Gaja Alternative Asset Management IPO- Complete Overview
Gaja Alternative Asset Management (Gaja Capital) IPO is a Mainboard IPO with an issue size of Rs. 550 Cr by Gaja Alternative Asset Management Limited, which has more than 20 years of expertise managing and advising India-focused funds, such as Category I and Category II AIFs, as well as offshore funds investing in India. It is an independent, domestic alternative asset management firm.
With a unique investment strategy centered on the mid-market segment, the company concentrates on alternative investments in a variety of industries, including education, energy and environment, financial services, consumer, and digital technology.
Through several fund cycles, Gaja Alternative Asset Management has established a solid track record. The Gaja Capital Funds, which include Fund II, Fund III, and Fund IV, are backed by enduring connections with investors in more than 20 nations.
This new IPO is to be launched on 19 Aug 2026, and its ‘initial public offering’ will end on 21 Aug 2026.
Gaja Alternative Asset Management IPO Details
This Mainline IPO comprises a combination of a fresh issue of 2.81 crore shares (Rs. 450 Cr) and an offer for sale of 0.63 crore shares (Rs. 100 Cr). The Gaja Alternative Asset Management IPO listing date is 26 August 2026. The Gaja Alternative Asset Management IPO price is between Rs. 152 and Rs. 160 for each Share.
Gaja Capital Founder
Gaja Capital was co-founded by Gopal Jain, who currently serves as MD & CEO of the company.
If you want to apply for the IPO, click to open a Demat Account.
Industry Overview & Outlook
While AIFs logged a ~29.2% CAGR between fiscal 2019 and fiscal 2026, mutual funds saw a substantially slower 18.7% CAGR in the same period. Similarly, aggregate deposits in banks in India logged a ~11% CAGR between fiscal 2019 and FY26.
Company Financial
(Amount in Cr)
|
Period |
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 |
|
EBITDA |
606.52 |
388.97 |
331.88 |
|
NET Worth |
525.33 |
381.75 |
325.79 |
|
Reserves and Surplus |
41.56 |
4.00 |
3.51 |
|
Total Borrowing |
706.49 |
451.87 |
388.60 |
Cash Flows
The cash flows for various activities are shown below:
(Amount in Mn)
|
Net Cash Flow In Multiple Activities |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2025 |
|
Net Cash Flow Operating Activities |
(149.82) |
(87.54) |
208.91 |
|
Net Cash Flow Investing Activities |
(1,087.30) |
141.99 |
(61.86) |
|
Net Cash Flow Financing Activities |
1,516.17 |
(67.63) |
(55.87) |
Revenue Bifurcation
(Source: RHP)
The Objective of the Issue
-
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. ~ Rs. 372 Cr.
-
General Corporate Purposes.
Peers of Gaja Alternative Asset Management
|
Name of the Company |
Face Value (₹) |
EPS Basic (₹) |
P/E Ratio |
|
360 ONE WAM Limited |
1 |
30.16 |
40.01 |
|
Aditya Birla Sun Life AMC Limited |
5 |
33.76 |
30.28 |
|
Anand Rathi Wealth Limited |
5 |
47.87 |
91.50 |
|
HDFC Asset Management Company Limited |
5 |
66.77 |
37.82 |
Gaja Capital Share Price
The Gaja Alternative share price will be available once it is listed on a stock exchange like BSE, NSE.
Evaluation of P/E Ratio
Considering the period ended FY26 with an EPS of Rs. 7.17 from the last year, the resulting P/E ratio is 22.31x.
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Gaja Alternative Asset Management IPO Valuation
|
Particulars |
Value |
|
ROE |
16.47% |
|
Debt/Equity |
0.07 |
|
RoNW |
13.13% |
|
PAT Margin |
51.94% |
IPO's Strengths
-
Reputable alternative asset management firm with more than 20 years of expertise.
-
A track record of reliable performance across all Gaja Capital Funds.
