Gaja Alternative Asset Management IPO
Price Band
₹152 – ₹160
Issue Size
₹550 Cr
Issue Dates
19 Aug – 21 Aug 2026
Listing Date
26 Aug 2026
About Gaja Alternative Asset Management Ltd.
Independent, home-grown alternative asset management company with over two decades of experience managing and advising India-focused funds, including Category I and Category II AIFs, and offshore funds investing in India. Focuses on alternative investments across education, energy and environment, financial services, and consumer and digital technology, with a differentiated invest-and-collaborate approach in the mid-market segment. Manages the Gaja Capital Funds (Fund II, III, IV) with investor relationships across more than 20 countries.
IPO Details
| Price Band | ₹152 – ₹160 |
| Face Value | ₹5 |
| Issue Size | ₹550 Cr |
| Fresh Issue | ₹450 Cr |
| Offer for Sale | ₹100 Cr |
| Total Shares Offered | 3,43,75,000 |
| Listed On | Both |
Objects of the Issue
Investing towards Sponsor Commitments to certain existing funds and new funds, and repayment of Bridge Loan Amount, including balance Sponsor Commitment to constituent funds of Fund IV (Gaja Capital India Fund 2020 LLP, Gaja Capital India Fund 2020) and Bridge Loan Amount repayment; Sponsor Commitment to the proposed Fund V; Sponsor Commitment to the Secondaries Fund (estimated ₹372 Cr); and General Corporate Purposes. OFS selling shareholders (estimated amounts pending final share count): Ranjit Jayant Shah jointly with Mona Ranjit Shah (₹29.35 Cr), Imran Jafar (₹20.00 Cr), Sudesh Jain jointly with Gopal Jain (₹10.00 Cr) — all Promoter category; Sanjay Hiralal Patel (₹18.75 Cr) and Anshuman Goyal (₹9.40 Cr) — Other category.
Key Financial Metrics
EPS (Basic)
₹7.26
P/E Ratio
22.04x
ROE
16.47%
ROCE
13.13%
Debt / Equity
0.07
Financial Performance
| Particulars (₹ Cr) | FY 2023-24 | FY 2024-25 | FY 2025-26 |
|---|---|---|---|
| Revenue | — | — | — |
| EBITDA | 49.25 | 60.81 | 72.05 |
| PAT | 44.74 | 61.95 | 81.96 |
| Total Assets | 388.6 | 451.87 | 706.49 |
| Net Worth | 331.88 | 388.97 | 606.52 |
| Total Borrowings | 3.51 | 4 | 41.56 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| retail_min | 93 shares | ₹14,880 | — |
| retail_max | 93 shares | — | ₹1,93,440 |
| shni_min | 14 × 93 | ₹2,08,320 | — |
| shni_max | 93 shares | — | ₹9,96,960 |
| bhni_min | 68 × 93 | ₹10,11,840 | — |
Reservation / Allocation
| Category | Allocation | Cut-off |
|---|---|---|
| QIB | 50% | No |
| Retail | 35% | Yes |
| NII | 15% | No |
| Anchor Investor (within QIB) | — | No |
Registrar & Lead Managers
Peer Comparison
| Company | Listed | Mkt Cap (₹ Cr) | EPS (₹) | P/E | ROE % |
|---|---|---|---|---|---|
| Gaja Alternative Asset Management IPO (this IPO) | — | 2,256.16 | ₹7.26 | 22.04x | 16.47% |
| SBI Funds Management Ltd. | Yes | — | — | 38.12x | — |
| ICICI Prudential Asset Management Co. Ltd. | Yes | — | — | 40.37x | — |
| Canara Robeco Asset Management Co. Ltd. | Yes | — | — | 27.82x | — |
Frequently Asked Questions
5 questions about Gaja Alternative Asset Management IPO IPO
Important Dates
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