The initial public offering (IPO) of Gaja Alternative Asset Management Ltd, which operates under the Gaja Capital brand, opened for public subscription on 19 August and will close on 21 August. The Gaja Alternative Asset Management IPO price band has been fixed at ₹152- ₹160 per equity share.
Gaja Alternative Asset Management IPO GMP today or Gaja Capital IPO GMP is +18.5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Gaja Alternative Asset Management share price was ₹178.5 apiece, which is 11.56% higher than the IPO price of ₹160.
According to grey market trends observed over the past nine sessions, the IPO’s grey market premium (GMP) is rising today, suggesting a positive outlook for its listing. Throughout this period, the GMP fluctuated between ₹0 and ₹30, as noted by analysts.
The Gaja Capital IPO lot size is fixed at 93 equity shares, with investors allowed to place bids in multiples of 93 shares thereafter.
In the Gaja Capital IPO, not more than 50% of the public issue has been reserved for Qualified Institutional Buyers (QIBs), while Non-Institutional Investors (NIIs) have been allocated not less than 15%. At least 35% of the offer has been reserved for retail investors.
The Gaja Capital IPO basis of allotment is tentatively scheduled to be finalised on Monday, 24 August. The company is expected to initiate refunds for unsuccessful applicants on Tuesday, 25 August, while shares will be credited to the demat accounts of successful allottees on the same day.
The Gaja Capital share price is likely to be listed on both the BSE and NSE on Wednesday, 26 August.
Gaja Alternative Asset Management IPO subscription status
Gaja Capital IPO subscription status was 2.52x on day 3, so far. The retail portion is subscribed 3.26x, and NII portion has been booked 4.03x, QIBs portion received 10% bids.
The company has received bids for 6,39,19,179 shares against 2,53,28,946 shares on offer at 10:03 IST, according to BSE data.
Gaja Alternative Asset Management IPO review
SBICAP Securities said Gaja Alternative Asset Management (GAJA) generates 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. The brokerage noted that GAJA has successfully monetised alternative investment strategies and long-term capital commitments. At the upper price band, the IPO is valued at 22x FY26 P/E and 3x P/B. SBICAP Securities believes the valuation is attractive given the company’s business model and favourable industry tailwinds, and has assigned a ‘Subscribe’ rating for the long term.
Swastika Investmart said GAJA, among the pioneers of listed AIF managers in India, is well positioned to benefit from the rising allocation towards private markets by Indian HNIs and family offices, which is expected to grow at around 25–30% annually. At around 22x FY26 P/E, the brokerage considers the issue reasonably valued compared with listed AMC peers, although private-equity performance fees can make earnings lumpy.
Swastika Investmart also highlighted the deployment of ₹372–387 crore from the fresh issue towards sponsor commitments, which would increase GP skin-in-the-game from around 6.5% to 10%, as a key structural positive. While the lumpiness of alternative asset management earnings could limit short-term listing gains, the brokerage sees GAJA as a capital-light and scalable business with clean governance and attractive long-term exposure to India’s private-equity growth story.
Nirmal Bang Securities said GAJA’s diversified revenue streams and potential for operating leverage provide visibility on long-term growth, while its strong profitability supports the current valuation. Citing the company’s scalable business model, healthy margins, strong revenue growth and attractive valuation, the brokerage assigned a ‘Subscribe’ rating with a positive long-term outlook.
Choice Equity Broking said India’s AIF industry is expected to maintain strong growth, supported by rising allocations from institutional investors, HNIs and UHNIs. The brokerage noted that the listing provides retail investors with an opportunity to participate indirectly in the growth of the alternative investment industry. GAJA’s plan to maintain sponsor commitments at around 10% above regulatory requirements reflects confidence in its funds while aligning its interests more closely with investors. The proceeds will also support the launch of new funds and expansion of operations.
However, Choice Equity Broking cautioned that the long-duration nature of private-market investments, along with GAJA’s dependence on continued fund growth and performance, warrants a long-term investment approach. It therefore assigned a ‘Subscribe for Long Term’ rating to the issue.
Gaja Alternative Asset Management IPO details
Gaja Capital IPO comprises a fresh issue of ₹450 crore and an offer-for-sale (OFS) of up to ₹100 crore by existing shareholders, including promoters.
According to the red herring prospectus (RHP), the Gopal Jain-promoted Gaja Capital has reduced the size of both the fresh issue and OFS from ₹549.2 crore and ₹107 crore, respectively. The total IPO size was earlier pegged at ₹656.2 crore in the updated draft red herring prospectus filed in December 2025.
At the upper end of the price band, Gaja Alternative Asset Management is expected to command a post-listing market capitalisation of ₹2,256.16 crore.
The company plans to utilise ₹372 crore from the fresh issue proceeds towards sponsor commitments to certain existing and new funds, as well as repayment of a bridge loan. The remaining proceeds will be allocated towards general corporate purposes.
JM Financial and IIFL Financial Services have been appointed as the merchant bankers for the Gaja Capital IPO.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
