Gaja Alternative Asset Management IPO
LISTEDMAINBOARDGAJASUBSCRIBEListing Performance
▲ 15.63%
Issue Price
₹160
Listing Price
₹185
Listed On
26 Aug 2026
- Price Band
- ₹152 – ₹160
- Lot Size
- 93
- Lot Value
- ₹14,880
- Open Date
- 19 Aug 2026
- Close Date
- 21 Aug 2026
- Min Investment
- ₹14,880
About Gaja Alternative Asset Management
Gaja Capital is an alternative asset management company that manages and advises funds focused on private equity and alternative investments across Education-Employment-Employability (EEE), financial services, consumer, and digital technology sectors in India.
Generates revenue from management fees charged to Limited Partners in funds managed and advised, as well as performance-based carried interest (Investment Gains) from successful portfolio company exits.
Use of IPO Proceeds
Total allocation: ₹37.20 Cr (excludes issue expenses)
Promoters
Mr. Gopal Jain
Managing Director and Chief Executive Officer
Over 27 years of experience in alternative asset management industry; associated with the Company since its incorporation.
Mr. Ranjit Jayant Shah
Executive Vice-Chairman
Over 19 years of experience in alternative asset management industry; associated with the Company since 2006.
Mr. Imran Jafar
Executive Director
Over 27 years of experience in alternative asset management industry; associated with the Company since 2005.
Ms. Chitra Jain
Ms. Mona Ranjit Shah
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (6)
- •20 years alternative asset management experience with consistent track record across multiple funds
- •Differentiated business model maximizing economics transmission and operating leverage efficiency
- •Experienced promoters and senior leadership with long-term equity ownership alignment
- •High sponsor commitment substantially exceeding regulatory thresholds demonstrating skin-in-the-game
- •Proven ability to navigate major externalities including financial crises and pandemics
- •Strong balance sheet with robust financial growth and healthy profitability metrics
Risk Factors (6)
- •Total income dependent on fund performance; management fees, carried interest, and sponsor commitment income subject to market volatility.
- •First public offering with no prior market for equity shares; offer price may not reflect post-listing market price.
- •Non-GAAP financial measures used may not be comparable to other companies or standard industry methodologies.
- •Equity investments involve high degree of risk; investors could lose entire investment if adverse events occur.
- •Restated consolidated financial statements form basis of performance metrics; restatements could impact investor reliance.
- •Alternative asset management industry subject to regulatory changes and economic cycles affecting fund performance.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
▲ Listed +15.6%Strong investor demand with 16x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.
Pre-listing prediction: SUBSCRIBE
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 93 | ₹14,880 |
| Retail (max) | 13 | 1,209 | ₹1,93,440 |
| S-HNI (min) | 14 | 1,302 | ₹2,08,320 |
| S-HNI (max) | 66 | 6,138 | ₹9,82,080 |
| B-HNI (min) | 67 | 6,231 | ₹9,96,960 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 0.01x | 20.74x |
| sNII (S-HNI) | 0.97x | 3.25x | 23.99x |
| bNII (B-HNI) | 0.40x | 1.72x | 32.29x |
| Retail | 0.75x | 1.92x | 6.76x |
| Total | 0.50x | 1.44x | 15.63x |
Colour: red <1x · green 1–5x · blue 5–10x · orange >10x.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
6.76x
Allotment Ratio
1 lot per 7 applicants
Allotment Probability
~14.8%
Non-Institutional Investors (NII / HNI)
Subscription
29.52x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
20.74x
Allotment Type
Discretionary allotment
Total Subscription
15.63x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
IPO Timeline
Issue Opens
19 Aug 2026 · Wed
Issue Closes
21 Aug 2026 · Fri
UPI Deadline
21 Aug 2026 · Fri
Allotment
24 Aug 2026 · Mon
Refund
25 Aug 2026 · Tue
Share Credit
25 Aug 2026 · Tue
Listing
26 Aug 2026 · Wed
Issue Opens
19 Aug 2026 · Wed
Issue Closes
21 Aug 2026 · Fri
UPI Deadline
21 Aug 2026 · Fri
Allotment
24 Aug 2026 · Mon
Refund
25 Aug 2026 · Tue
Share Credit
25 Aug 2026 · Tue
Listing
26 Aug 2026 · Wed
IPO Details
| Registrar | MUFG Intime India Private Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹5 |
| Issue Size | ₹550.00 Cr |
| Fresh Issue | ₹450.00 Cr |
| OFS Size | ₹100.00 Cr |
| Lead Managers | JM Financial Limited, IIFL Capital Services Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 122 | 59.53 | 7.17 | — | 13.13% |
| FY24 | 95.64 | 44.52 | — | — | — |
| FY23 | 55.81 | 41.12 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total Income | 113.63 | 103.96 | 123.31 |
| EBITDA | — | 49.25 | 60.81 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
22.3x
Price ÷ EPS
EPS (FY25)
₹7
Earnings per share
RoNW
13.13%
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
49.8%
EBITDA ÷ revenue
Price/NAV
2.98x
Price ÷ NAV (as reported)
Company Fundamentals
10 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹5.64 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Gaja Alternative Asset Management offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Gaja Alternative Asset Management's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Gaja Alternative Asset Management's filing.
