Gaja Alternative Asset Management has launched its initial public offering (IPO) today, with the subscription window open until August 21, 2026. The company is offering shares in a price band of Rs 152–160 each, aiming to raise Rs 550 crore through a combination of fresh issue and offer for sale.
The IPO comprises a fresh issue of 2.81 crore shares worth Rs 450 crore and an offer for sale of 63 lakh shares aggregating to Rs 100 crore. Retail investors can apply for a minimum of 93 shares at the upper price band, requiring an investment of Rs 14,880. The share allotment is expected to be finalized on August 24, with the listing on NSE and BSE planned for August 26, 2026.
JM Financial Ltd. is the book-running lead manager for the issue, and MUFG Intime India Pvt. Ltd. serves as the registrar. The net proceeds from the fresh issue will primarily be used to strengthen the company's investment commitments across its fund portfolio. Rs 372 crore is earmarked for meeting sponsor commitments to existing and proposed funds and repaying a bridge loan.
Gaja Alternative Asset Management reported a robust financial performance in FY26, with total income rising from Rs 123.31 crore in FY25 to Rs 157.80 crore in FY26, marking a 28% year-on-year growth. Profit After Tax (PAT) increased by 32% to Rs 81.96 crore, reflecting strong earnings momentum.
Incorporated in April 1999, Gaja Alternative Asset Management is an independent asset management firm with a focus on India-focused funds. The company has a track record of managing alternative investments across sectors like education, energy, and digital technology, primarily targeting the mid-market segment.
Background
Gaja Alternative Asset Management has established itself as a significant player in the alternative asset management industry in India, with over two decades of experience. The company's IPO is set against a backdrop of growing interest in alternative investments, which are increasingly seen as a way to diversify portfolios and capture higher returns.
Despite valuation concerns, the IPO has received a "Subscribe – Long Term" rating from Anand Rathi Research, citing the company's strong business profile and growth prospects. Investors should watch for the company's performance in the alternative asset management sector and its ability to deliver successful exits.
