-Earnings (P/E) ratio, Return on Net Worth (RoNW), Net Asset Value (NAV) and income.
The peer group includes companies such as 360 One WAM, Aditya Birla Sun Life AMC, Anand Rathi Wealth, HDFC AMC, ICICI Prudential AMC, Nippon Life India AMC, Nuvama Wealth Management, SBI Funds Management and UTI AMC. Their valuation multiples and profitability indicators vary considerably, making business scale, growth and return ratios important factors when comparing Gaja Alternative Asset Management with its listed peers.
| Company | EPS | P/E Ratio | RoNW (%) | NAV | Income |
|---|---|---|---|---|---|
| 360 One WAM Limited | 30.16 | 40.01 | 12.37 | 242.17 | 4,361.62 Cr. |
| Aditya Birla Sun Life AMC Limited | 33.76 | 30.28 | 24.13 | 139.94 | 1,845.03 Cr. |
| Anand Rathi Wealth Limited | 47.87 | 91.50 | 39.64 | 120.23 | 1,148.83 Cr. |
| HDFC Asset Management Company Limited | 66.77 | 37.82 | 30.97 | 215.42 | 4,122.16 Cr. |
| ICICI Prudential Asset Management Company Limited | 66.73 | 45.38 | 79.07 | 84.39 | 5,764.63 |
| Nippon Life India Asset Management Limited | 24.05 | 49.57 | 32.83 | 73.01 | 2,708.74 Cr. |
| Nuvama Wealth Management Limited | 57.59 | 30.44 | 25.26 | 226.37 | 4,630.69 Cr. |
| SBI Funds Management Limited | 15.08 | 37.80 | 51.44 | 29.28 | 4,389.49 |
| UTI Asset Management Company Limited | 31.51 | 28.84 | 8.97 | 350.50 | 1,698.05 Cr. |
Note: Peer-group figures provide a comparative benchmark and should not be evaluated in isolation. Investors should compare Gaja Alternative Asset Management's EPS, RoNW, NAV, profitability, business model, scale and IPO valuation with relevant listed peers while assessing the issue.
Analysis
IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- IIFL Capital Services Ltd.
FAQ
Gaja Alternative Asset Management IPO FAQs
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.
Community discussion
Comments
Share a useful question or insight about Gaja Alternative Asset Management.
Leave a comment
Your email address will not be published. All comments and replies are reviewed before appearing.
Keep Exploring
Similar Recent IPOs
Upcoming
Mainboard
Sonaselection
Current GMP₹0
Price Band₹94.00 - ₹99.00
Lot Size150 Shares
Upcoming
Mainboard
NSE
Current GMP₹208+11.7%
Price Band₹1700.00 - ₹1785.00
Lot Size8 Shares
Open
Mainboard
Jindal Supreme (India)
Current GMP₹0
Price Band₹88.00 - ₹93.00
Lot Size161 Shares
Open
Mainboard
Hero Motors
Current GMP₹24+28.6%
Price Band₹79.00 - ₹84.00
Lot Size178 Shares
Loading comments...