-
Pay attention to India's rapidly expanding alternative asset management sector.
-
Unique invest-and-collaborate strategy with an emphasis on value generation.
IPO’s Weaknesses
-
Fund Performance Dependency: The ongoing performance, realizations, and administration of advised funds have a direct impact on total income and revenue.
-
Cyclical Exposure: Affected by more general downturns in the public and private equity markets, which may cause delays in exits or lower fundraising capacity.
-
Key Man Risk: Depends significantly on the knowledge, standing, and loyalty of key founding and senior investment teams.
Gaja Alternative Asset Management IPO GMP Today
Gaja Alternative Asset Management IPO GMP has not started yet as of August 14, 2026, when this information was written.
Gaja Alternative Asset Management Limited IPO Timetable (Tentative)
The Gaja Capital IPO date is from 19 Aug to 21 Aug. With IPO allocation on Aug 24, refund initiation on Aug 25, and listing on Aug 26, 2026.
|
Events |
Date |
|
IPO Opening Date |
19 Aug 2025 |
|
IPO Closing Date |
21 Aug 2025 |
|
IPO Allotment Date |
24 Aug 2025 |
|
Refund Initiation |
25 Aug 2025 |
|
IPO Listing Date |
26 Aug 2025 |
IPO Other Details
|
IPO Opening & Closing Date |
19 Aug 2026 to 21 Aug 2026 |
|
Face Value |
Rs. 5 per Share |
|
Issue Price |
Rs. 152 to Rs. 160 |
|
Lot Size |
93 Shares |
|
Issue Size |
3,43,75,000 shares (Rs. 550 Cr) |
|
Offer for Sale |
62,50,000 shares (Rs. 100 Cr) |
|
Fresh Issue |
2,81,25,000 shares (Rs. 450 Cr) |
|
Listing At |
BSE, NSE |
|
Issue Type |
Book Built Issue IPO |
|
Registrar |
MUFG Intime India Pvt. Ltd. |
IPO Grey Market Premium
The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.
Gaja Alternative Asset Management IPO Lot Size
The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (93 Shares) amounting to Rs. 14880 and 13 Lots (1209 Shares) for Rs. 1,93,440, respectively, while for HNI investors, the minimum Lot is 14 (1302 Shares) amounting to Rs. 2,08,320.
|
Minimum Lot Investment (Retail) |
1 Lot |
|
Maximum Lot Investment (Retail) |
13 Lots |
|
S-HNI (Minimum) |
14 Lots |
|
S-HNI (Maximum) |
67 Lots |
|
B-HNI (Minimum) |
68 Lots |
IPO Reservation
|
Institutional Share Portion |
50% |
|
Retail Investors' Share Portion |
35% |
|
Non-Institutional Shares Portion |
15% |
Promoters and Management of Gaja Alternative Asset Management Ltd.
-
Gopal Jain
-
Ranjit Jayant Shah
-
Imran Jafar
-
Chitra Jain
-
Mona Ranjit Shah
|
Pre-Issue Promoter Shareholding |
71.03% |
|
Post-Issue Promoter Shareholding |
54.23% |
Gaja Capital IPO Bankers
-
JM Financial Ltd.
-
IIFL Capital Services Ltd.
Dividend Policy
The company has paid a dividend of Rs. 0.50 and Rs. 2,500 in FY26 and FY25.
Conclusion
Gaja Alternative Asset Management IPO is a ₹550 Cr Mainboard IPO, opening from 19 August to 21 August 2026, with a price band of ₹152–₹160 per share. The company has over 20 years of experience in alternative asset management and reported ₹157.80 Cr total income and ₹81.96 Cr PAT in FY26. IPO proceeds will mainly fund sponsor commitments and bridge loan repayment, while key risks include fund performance dependency, market cyclicality, and key-man risk.
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Finowings IPO Analysis
Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
You must consult your financial advisor before making any financial decisions.
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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.
