Gaja Alternative Asset Management IPO has entered into its second day of bidding on Thursday, 20 August, after the public issue received strong response from investors on the first day.
The mainboard IPO, which opened for subscription on Wednesday, 19 August, will close on Friday, 21 August.
Gaja Alternative Asset Management on Tuesday secured ₹165 crore from anchor investors, a day before its IPO opened for subscription on Wednesday.
As per a notice filed on the BSE, the company allotted nearly 1.03 crore equity shares to anchor investors at ₹160 apiece, which is the upper limit of its IPO price band.
Nippon India Mutual Fund and Invesco Mutual Fund emerged as the largest participants in the anchor book, committing ₹30 crore each. Other institutional investors, including HDFC Life and SBI Life, also took part in the allocation.
The anchor book further attracted investments from notable market participants such as Akash Bhansali through Winro Commercial (India) Ltd, Mukul Agarwal through Sanshi Fund I, and Ashish Kacholia through Bengal Finance.
Gaja Alternative Asset Management IPO subscription status
The Gaja Alternative Asset Management IPO was subscribed 86% on the first day of bidding on Wednesday.
According to NSE data, investors placed bids for 2,16,60,258 shares against the 2,53,28,946 shares available for subscription.
The retail investor portion was subscribed 1.20 times, while the non-institutional investor (NII) quota was subscribed 1.06 times. Meanwhile, the Qualified Institutional Buyers (QIB) category saw 9 per cent subscription.
Gaja Alternative Asset Management IPO GMP today
Gaja Alternative Asset Management IPO GMP today stands at ₹23. Based on the upper end of the IPO price band and the prevailing grey market premium, the estimated listing price is ₹183 per share, implying a premium of 14.37% over the issue price of ₹160.
Grey market trends over the past week indicate a positive movement in the IPO’s GMP, pointing to optimistic expectations ahead of its stock market debut. During this period, the GMP has ranged between ₹0 and ₹30, according to market experts.
Gaja Alternative Asset Management IPO Review
Brokerage firm Anand Rathi has recommended ‘subscribe – long-term’ rating for the issue.
“The company offers pure-play exposure to India’s high-growth alternative asset management market. However, its relatively concentrated earnings profile and dependence on the performance and exits of Indian mid-market private equity investments warrant a conservative valuation outlook in the near to medium term, while the long-term growth prospects remain encouraging. At the upper price band, the company is valued at 27.5x FY26 P/E and 2.1x FY26 P/B, implying a post-issue market capitalization of ₹22,562 million. Accordingly, we recommend a “Subscribe – Long Term” rating for the issue,” the firm said.
Meanwhile, brokerage firm SBI Securities also gave ‘subscribe – long-term’ recommendation to the investors, saying that the company earns significantly higher management fees of 190 bps in FY26, compared with 37–52 bps for mutual fund players, highlighting the superior unit economics of its business model.
“We believe the Indian Alternative Investment industry is at a nascentstage with long runway for growth, underpinned by positive stance from the regulators and increased alternatives adoption among domestic institutional, HNI and UHNI investors. GAJA earns higher management fees (190 bps in FY26) than MF players (52-37 bps), showcasing superior unit economics of the business model, which successfully monetizes alternative strategies and longterm capital commitments. At the upper price band, GAJA is valued at FY26 P/E multiple of 22.0x and P/B multiple of 3.0x. We believe GAJA is attractively priced for the underlying business model and industry tailwinds. We recommend investors to SUBSCRIBE to the issue for long-term investment horizon,” the firm said.
Gaja Alternative Asset Management IPO details
The price band for the Gaja Alternative Asset Management IPO has been set at ₹152– ₹160 per equity share. The lot size is 93 shares, and investors can place bids in multiples of 93 thereafter.
The IPO consists of a fresh issue worth ₹450 crore and an offer-for-sale (OFS) of shares worth up to ₹100 crore by existing shareholders, including promoters.
Up to 50% of the issue size has been reserved for Qualified Institutional Buyers (QIBs), while at least 15% has been earmarked for Non-Institutional Investors (NIIs). Retail investors will have a reservation of at least 35% of the offer.
The basis of allotment for the IPO is expected to be finalised on Monday, August 24. Refunds are likely to begin on Tuesday, August 25, with shares being credited to the demat accounts of successful bidders on the same day. The company’s shares are expected to list on both the BSE and NSE on Wednesday, August 26.
Of the fresh issue proceeds, ₹372 crore will be utilised for sponsor commitments to certain existing and new funds, as well as for repaying a bridge loan. The balance amount will be allocated towards general corporate purposes.
JM Financial and IIFL Financial Services are acting as the merchant bankers for the IPO.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
