About Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management Limited (commercially known as Gaja Capital) is set to launch its IPO on August 19, 2026, and will remain open until August 21, 2026.
The Gaja Alternative Asset Management IPO price band is set at ₹152–₹160 per equity share. The allotment is expected to be finalised on August 24, 2026.
The Gaja Alternative Asset Management IPO is a ₹550 crore book-building issue, comprising a fresh issue of 2,81,25,000 shares aggregating to ₹450 crore and an OFS of 62,50,000 shares aggregating to ₹100 crore, with a face value of ₹5 each.
Business Overview of Gaja Alternative Asset Management
Gaja Alternative Asset Management Limited, incorporated in April 1999 and headquartered in Connaught Place, New Delhi, is an independent, home-grown alternative asset management company with over two decades of experience.
The company acts as investment manager to India-focused funds, including Category I and Category II AIFs, as well as offshore funds investing in India.
Gaja Capital follows a differentiated invest-and-collaborate approach, working closely with portfolio companies across product, sales, HR, and financial management functions — rather than acting as a purely passive investor.
It also focuses on mid-market sectors including digital technology, financial services, consumer, and education.
Key Highlights of Gaja Alternative Asset Management Limited Include:
| Particulars | Details |
|---|---|
| Incorporated | April 1999 |
| Headquarters | Connaught Place, New Delhi |
| Business Model | Alternative asset management — Cat I & II AIFs + offshore advisory |
| Investment Focus | Mid-market: digital tech, financial services, consumer, education |
| Funds Managed | Gaja Capital Fund II, III, and IV |
| Sponsor Commitment (Mar 2026) | ₹274 crore (~6.41% of total fund size) |
| Global Investor Base | 20+ countries |
| Employees (Mar 2026) | 37 personnel (23 permanent + 14 contractual) |
| Revenue FY26 | ₹157.80 crore |
| PAT FY26 | ₹81.96 crore |
Gaja Alternative Asset Management IPO Date, Price, and Other Details
The following are the details of the upcoming Gaja Alternative Asset Management Limited IPO.
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹550 crore |
| Offer Type | Fresh issue of ₹450 crore + OFS of ₹100 crore |
| Total Shares Offered | 3,43,75,000 shares |
| Price Band | ₹152 to ₹160 per share |
| Issue Dates | Opens: Aug 19, 2026 · Closes: Aug 21, 2026 |
| Minimum Bid Lot | 1 lot of 93 shares |
| Minimum Investment (Retail) | ₹14,880 (at upper band) |
| Allotment Date | Aug 24, 2026 |
| Credit to Demat | Aug 25, 2026 |
| Listing Date | Aug 26, 2026 |
| Face Value | ₹5 per share |
| Lead Managers (BRLMs) | JM Financial Ltd., IIFL Capital Services Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Listing Exchanges | NSE & BSE |
Gaja Alternative Asset Management IPO Reservation: Who Can Apply?
The Gaja Alternative Asset Management IPO has the following category reservations from Retail to HNIs:
| Investor Category | Lots | Shares | Amount (at ₹160) |
|---|---|---|---|
| Retail (Min) | 1 | 93 | ₹14,880 |
| Retail (Max) | 13 | 1,209 | ₹1,93,440 |
| sNII (Min) | 14 | 1,302 | ₹2,08,320 |
| sNII (Max) | 67 | 6,231 | ₹9,96,960 |
| bNII (Min) | 68 | 6,324 | ₹10,11,840 |
| QIB | Not more than 50% of Net Offer | — | — |
Strengths and Risks of Gaja Alternative Asset Management IPO
With every business owning its strengths and risks, even the Gaja Alternative Asset Management IPO has its potential plus points and downsides to be aware of.
Here is a brief business analysis (as per RHP) below:
Strengths
- Gaja Capital has over 20 years of experience in India's alternative asset management industry with a proven track record across multiple fund vintages (Fund II, III, IV).
- Revenue grew 28% YoY to ₹157.80 crore and PAT grew 32% to ₹81.96 crore in FY26, with a PAT margin of 51.94% — reflecting the asset-light, fee-based business model.
- Differentiated Invest-and-Collaborate approach focused on mid-market value creation across portfolio companies.
- Strong alignment with investors through significant sponsor commitment of ₹274 crore (~6.41% of total fund size).
- Diverse global investor base spanning 20+ countries, providing fundraising resilience across market cycles.
- Experienced promoter team — Gopal Jain, Ranjit Jayant Shah, and Imran Jafar bring deep industry expertise.
