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IPO Open

Wed, Aug 19, 2026

IPO Close

Fri, Aug 21, 2026

Price Band

₹152 to ₹160

Market Cap (Pre-IPO)

₹2,256.16 Cr * on Upper Price

IPO Details

  • IPO Date
    19 to 21 Aug, 2026
  • Listing Date
    Wed, Aug 26, 2026
  • Face Value
    ₹5 per share
  • Price Band
    ₹152 to ₹160
  • Lot Size
    93 Shares
  • Sale Type
    Fresh capital cum OFS
  • Issue Type
    Bookbuilding IPO
  • Listing At
    BSE, NSE
  • Total Issue Size
    3,43,75,000 shares (agg. up to ₹550 Cr)
  • Fresh Issue
    2,94,82,000 shares (agg. up to ₹274 Cr)
  • Offer for Sale
    62,50,000 shares of ₹5 (agg. up to ₹100 Cr)
  • Share Holding Pre Issue
    11,28,85,230 shares
  • Share Holding Post Issue
    14,10,10,230 shares

IPO Timetable (Tentative)

  • IPO Open
    Wed, Aug 19, 2026
  • Allotment
    Mon, Aug 24, 2026
  • Credit of Shares
    Tue, Aug 25, 2026
  • IPO Close
    Fri, Aug 21, 2026
  • Refund
    Tue, Aug 25, 2026
  • Listing
    Wed, Aug 26, 2026

Issue Reservation

Investor Category Shares
QIB Not more than 50% of the Net Offer
Retail Not less than 35% of the Net Offer
NII Not less than 15% of the Net Offer

IPO Lot Size

Investors can bid for a minimum of 93 shares and in multiples thereof.

Application Lots Shares Amount
Retail (Min) 1 93 ₹14,880
Retail (Max) 13 1,209 ₹1,93,440
S-HNI (Min) 14 1,302 ₹2,08,320
S-HNI (Max) 67 6,231 ₹9,96,960
B-HNI (Min) 68 6,324 ₹10,11,840

About Gaja Alternative Asset Management Ltd.

Incorporated in April 1999, Gaja Alternative Asset Management Limited is an independent, home-grown alternative asset management company with over two decades of experience in managing and advising India-focused funds, including Category I and Category II AIFs, as well as offshore funds investing in India. The Company focuses on alternative investments across sectors such as education, energy and environment, financial services, consumer and digital technology, with a differentiated investment approach focused on the mid-market segment.

Gaja Alternative Asset Management has built a strong track record through multiple fund cycles, with the Gaja Capital Funds comprising Fund II, Fund III and Fund IV, supported by long-standing relationships with investors across more than 20 countries. The Company had committed approximately ₹274 crore as Sponsor Commitment, representing 6.41% of the total size of the Gaja Capital Funds as of March 31, 2026.

The Company generates income through management fees, carried interest and gains from sponsor commitments, with a focus on capturing the economic value generated by the funds managed and advised by it. Gaja Capital follows an invest-and-collaborate approach, working closely with portfolio companies across areas such as product, sales, human resources and financial management. As of March 31, 2026, the Company had 37 personnel, including 23 permanent and 14 contractual employees.

Strengths

  • Well-established alternative asset management company with over 20 years of experience.
  • Proven track record of consistent performance across Gaja Capital Funds.
  • Focus on the high-growth alternative asset management industry in India.
  • Differentiated invest-and-collaborate approach focused on value creation.
  • Strong alignment of interests with investors through significant Sponsor Commitment.
  • Experienced promoters and management team with deep industry expertise.
  • Long-standing relationships with a diverse global investor base.
  • Robust financial growth and strong balance sheet.