Source: Gaja Alternative Asset Management offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Mr. Ranjit Jayant Shah jointly held with Ms. Mona Ranjit Shah₹29.35 Cr
- Mr. Imran Jafar₹20.00 Cr
- Mr. Sanjay Hiralal Patel₹18.75 Cr
- Ms. Sudesh Jain jointly held with Mr. Gopal Jain₹10.00 Cr
- Mr. Anshuman Goyal₹9.40 Cr
- Mr. Abhinav Jain₹5.00 Cr
- Mr. Sushane Chopra₹5.00 Cr
- Ms. Suparna Kumar₹2.50 Cr
Source: Gaja Alternative Asset Management offer document (DRHP/RHP).
Board & Management
Board of Directors (9)
- Mr. Upendra Kumar Sinha
Non-Executive Chairman
- Mr. Gopal Jain
Managing Director and Chief Executive Officer
- Mr. Ranjit Jayant Shah
Executive Vice-Chairman
- Mr. Imran Jafar
Executive Director
- Mr. Prithvi Pal Singh Haldea
Non-Executive Director
- Mr. Manish Sabharwal
Non-Executive Director
- Mr. Arindam Kumar Bhattacharya
Independent Director
- Ms. Shital Mehra
Independent Director
- Mr. Shailesh Vishnubhai Haribhakti
Independent Director
Key Managerial Personnel (5)
- Mr. Gopal Jain
Managing Director and Chief Executive Officer
- Mr. Ranjit Jayant Shah
Executive Vice-Chairman
- Mr. Imran Jafar
Executive Director
- Mr. Abhinav Jain₹0.36 Cr p.a.
Chief Financial Officer
Master's degree in management from Indian School of Business, Hyderabad; Associate of Institute of Chartered Accountants of India; Company Secretary
Over 16 years of experience in private equity
- Ms. Ishu Jain₹0.02 Cr p.a.
Company Secretary and Compliance Officer
Bachelor's degree in commerce and law from Vidhyasthali Law College, University of Rajasthan; Fellow member of Institute of Company Secretaries of India
Over 10 years of experience in secretarial compliance
Source: Gaja Alternative Asset Management offer document (DRHP/RHP).
Industry & Market
Industry & market data not disclosed in this filing.Market-size/industry detail was not extracted from Gaja Alternative Asset Management's filing.
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Gaja Alternative Asset Management Limited | — | 7.17 | 13.13 | 53.73 |
| 360 One WAM Limited | 40.01 | 29.19 | 12.37 | 242.17 |
| Aditya Birla Sun Life AMC Limited | 30.28 | 33.68 | 24.13 | 139.94 |
| Anand Rathi Wealth Limited | 91.5 | 47.17 | 39.64 | 120.23 |
| HDFC Asset Management Company Limited | 37.82 | 66.5 | 30.97 | 215.42 |
| ICICI Prudential Asset Management Company Limited | 45.38 | 66.73 | 79.07 | 84.39 |
| Nippon Life India Asset Management Limited | 49.57 | 23.63 | 32.83 | 73.01 |
| Nuvama Wealth Management Limited | 30.44 | 56.06 | 25.26 | 226.37 |
| SBI Funds Management Limited | 37.8 | 15.04 | 51.44 | 29.28 |
| UTI Asset Management Company Limited | 28.84 | 31.41 | 8.97 | 350.5 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Civil | Subsidiaries | 1 | 20 |
| Criminal | Subsidiaries | 1 | — |
The company faces criminal proceedings related to investments in EuroKids International Private Limited involving promoters Mr. Gopal Jain and Mr. Imran Jafar, and a subsidiary Gaja Trustee Company Private Limited under FIR No. 0150; additionally, there is pending arbitration against SEPC Limited and Twarit Consultancy Private Limited for non-payment of ₹2,000 million in purchase consideration.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Gaja Alternative Asset Management IPO opening?
The Gaja Alternative Asset Management IPO opens on 19 Aug 2026 and closes on 21 Aug 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Gaja Alternative Asset Management IPO?
The price band for the Gaja Alternative Asset Management IPO is ₹152 to ₹160. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Gaja Alternative Asset Management IPO?
The minimum lot size is 93 shares with a minimum investment of ₹14,880. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Gaja Alternative Asset Management IPO today?
The latest Grey Market Premium for Gaja Alternative Asset Management is ₹19 (+11.88%). GMP is unofficial data and is not a guarantee of listing price.
When will the Gaja Alternative Asset Management IPO list on NSE and BSE?
The Gaja Alternative Asset Management IPO is expected to list on 26 Aug 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Gaja Alternative Asset Management IPO allotment status?
The registrar for this IPO is MUFG Intime India Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Gaja Alternative Asset Management IPO a mainboard or SME issue?
Gaja Alternative Asset Management is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Gaja Alternative Asset Management IPO?
You can apply for the Gaja Alternative Asset Management IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Gaja Alternative Asset Management IPO?
Based on the current GMP of ₹19, the expected listing price of Gaja Alternative Asset Management is ₹179 (issue price ₹160 + GMP ₹19). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Gaja Alternative Asset Management IPO?
Based on the retail subscription of 6.76x, the estimated allotment ratio is 1 lot per 7 applicants (approximately 14.8% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Gaja Alternative Asset Management IPO?
Based on our algorithmic analysis, Gaja Alternative Asset Management IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 16x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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