Risks
- Revenue is dependent on management fees and carried interest, which fluctuate based on AIF performance and fund lifecycle stage.
- Negative operating cash flows reported in certain periods, raising concerns about cash conversion despite high PAT margins.
- Outstanding legal proceedings, including criminal proceedings under FIR No. 0150, as disclosed in the RHP.
- Auditor adverse remarks regarding audit trail features in accounting software for Fiscals 2024–2026.
- Limited directly comparable listed peers in India's alternative/PE asset management space makes valuation benchmarking difficult.
- Total borrowings rose from ₹3.51 crore (FY24) to ₹41.56 crore (FY26), driven by bridge loan for sponsor commitments.
Future Plans/Strategies
- Invest ₹372 crore toward sponsor commitments to existing and new funds (Fund IV, proposed Fund V, and Secondaries Fund) and repay the bridge loan amount.
- Launch Fund V and a Secondaries Fund to expand AUM and diversify the fund portfolio.
- General corporate purposes with remaining proceeds.
Gaja Alternative Asset Management IPO Objectives – How Will the Funds Be Used?
The Gaja Alternative Asset Management IPO comprises a fresh issue (₹450 crore) and an OFS (₹100 crore). The company will receive proceeds only from the fresh issue.
| Objective | Amount (₹ crore) |
|---|---|
| Sponsor Commitments to Fund IV (Gaja Capital India Fund 2020 LLP & offshore) + Bridge Loan repayment | Part of ₹372 crore |
| Sponsor Commitment to proposed Fund V | |
| Sponsor Commitment to Secondaries Fund | |
| Total toward Sponsor Commitments & Bridge Loan | |
| General corporate purposes | Shall not exceed 25% of Gross proceeds |
How To Apply for the Gaja Alternative Asset Management IPO?
You can apply for the Gaja Alternative Asset Management IPO on any financial platform by following these simple steps:
Step 1: Open a Demat and trading account with a SEBI-registered broker.
Step 2: Log in to the app and go to the IPO section
Step 3: Select Gaja Alternative Asset Management IPO
Step 4: Enter the lot size (minimum 93 shares) and bid price (₹152–₹160)
Step 5: Approve the UPI mandate to block funds
Step 6: Submit your application
Promoter Shareholding of Gaja Alternative Asset Management IPO
The promoters of Gaja Alternative Asset Management IPO are Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain, and Mona Ranjit Shah.
| Promoter / Selling Shareholder | Pre-Issue Holding (%) / OFS Amount |
|---|---|
| Ranjit Jayant Shah (jointly with Mona Ranjit Shah) | 18.61% |
| Gopal Jain | 22.41% |
| Imran Jafar | 9.13% |
| Ms. Chitra Jain (jointly with Gopal Jain) | 11.25% |
| Promoter Group (Sujesh Jain) | 9.63 |
| Total | 71.03% |
Financial Performance (₹ in crores) of Gaja Alternative Asset Management IPO
Here's the table outlining the financial performance of Gaja Alternative Asset Management Limited from FY 2024 to FY 2026.
(in crores)
| 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 |
| EBITDA | 72.05 | 60.81 | 49.25 |
| 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 |
Key Performance Metrics of Gaja Alternative Asset Management
Based on the financials available in the RHP, the following key performance metrics of Gaja Alternative Asset Management IPO can be considered.
| KPI | Values (FY 2025-26) | Values (FY 2024-25) |
|---|---|---|
| Return on Equity (ROE) | 16.47% | 17.19% |
| Net Asset Value (NAV) | ₹53.73 | ₹37.33 |
| Price/Earnings (P/E) Ratio | - | - |
| Earnings Per Share (EPS - Diluted) | ₹7.17 | ₹5.71 |
| EBITDA Margin (%) | 45.66% | 49.32% |
| PAT Margin (%) | 51.94% | 50.24% |
| Debt to Equity Ratio | 0.07 | 0.01 |
(Note: Refer to the RHP for complete details.)
Registrar of Gaja Alternative Asset Management IPO
The Registrar of Gaja Alternative Asset Management IPO is MUFG Intime India Pvt. Ltd.
Phone: 022-49186000
Email: gajaalternative.ipo@in.mpms.mufg.com
Website: https://in.mpms.mufg.com
Lead Manager of Gaja Alternative Asset Management IPO
In total, 2 lead managers are handling the IPO process of Gaja Alternative Asset Management Limited namely;
- JM Financial Ltd.
- IIFL Capital Services Ltd.
