The initial public offering (IPO) of Gaja Alternative Asset Management Ltd, which operates under the Gaja Capital brand, will open for public subscription on August 19 and close on August 21. 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 +30 . 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 ₹190 apiece, which is 18.75% higher than the IPO price of ₹160.
According to recent grey market trends over the last week, the IPO’s Grey Market Premium (GMP) is trending upward today, suggesting positive expectations for its debut. Throughout this period, the GMP fluctuated between ₹0.00 and ₹30, according to experts.
The Gaja Capital IPO lot size is fixed at 93 equity shares, with investors allowed to bid in multiples of 93 shares thereafter.
For the Gaja Capital IPO, not more than 50% of the shares in the public issue have been reserved for Qualified Institutional Buyers (QIBs), while not less than 15% is reserved for Non-Institutional Investors (NIIs) and at least 35% of the offer is reserved for retail investors.
Tentatively, the Gaja Capital IPO basis of allotment will be finalised on Monday, 24 August. The company is expected to initiate refunds 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 the BSE and NSE on Wednesday, 26 August.
Gaja Alternative Asset Management IPO subscription status
Subscription for the public issue will open at 10:00 IST during Wednesday’s deals.
Anchor details
Gaja Alternative Asset Management on Tuesday raised ₹165 crore from anchor investors ahead of the opening of its initial public offering (IPO) on Wednesday.
The company allotted around 1.03 crore equity shares to anchor investors at ₹160 per share, the upper end of the IPO price band, according to a notice uploaded on the BSE website.
Nippon India Mutual Fund and Invesco Mutual Fund led the anchor book, investing ₹30 crore each. HDFC Life and SBI Life were among the other institutional investors that participated in the anchor allocation.
The anchor book also saw participation from prominent investors, including Akash Bhansali through Winro Commercial (India) Ltd, Mukul Agarwal through Sanshi Fund I and Ashish Kacholia through Bengal Finance.
Gaja Capital IPO review
SBICAP Securities said Gaja Alternative Asset Management (GAJA) 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. 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 issue is attractively priced, considering the underlying business model and favourable industry tailwinds, and has recommended investors subscribe to the issue for the long term.
Swastika Investmart said GAJA, as one of the pioneers among listed AIF managers in India, is well positioned to benefit from the growing allocation of private-market investments by Indian HNIs and family offices, which is expected to grow at around 25–30% annually.
The brokerage noted that at around 22x FY26 P/E, the IPO offers a moderate margin of safety and is reasonably valued compared with listed AMC peers, although the valuation reflects the inherent lumpiness of private-equity performance fees. It also highlighted the use 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.
Swastika Investmart added that alternative asset management earnings can be volatile, which may limit short-term listing gains. However, for long-term investors seeking exposure to India’s private-equity growth story, it views GAJA as a capital-light and scalable business model with clean governance.
Gaja Capital IPO details
The 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 set 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 have a post-listing market capitalisation of ₹2,256.16 crore.
The company plans to deploy ₹372 crore from the fresh issue proceeds towards sponsor commitments to certain existing and new funds and repayment of a bridge loan. The remaining proceeds will be used for general corporate purposes.
JM Financial and IIFL Financial Services have been appointed as 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.