Company Financials (Restated Consolidated)

Gaja Alternative Asset Management Ltd.’s revenue increased by 28% and profit after tax (PAT) rose by 32% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in ₹ Crore)

Period Ended 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 706.49 451.87 388.60
Total Income 157.80 123.31 103.96
Profit After Tax 81.96 61.95 44.74
NET Worth 606.52 388.97 331.88
Reserves and Surplus 525.33 381.75 325.79
Total Borrowing 41.56 4.00 3.51

Recently Listed IPOs in Asset Management Company

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SBI Funds Management Ltd. Mainboard ₹9,795.32 Cr ₹574 38.12 ₹609.75 +6.23% ₹568.80
ICICI Prudential Asset Management Co.Ltd. Mainboard ₹10,602.65 Cr ₹2165 40.37 ₹2,585.90 +19.44% ₹3,074.60
Canara Robeco Asset Management Co.Ltd. Mainboard ₹1,326.13 Cr ₹266 27.82 ₹300.45 +12.95% ₹258.40

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # Issue Objects
    Est Amt (₹ Cr.)
  • 1 Investing towards Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount as follows: (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 (iii) Bridge Loan Amount (b) investing towards Sponsor Commitment to the proposed Fund V (c) investing towards Sponsor Commitment to the Secondaries Fund
    372.00
  • 3 General corporate purposes
  • Total
    372.00

Key Performance Indicator (KPI)

KPI Mar 31, 2026 Mar 31, 2025
ROE 16.47% 17.19%
Debt/Equity 0.07 0.01
RoNW 13.13% 15.31%
PAT Margin 51.94% 50.24%
NAV 53.73 37.33
Price to Book Value 2.98 4.29

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 7.26 5.81
P/E (x) 22.04 27.54
Market Cap at Offer Price ₹1,806Cr. ₹2,256.16 Cr
  • The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
  • The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
  • The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category Pre IPO Post IPO
Promoter and Promoter Group 71.03% 54.23%
Public 28.97% 45.77%
Total 100% 100%

Company Promoters: Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain and Mona Ranjit Shah.

Offer For Sale – Selling Shareholders

Name Category Estimated Amount (₹ cr.)
Ranjit Jayant Shah jointly held with Mona Ranjit Shah Promoter 29.35
Imran Jafar Promoter 20.00
Sudesh Jain jointly held with Mr.Gopal Jain Promoter 10.00
Sanjay Hiralal Patel Other 18.75
Anshuman Goyal Other 9.40

*Estimated Amount (₹ cr.) shown until the actual number of shares offered in OFS is entered.

IPO Registrar

MUFG Intime India Pvt.Ltd.

  • 022-49186000
  • gajaalternative.ipo@in.mpms.mufg.com
  • Visit Website

IPO Lead Manager(s)

  1. JM Financial Ltd.
  2. IIFL Capital Services Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

Contact Details

Gaja Alternative Asset Management Ltd. Address
302, 3rd Floor, Kanchenjunga Building,
18, Barakhamba Road,
Connaught Place, Central Delhi,
New Delhi, New Delhi, 110001

IPO FAQs

Gaja Alternative Asset Management IPO is a main-board IPO of 3,43,75,000 equity shares of the face value of ₹5 aggregating up to ₹550 Crores. The issue is priced at ₹152 to ₹160. The minimum order quantity is 93.

The IPO opens on Wed, Aug 19, 2026, and closes on Fri, Aug 21, 2026.

MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Angel One customers can apply online in Gaja Alternative Asset Management IPO using UPI as a payment gateway. Angel One customers can apply in Gaja Alternative Asset Management IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Gaja Alternative Asset Management IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Gaja Alternative Asset Management IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Gaja Alternative Asset Management IPO opens on Wed, Aug 19, 2026 and closes on Fri, Aug 21, 2026.

Gaja Alternative Asset Management IPO lot size is 93, and the minimum amount required for application is ₹14,880.

You can apply in Gaja Alternative Asset Management IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Gaja Alternative Asset Management IPO will be done on Monday, August 24, 2026, and the allotted shares will be credited to your demat account by Tue, Aug 25, 2026. Check the Gaja Alternative Asset Management IPO allotment status.

The Gaja Alternative Asset Management IPO listing date is not yet announced. The tentative date of listing is Wed, Aug 26, 2026.

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