Gaja Alternative Asset Management Limited
RHP · filed 18 Aug 2026
Gaja Alternative Asset Management Limited is an asset management firm that generates revenue from management fees and carried interest tied to the performance of its funds. The IPO comprises a fresh issue of 450 crore and an offer for sale of 100 crore, representing 18.18% of the post-issue paid-up capital. The company reported a revenue of 135.53 crore and a profit of 81.96 crore in the latest fiscal year, with a revenue CAGR of 19.04%. The draft prospectus highlights high risks related to revenue concentration from fund performance, the potential for significant losses on sponsor commitments, and the uncertainty of future returns compared to historical performance.
What stands out
Risk factor. Our total income is dependent on the performance of the funds managed and advised by us, with Management Fee constituting 38.07% of total income in Fiscal 2026.
Risk factor. Our total income is dependent on the performance of the funds managed and advised by us, with Carried Interest constituting 47.79% of total income in Fiscal 2026.
Risk factor. Our Sponsor Commitment exposure is higher than industry averages, with an average of 5.18% Sponsor Commitment in Fund II and III and 8.45% Sponsor Commitment in Fund IV, exposing us to a higher risk of losing all or part of our investments.
Primarily fresh capital. 82% of the offer is fresh issue, so most proceeds fund the company.
Low leverage. Debt-to-equity of 0.06x.
How the offer is structured
Fresh issue
₹450 Cr
New capital into the company
Offer for sale
₹100 Cr
Goes to selling shareholders
OFS share
18%
- Investing towards our Sponsor Commitments to certain existing and new funds and for repayment of the Bridge Loan Amount₹372 Cr
- General corporate purposes
Restated financials
Revenue
₹136 Cr
Latest fiscal year
Profit after tax
₹82.0 Cr
Revenue CAGR
19.0%
Return on equity
13.4%
Debt / equity
0.06
PAT CAGR
35.3%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹95.6 Cr | ₹44.7 Cr | ₹334 Cr | |
| 2025 | ₹122 Cr | ₹62.0 Cr | ₹393 Cr | |
| 2026 | ₹136 Cr | ₹82.0 Cr | ₹613 Cr |
Promoters, litigation & related parties
Promoter (pre)
61.4%
Except as disclosed below, there are no outstanding (i) criminal proceedings, (ii) outstanding actions by regulatory authorities and statutory authorities, (iii) outstanding claims related to direct or indirect taxation matters, and (iv) litigation proceedings involving the Company, Subsidiaries, Promoters and Directors. Further, except as disclosed below, there are no disciplinary actions including penalty imposed by the SEBI or stock exchanges against our Promoters in the last five Fiscals, criminal proceedings involving our Key Managerial Personnel and members of Senior Management, or actions by regulatory authorities and statutory authorities involving our Key Managerial Personnel and members of Senior Management. Except as disclosed below, there are no outstanding legal proceedings involving any of our Group Companies that have a material impact on our Company.
Risks the company discloses
Our total income is dependent on the performance of the funds managed and advised by us, with Management Fee constituting 38.07% of total income in Fiscal 2026.(Revenue Concentration)
Our total income is dependent on the performance of the funds managed and advised by us, with Carried Interest constituting 47.79% of total income in Fiscal 2026.(Revenue Concentration)
Our total income is dependent on the performance of the funds managed and advised by us, with Income from Sponsor Commitment constituting 10.61% of total income in Fiscal 2026.(Revenue Concentration)
Our Sponsor Commitment exposure is higher than industry averages, with an average of 5.18% Sponsor Commitment in Fund II and III and 8.45% Sponsor Commitment in Fund IV, exposing us to a higher risk of losing all or part of our investments.(Investment Risk)
Our Sponsor Commitment exposure was Nil in Fiscal 2025, primarily on account of a fair value loss.(Investment Risk)
The historical returns attributable to the funds managed and advised by us should not be considered as indicative of future results, and our future returns may be significantly lower than historical returns.(Performance Uncertainty)
Fund IV is under deployment and not representative of the mature MOIC of Fund IV, with only 62.00% of the total capital deployed as of March 31, 2026.(Performance Uncertainty)
AIFs typically have a long-term investment horizon, with a minimum tenure typically of five years, and the gestation period for returns and overall fund performance to materialize may be significantly prolonged.(Liquidity Risk)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.