Gaja Alternative Asset Management IPO subscribed 86%
The issue opened for bidding on 19 August 2026 and it will close on 21 August 2026. The price band of the IPO is fixed between Rs 152 and 160 per share. An investor can bid for a minimum of 93 equity shares and multiples thereof.
The initial public offer (IPO) consists of fresh issue to raise Rs 450 through issuance of 2.96 crore equity shares at the lower band of Rs 152 per share (face value Rs 5 per share) and 2.81 crore equity shares at the upper band of Rs 160 per share.
The IPO also comprises of offer for sales (OFS) of Rs 100 crore through issue of 0.63-0.66 crore equity shares. Among the promoters and group, Ranjit Shah is selling Rs 29.35 crore worth of equity shares of the company, Imran Jafer Rs 20 crore and Sudesh Jain Rs 10 crore through OFS. The promoter shareholding in the company will decline to 54.23% post- IPO from 71.03% pre-IPO.
The company proposes to utilize Rs 372 crore from the net proceeds of IPOs for investing towards its sponsor commitments to certain existing and new funds and for repayment of the Bridge Loan Amount. The remaining proceeds will be used for general corporate purposes.
Within the existing funds towards meeting balance sponsor commitment to Fund IV, the company intends to deploy Rs 2.155 crore in Gaja Capital India Fund 2020 LLP and Rs 35.345 crore in Gaja Capital India Fund 2021 to be deployed over FY2027 and FY2028 and Rs 19.5 crore for the bridge loan repayment.
On new funds, the company is in the process of setting up Fund V with the targeted fund size of Rs 2500 crore. It has filed a private placement memorandum application with the SEBI on 10 June 2026. The company intends to contribute Rs 210 crore as Sponsor Commitment to Fund V to be deployed over FY27, FY28 and FY29. Further, the company intends to utilize Rs 105 crore as sponsor commitments to the Secondaries Fund with the targeted funds size of Rs 1250 crore.
Gaja Alternative Asset Management is a founder-led Indian alternative asset management company with over two decades of experience, focused on managing India-focused Category I and II AIFs and advising offshore funds. The company follows an alpha-oriented, mid-market investment strategy across sectors such as education, financial services, consumer and digital technology, and earns primarily through management fees, carried interest and sponsor commitment income. It had a sponsor commitment of around Rs 274 crore as of March 2026 and has achieved an average 3.3x MOIC across investments. The company is promoted by Gopal Jain, Ranjit Jayant Shah and Imran Jafar and had 23 permanent employees as of March 2026.
Ahead of the IPO, Gaja Alternative Asset Management on Tuesday, 18 August 2026, raised Rs 165 crore from anchor investors. The board allotted 1.03 crore shares at Rs 160 each to 20 anchor investors.
The firm reported a consolidated net profit of Rs 81.96 crore and sales of Rs 135.53 crore for the twelve months ended on 31 March 2026.
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