Gaja Alternative Asset Management Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹152 - ₹160
- Lot size
- 93 shares
- Issue amount
- ₹550 cr
- Total subscription
- 32.98×
- Opens
- 19 Aug 2026
- Closes
- 21 Aug 2026
- Allotment
- 24 Aug 2026
- Listing
- 26 Aug 2026
Offer at a glance
Issue overview
- Issue size
- 3,43,75,000 shares
- Face value
- ₹5 per share
- Minimum investment
- ₹14,136
- Fresh issue
- ₹450 cr
- Offer for sale
- ₹100 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,880
- Issue type
- Bookbuilding IPO
- Shares before issue
- 11,28,85,230
- Shares after issue
- 14,10,10,230
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 93 | ₹14,880 |
| sHNI | 14 | 1,302 | ₹2,08,320 |
| bHNI | 68 | 6,324 | ₹10,11,840 |
Share reservation
Subscription & GMP
Subscription by category
Reported 21 Aug 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,29,368 | 13,44,461 |
| HNIs(10L +) | 2,640 | 40,783 |
| HNIs (2-10L) | 1,320 | 57,432 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 110 | 5,046.12 |
| FIIs | 0 | 1,435.8 |
| FIs | 0 | 1,843.23 |
| Mutual Funds | 0 | 226.02 |
| Others | 0 | 1,541.08 |
| RETAIL | 192.5 | 2,236.14 |
| NIB | 82.5 | 5,414.73 |
| HNIs 2+ | 27.5 | 1,233.35 |
| HNIs 10+ | 55 | 4,181.38 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 7.17 | 5.71 | 4.28 |
| ROE | 0 | 0 | 0 |
| ROCE | 0 | 0 | 0 |
| RONW | 13.13 | 15.31 | 13.41 |
| PRE IPO(PE) | 22.04 | 0 | 0 |
| POST IPO(PE) | 27.54 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| 360 ONE WAM Limited | 40.01 | 1,168.00 | 1 | 242.17 | 12.37 | 30.16 |
| Aditya Birla Sun Life AMC Limited | 30.28 | 1,019.70 | 5 | 139.94 | 24.13 | 33.76 |
| Anand Rathi Wealth Limited | 91.5 | 2,158.00 | 5 | 120.23 | 39.64 | 47.87 |
| HDFC Asset Management Company Limited | 37.82 | 2,515.00 | 5 | 215.42 | 30.97 | 66.77 |
| ICICI Prudential Asset Management Company Limited | 45.38 | 3,028.50 | 1 | 84.39 | 79.07 | 66.73 |
| Nippon Life India Asset Management Limited | 49.57 | 1,171.30 | 10 | 73.01 | 32.83 | 24.05 |
| Nuvama Wealth Management Limited | 30.44 | 1,706.70 | 2 | 226.37 | 25.26 | 57.59 |
| SBI Funds Management Limited | 37.8 | 568.45 | 1 | 29.28 | 51.44 | 15.08 |
| UTI Asset Management Company Limited | 28.84 | 905.8 | 10 | 350.5 | 8.97 | 31.51 |
| Gaja Alternative Asset Management Limited | 22.04 | 160.0 | 5 | 53.73 | 13.13 | 7.17 |
Company information
Company profile
Incorporated in 2004, Gaja Alternative Asset Management, operating under the brand name "Gaja Capital," is a leading private equity and alternative asset management firm in India. The company serves as an investment manager to India-focused funds, including Category I and II Alternative Investment Funds (AIFs), and acts as an advisor to offshore funds providing capital to Indian companies. Gaja Capital invests across diverse sectors such as electrical, electronics, and engineering (EEE), financial services, consumer goods, and digital technology. As of September 30, 2025, the firm employed 38 personnel, including both permanent and contractual staff.
Strengths
- Established Alternative Asset Management Platform: Gaja Capital is an established alternative asset management company providing investment management and advisory services to India-focused funds.
- Proven Track Record: The company has extensive experience managing and advising Gaja Capital Funds, supporting its strong position in the alternative asset management industry.
- Exposure to High-Growth Industry: The company operates in India's growing alternative asset management sector, providing opportunities to expand and invest across multiple industries.
Risk factors
- Dependence on Fund Performance: The company's income depends on the performance of the funds it manages and advises. Lower fund performance could impact management fees, carried interest, and overall revenue.
- Historical Returns May Not Continue: Past returns from the company's funds may not be repeated in the future. Investment returns can also take longer depending on market conditions and fund investment cycles.
- Unpredictable Carried Interest: Carried interest depends on fund performance and may vary in timing and amount. This can lead to fluctuations in the company's cash flows and income.
Promoters
Mr. Gopal Jain
Mr. Ranjit Jayant Shah
Mr. Imran Jafar
Ms. Chitra Jain
Ms. Mona Ranjit Shah
Registrar & documents
Lead manager
IIFL Capital Services Limited, Jm Financial Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
302, 3rd Floor, Kanchenjunga Building, 18, Barakhamba Road, Connaught Place, Central Delhi, New Delhi, 110001
+91 91368 89894
[email protected]Company website ↗Understanding GAJA IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.