Summary
Gaja Alternative Asset Management IPO opens for subscription on August 19th, 2026, and closes on August 21st, 2026, with a price band of ₹152 to ₹160 per share.
This is a mainboard book-building IPO that will list on the NSE and BSE platforms on August 26th, 2026.
The company is issuing a fresh issue of approx ₹450.0 cr and an offer for sale of ₹100.0 cr approx to the public.
GAJA Alternative Asset Management IPO is fixed to open on August 19, 2026 and close on August 21, 2026. It is a mainboard IPO issuing both a fresh issue and an offer for sale for a total of ₹550.0 cr approx, with a price band fixed at ₹152 to ₹160. The shares are to be listed on both BSE and NSE platforms on August 26, 2026.
The IPO proceeds are to be utilised for investing in Sponsor Commitments of new and existing funds and for general corporate purposes.
Gaja Alternative Asset Management IPO Key Details
The table below presents the essential details investors should know before applying for the Gaja Alternative Asset Management IPO.
| IPO Open Date | 19 August 2026 |
| Close Date | 21 August 2026 |
| Face value | ₹5 per share |
| Price Band | ₹152 to ₹160 |
| IPO Lot Size | 93 shares |
| Fresh issue | ₹450.0 cr approx |
| Offer for Sale | ₹100.0 cr approx |
| Type of issue | Book-building |
| Listing at | NSE and BSE |
| Total Issue Size (₹ Crore) | ₹550.0 cr approx |
| Minimum Investment | 1 lot or 93 shares |
Gaja Alternative Asset Management IPO Timeline
Below is the complete schedule of events for the Gaja Alternative Asset Management IPO.
| Bid Opening | 19 August 2026 |
| Bid Closing | 21 August 2026 |
| Tentative Allotment | 24 August 2026 |
| Initiation of Refunds | 25 August 2026 |
| Credit of Shares to Demat | 25 August 2026 |
| Tentative Listing Date | 26 August 2026 |
| UPI mandate closing date | 21 August 2026 |
Key Performance Indicators of Gaja Alternative Asset Management IPO
These financial ratios highlight the company’s profitability, capital efficiency, and overall financial performance over the past three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (%) | 16.47 | 17.19 | 14.45 |
| ROCE (%) | |||
| Debt Equity (in times) | 0.07 | 0.01 | 0.01 |
| RoNW (%) | 13.13 | 15.31 | 13.41 |
| PAT Margin (%) | 51.94 | 50.24 | 43.04 |
| EBITDA margin (%) | |||
| Price to book | 2.98 | 4.29 |
Gaja Alternative Asset Management IPO Financial Details
The Financial information of the Gaja Alternative Asset Management IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 135.53 | 122.00 | 95.64 |
| Total Asset | 706.49 | 451.87 | 388.59 |
| Profit | 81.96 | 61.95 | 44.74 |
Gaja Alternative Asset Management IPO Subscription Status
The subscription data is not available yet.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Gaja Alternative Asset Management IPO Grey Market Premium (GMP)
The current status of the Grey Market Premium for the Gaja Alternative Asset Management IPO shows a GMP of ₹0. Therefore, according to the status, the estimated listing price is ₹160.
| GMP Date | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|
| 17-08-2026 | ₹160 (0.00%) | ₹0 | 17-Aug-2026 10:30 |
| 16-08-2026 | ₹160 (0.00%) | ₹0 | 16-Aug-2026 23:29 |
| 15-08-2026 | ₹160 (0.00%) | ₹0 | 15-Aug-2026 23:31 |
| 14-08-2026 | ₹160 (0.00%) | ₹0 | 14-Aug-2026 23:33 |
| 13-08-2026 | ₹160 (0.00%) | ₹0 | 13-Aug-2026 23:30 |
GMP is the premium value of the share in the unofficial market before it opens for subscription.
Gaja Alternative Asset Management IPO Reservation
The following table shows the distribution of shares reserved for retail investors, QIBs, and NIIs under the IPO.
| Investor Category | Offered No. of Shares |
| QIBs | Not more than 50% of the net offer |
| NIIs | Not less than 15% of the net offer |
| Retails | Not less than 35% of the net offer |
| Total |
Gaja Alternative Asset Management IPO Lot Sizes
Investors can refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | 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) | 67 | 6,231 | ₹9,96,960 |
| B-HNI (Min) | 68 | 6,324 | ₹10,11,840 |
Gaja Alternative Asset Management IPO Prospectus
Investors can access the offered prospectus for the Gaja Alternative Asset Management IPO mentioned below.
