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HomeIPOGaja Alternative Asset Management

About Gaja Alternative Asset Management

Incorporated in 2004, Gaja Alternative Asset Management is an alternative asset management company. Operating under the brand name 'Gaja Capital', it is one of the leading private equity and alternative asset management firms. The company acts as an investment manager to India-focused funds, including Category II and Category I Alternative Investment Funds (AIFs), and also acts as advisors to offshore funds that provide capital to companies in India. The company invests across a wide range of sectors, and the various funds managed and advised by it have been focused on several sectors including EEE, financial services, consumer, and digital technology. In all, the company has engaged a total of 38 personnel as of September 30, 2025, comprising permanent and contract staff.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Gaja Alternative Asset Management

Gaja Alternative Asset Management

Open Date

Aug 19, 2026

Close Date

Aug 21, 2026

listed

Min Investment

₹14,880

Lot Size

93 Shares

Issue Size

₹550 Cr

Price Range

₹152 - ₹152

Listing Date

Aug 26, 2026

IPO Doc

RHP PDF

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹18(+11.56%)GMP
11.25%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Gaja Alternative Asset Management IPO - Issue Objectives

The company will use up to ₹372 crore for sponsor commitments and bridge loan repayment. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Investment in existing and new funds and repayment of bridge loan

82.6%

General corporate purposes

17.3%

1

Investment in existing and new funds and repayment of bridge loan

The company will use up to ₹372 crore for sponsor commitments and bridge loan repayment.

82.60%
2

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

17.30%

IPO Subscription Status

QIB
45.87x
NII
65.63x
Individual
11.61x
Total
32.98x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Gaja Alternative Asset Management

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue110.38123.31103.96113.63
EBITDA
Expenses
Profit After Tax41.2644.7461.9562.09
Assets677.09451.87388.60339.82
Net Worth574.55388.97331.88287.35
Reserves524.25393.24289.18289.18
Borrowing40.884.003.514.24

Gaja Alternative Asset Management - Promoter(s)

Retail Portion 35%

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Wide investor base

GAAML has investors from over 20 countries. Overseas investors contributed 63.4% of the total capital commitments, while domestic investors contributed 36.5%. Fund IV also had 72 domestic investors.

02

Works closely with its investments

The company does more than just invest money in its portfolio companies. Its team also works with them on products, sales, hiring and financial management. GAAML has had board representation in nearly all its portfolio companies.

03

New growth area through secondaries

GAAML has started a Secondaries Fund, which invests in existing private equity investments and offers solutions to other fund managers. The fund is headed by a CEO with over 18 years of experience in the global secondaries market.

04

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Dependence on fund performance

Carried interest made up 47.79% of total income in FY26. A fall in the performance of its funds could reduce these income streams and affect its financial results.

02

Fundraising risks

GAAML’s growth depends on its ability to raise capital from Limited Partners. If it is unable to raise new funds or raise funds of the planned size, its management fee income and future growth could be affected.

03

Contact Details

Gaja Alternative Asset Management

302, 3rd Floor, Kanchenjunga Building, 18, Barakhamba Road, Connaught Place, Central Delhi, New Delhi, New Delhi, 110001

+919136889894
compliance@gajacapital.com
http://www.gajacapital.com/

Registrar Contact Details

MUFG Intime India Pvt.Ltd.

+91-22-4918 6270
gajaalternative.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Gaja Alternative Asset Management IPO - FAQs

Gaja Alternative Asset Management IPO is a Mainboard IPO. The issue is priced at 152-₹160. The minimum order quantity is 93 Shares. The IPO opens on 19 Aug, and closes on 21 Aug. MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-08-17
  • Bidding Starts2026-08-19
  • Bidding Ends2026-08-21
  • Allotment Finalisation2026-08-24
  • Release of Funds2026-08-25
  • Demat Transfer2026-08-25
  • Listing2026-08-26

Room to grow through larger funds

The company plans to raise larger funds under its private equity business. If it is able to do so, it could earn more in management fees. Better returns from these funds could also add to carried interest.

05

Experience across key sectors

GAAML mainly invests in EEE, financial services, consumer and digital technology. EEE and financial services together made up 60 to 65% of the capital invested in Fund II and Fund III. Its experience in these sectors could help it find more investment opportunities.

06

Significant own investment in its funds

GAAML had committed around ₹274 crore to its funds as of March 31, 2026, equal to 6.41% of the total fund size. This means the company has a meaningful amount of its own money invested alongside its fund investors.

Investment and market risks

The company's funds invest in private companies, and their value can be affected by changes in economic conditions, market conditions and the performance of individual portfolio companies. Poor investment decisions or weak portfolio performance could reduce returns and carried interest.

04

Concentration in key sectors

A significant portion of investments across Fund II and Fund III has been made in EEE and financial services. A downturn or adverse changes in these sectors could affect the performance of the funds.

05

Competition for investment opportunities

GAAML operates in a competitive private equity and alternative asset management market. Larger global and domestic fund managers may have greater financial resources, stronger brands and wider networks, making it difficult to source attractive investment opportunities.

06

New strategies may not perform as expected

GAAML has recently entered the secondaries market, which is still at an early stage in India. The company may face challenges in building this business and generating the expected returns from the new strategy.

07

Reliance on investor relationships

The company depends on its relationships with LPs to raise capital for its funds. Any loss of investor confidence or failure to maintain these relationships could affect fundraising and future income.

08

Regulatory risk

The company's business is subject to regulations governing AIFs and alternative asset managers. Changes in regulations or additional compliance requirements could increase costs or affect how the company operates.