- Issue price
- ₹160per share
- Issue size
- ₹550 Cr3,43,75,000 shares
- Face value
- ₹5per equity share
- Lot size
- 93 sharesMin. ₹14,880 at the upper price
- Anchor biddingTue, 2026
- OpensWed, 2026
- ClosesFri, 2026
- AllotmentTue, 2026Refunds and Demat credit same day
- ListingWed, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 2,81,25,000 shares (₹450 Cr)
- Offer for sale
- 62,50,000 shares (₹100 Cr)
- Total issue
- 3,43,75,000 shares (₹550 Cr)
- Face value
- ₹5
- Listing at
- NSE, BSE
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail43.8%
- Anchor37.5%
- NII18.8%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 1,20,31,250 | 43.75% | 35% |
| Non-institutional investors (NII) | 51,56,250 | 18.75% | 15% |
| Qualified institutional buyers (QIB) | 1,71,87,500 | 62.50% | 50% |
| Anchor investors | 1,03,12,500 | 37.50% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹160 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 93 | ₹14,880 |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2025-26, pre-issue- EPS (basic)
- ₹7.17
- EPS (diluted)
- ₹7.17
- P/E (FY 2025-26 at lower end of price band)
- 21.20×
- P/E (FY 2025-26 at higher end of price band)
- 22.32×
- RoNW
- 13.13%
- NAV per share (As of March 31, 2026)
- ₹53.73
- NAV per share (At Offer Price)
- ₹74.92
- Debt to equity
- 0.07
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 31 Mar 2026FY 2025-26 | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 |
|---|---|---|---|
| Revenue from operations | 135.53 | 122.00 | 95.64 |
| Total income | 157.80 | 123.31 | 103.96 |
| EBITDA | 72.05 | 60.81 | 49.25 |
| Profit after tax | 81.96 | 61.95 | 44.74 |
| Net worth | 613.35 | 393.46 | 333.95 |
| Reserves and surplus | 550.07 | 388.95 | 331.86 |
| Total assets | 706.49 | 451.87 | 388.60 |
| Total borrowing | 41.56 | 4.00 | 3.51 |
FY 2025-26 vs FY 2024-25: revenue +11.1%, profit after tax +32.3%.
Source: ProspectusUpdated
About the company
The company is an alternative asset management firm that acts as investment manager and advisor to India-focused private equity funds, mainly category II AIFs, and to offshore funds investing in India. It earns management fees, carried interest and returns on its sponsor commitments to those funds.
- Incorporated
- 1999
- Industry
- Alternative Asset Management
- CIN
- U67190DL1999PLC099260
- Website
- gajacapital.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Before issue | After issue | Shares offered |
|---|---|---|---|
| Mr. Ranjit Jayant Shah jointly held with Ms. Mona Ranjit Shah | — | — | 18,34,375 |
| Mr. Imran Jafar | — | — | 12,50,000 |
| Ms. Sudesh Jain jointly held with Mr. Gopal Jain | — | — | 6,25,000 |
| Mr. Sanjay Hiralal Patel | — | — | 11,71,875 |
| Mr. Anshuman Goyal | — | — | 5,87,500 |
| Mr. Abhinav Jain | — | — | 3,12,500 |
| Mr. Sushane Chopra | — | — | 3,12,500 |
| Ms. Suparna Kumar | — | — | 1,56,250 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Investing in sponsor commitments to existing and new funds (balance Fund IV commitments, proposed Fund V, Secondaries Fund) and repayment of a bridge loan | 372.00 |
| General corporate purposes | 44.25 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| 360 One WAM Limited | ₹30.16 | 40.44× | 12.37% | ₹242.17 |
| Aditya Birla Sun Life AMC Limited | ₹33.76 | 29.79× | 24.13% | ₹139.94 |
| Anand Rathi Wealth Limited | ₹47.87 | 92.82× | 39.64% | ₹120.23 |
| HDFC Asset Management Company Limited | ₹66.77 | 38.37× | 30.97% | ₹215.42 |
| ICICI Prudential Asset Management Company Limited | ₹66.73 | 48.87× | 79.07% | ₹84.39 |
| Nippon Life India Asset Management Limited | ₹24.05 | 51.50× | 32.83% | ₹73.01 |
| Nuvama Wealth Management Limited | ₹57.59 | 30.92× | 25.26% | ₹226.37 |
| SBI Funds Management Limited | ₹15.08 | 36.83× | 51.44% | ₹29.28 |
| UTI Asset Management Company Limited | ₹31.51 | 28.41× | 8.97% | ₹350.5 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Long-established alternative asset manager with about 20 years of experience in India.
- Management fee, carried interest and sponsor commitment income have grown across recent years.
- Profit margins improved over the last three fiscal years.
- Independent, home-grown ownership led by its own leadership team.
- Mid-market private equity focus with an invest-and-collaborate approach.
Risks
- A large share of income comes from management fees on funds it manages, and performance-linked income depends on fund returns.
- Carried interest and sponsor commitment income depend on realizing gains from specific funds.
- Past fund performance is not a reliable guide to future returns.
- Sponsor commitments expose the company to losses on its own capital in the funds.
- Investors buy shares in the AMC, not in the managed funds, and receive no fund returns beyond declared dividends.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹160) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Gaja Alternative Asset Management IPO open and close?
According to the Prospectus, the issue opens on Wednesday, 19 August 2026 and closes on Friday, 21 August 2026.
What is the Gaja Alternative Asset Management IPO price band?
The final issue price is ₹160 per share.
What is the lot size of the Gaja Alternative Asset Management IPO?
One lot is 93 shares, which is ₹14,880 at ₹160 per share.
Where will Gaja Alternative Asset Management shares list?
On NSE and BSE. The tentative listing date is Wednesday, 26 August 2026.
Who is the registrar of the issue?
MUFG Intime India Private Limited (SEBI registration INR000004058). Allotment status is checked on the registrar's website.
How do I check the Gaja Alternative Asset Management IPO allotment status?
The basis of allotment is expected to be finalised on Tuesday, 25 August 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (MUFG Intime India Private Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹372 Cr for investing in sponsor commitments to existing and new funds (balance Fund IV commitments, proposed Fund V, Secondaries Fund) and repayment of a bridge loan, ₹44.25 Cr for general corporate purposes.
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Spotted something wrong?
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