About Gaja Alternative Asset Management Ltd.
Gaja Alternative Asset Management Ltd is an asset management company that was established in 1999. It is an experienced, independent, and home-grown alternative asset management company with around 20 years of experience. It provides management and advisory services to India-focused and offshore funds, including Category I and Category II alternative investment funds. It provides services across multiple sectors, such as financial services, EEE, consumer and digital technology. The company has three income streams, including management fees, carried interest, and interest from sponsor commitment.
Promoters:
- Gopal Jain
- Ranjit Jayant Shah
- Imran Jafar
- Chitra Jain
- Mona Ranjit Shah
| Book Runner | JM Financial Ltd. IIFL Capital Services Ltd. |
| Issue Registrar | MUFG Intime India Pvt. Ltd. |
Purpose of Gaja Alternative Asset Management IPO
The company intends to deploy the funds raised through this public issue toward specific operational and strategic goals, as detailed in the table below.
| Particulars | Estimated Amount in ₹ Crores |
| For investing in Sponsor Commitments to existing and new funds and repayment of bridge loan(a) on balance Sponsor Commitment of Gaja Capital India Fund 2020 LLP, Gaja Capital India Fund 2021, and Bridge loan amount(b) in Sponsor Commitment to proposed Fund V(c) in Sponsor Commitment to Secondaries Fund | 372.00 |
| General corporate purpose | _ |
| Total | _ |
Gaja Alternative Asset Management Ltd.- Strengths and benefits
- The company has maintained a long-lasting and well-established relationship with diverse global investors, including fund of funds managers, HNIs, UHNIs, alternative asset managers, pension funds, etc.
- The company has performed significantly in the last few years, with a gradual increase in profit after tax at a CAGR of 35.34% between financial year 2024 and 2026.
- The company follows an invest-and-collaborate approach to extend participation of portfolio companies beyond capital infusion and provide value addition.
Gaja Alternative Asset Management Ltd- Risks and limitations
- A significant portion of income is generated from management fees received for the funds managed and advised by us, with managerial services contributing 38.07% in FY2026, 46.65% in FY2025, and 72.96% in FY2024 in the total income.
- A significant amount of capital depends on its Limited Partners. Therefore, inability to honour capital calls or raise sufficient capital may impact the financial performance and overall operations.
- The company operates in foreign countries through subsidiaries in the Cayman Islands and Mauritius, resulting in exposure to risks associated with legal, regulatory, and operational jurisdictions.
Gaja Alternative Asset Management IPO Review
The Gaja Alternative Asset Management IPO is a book-building IPO issuing both fresh issues and offers for sale of approx ₹550.0 cr, which is scheduled to open on 19 August 2026 and close on 21 August 2026. The shares are to be listed on the NSE and BSE platforms on 26 August 2026. The company has shown a significant increase in its overall financial performance.
The current status of GMP shows ₹0, indicating no premium on the shares in the unofficial market. However, the GMP has just started, so it is too early to judge its performance. Therefore, investors must evaluate the IPO details thoroughly before making an investment decision.
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Gaja Alternative Asset Management IPO FAQs
The Gaja Alternative Asset Management IPO is a mainboard book-building issue comprising a fresh issue of approximately ₹450 crore and an offer for sale of around ₹100 crore. The price band is ₹152 to ₹160 per share.
Investors can apply for the IPO through their demat account using the ASBA facility or the UPI-based application process offered by their broker or bank.
The IPO has strengths such as improving profitability, an established investor base, and experience in alternative asset management. However, investors should also consider its dependence on management fees, Limited Partners and overseas operations before investing.
The IPO will open for subscription on 19 August 2026 and close on 21 August 2026.
The lot size of the Gaja Alternative Asset Management IPO is 93 shares. At the upper price band of ₹160, the minimum investment required is ₹14,880.
The tentative IPO allotment date is 24 August 2026. Shares are expected to be credited to eligible investors’ demat accounts on 25 August 2026.
The shares are expected to be listed on both the NSE and BSE on 26 August 2026.
