Gaja Alternative Asset Management Limited IPO
ListedMainboardFinance
32.98×
Subscribed
Price band
₹160 – ₹160
Lot size
93
1 lot = ₹14,880
Issue size
₹550 Cr
Open – close
19 Aug 2026
to 21 Aug 2026
Listing
26 Aug 2026
Listing gain
+15.63%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed6 of 7 dimensions read
A mixed but reasonable offering — 3 positive against 1 negative signals
Strength62/100
- Undemanding valuation22.3× earnings at the upper band, with no peer set published to compare against
- Steady revenue growthRevenue compounding at 19.0%
- Adequate return on equityROE of 13.4%
- Conservative balance sheetDebt/equity of 0.04×
- Large related-party dealingsRelated-party transactions run at 50.4% of revenue — a material share of the business is with connected entities
- Institutions bid heavilyQIB portion subscribed 45.87×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens19 Aug 2026
- Closes21 Aug 2026
- Allotment24 Aug 2026
- Listing26 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB45.87x
Non-institutionalNII / HNI65.63x
Big NIIabove ₹10L76.03x
Small NII₹2L – ₹10L44.85x
Retail individualRII11.61x
14,36,184 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 21 Aug 2026.
Chance of allotment
Retail11.61× subscribed
~1 in 11.6
Minimum 1 lot · 93 shares · ₹14,880 blocked
Retail is 11.61× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 11.6 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII65.63× subscribed
~1 in 65.6
Minimum 14 lots · 1,302 shares · ₹2,08,320 blocked
HNI is 65.63× subscribed. This category is allotted proportionately, so a bid receives roughly 1/65.6 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹160 – ₹160
Face value₹5
Lot size93shares
Minimum application₹14,880at cut-off
Total issue size₹550 Cr
Fresh issue₹450 Cr
Offer for sale₹100 Cr
Listing atMainboard
Company & valuation
P/E at upper band22.32×
EPS₹6.20pre-issue
NAV per share₹53.73
Return on equity13.36%
Debt / equity0.04×
Related-party50.36%of revenue
RoNW13.13%
PAT Margin51.94%
NAV53.73
Price to Book Value2.98
ISININE18UN01038
RegistrarLINK
18.2% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 1,71,87,500 | — |
| Anchor Investor | 1,03,12,500 | — |
| QIB (Ex. Anchor) | 68,75,000 | — |
| NII (HNI) | 51,56,250 | — |
| bNII > ₹10L | 34,37,500 | 2640.00% |
| sNII < ₹10L | 17,18,750 | 1320.00% |
| Retail | 1,20,31,250 | 129368.00% |
Total issue 3,43,75,000 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8801 lot · 93 sh
Retail (Max)₹1,93,44013 lots · 1,209 sh
S-HNI (Min)₹2,08,32014 lots · 1,302 sh
S-HNI (Max)₹9,96,96067 lots · 6,231 sh
B-HNI (Min)₹10,11,84068 lots · 6,324 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted1,03,12,500
Anchor portion₹165 Cr
Bid date18 Aug 2026
Lock-in ends (50%)22 Sept 2026
Lock-in ends (rest)21 Nov 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Investing towards our Sponsor Commitments to certain existing and new funds and for repayment of the Bridge Loan Amount₹372 Cr
- 02General corporate purposes₹44.25 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 95.64 | — | 44.742 | 333.952 | — |
| 2025 | 121.999 | — | 61.951 | 393.462 | — |
| 2026 | 135.531 | — | 81.959 | 613.349 | — |
Revenue CAGR 19.0%PAT CAGR 35.3%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Anand Rathi Wealth Limited | — | 92.82 | — | — |
| UTI Asset Management Company Limited | — | 28.41 | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Large related-party dealingsmedium
Related-party transactions are 50.4% of revenue.
mediumOur total income is dependent on the performance of the funds managed and advised by us. We derive a significant portion of our income from management fee that we receive in exchange for providing the funds managed and advised by us with management/advisory services. Poor performance of the funds ma
mediumCarried Interest and Income from Sponsor Commitment are contingent upon the successful realization of investment gains from a particular fund. The performance of the funds managed and advised by us may not necessarily result in positive returns. Additionally, there is a risk that the Management Fee
mediumOur Income from Sponsor Commitment was Nil in Fiscal 2025, primarily on account of a fair value loss. Such higher proportion of Sponsor Commitment has exposed us in past and continues to expose us to a higher risk of losing all or part of our investments across the funds managed and advised by us.
Litigation
Except as stated 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 (including arbitration or other civil proceedings) that are otherwise material, in each case, involving the Company, Subsidiaries, Promoters and Directors. Further, except as disclosed below, there are no (a) disciplinary actions including penalty imposed by the SEBI or stock exchanges against the Promoters in the last five Fiscals, (b) criminal proceedings involving the Key Managerial Personnel and members of Senior Management, and (c) actions by regulatory authorities and statutory authorities involving the Key Managerial Personnel and members of Senior Management. Except as disclosed below, there are no outstanding legal proceedings involving any of the Group Companies that have a material impact on the Company.
Positives the filing discloses (2)
Primarily fresh capital
82% of the offer is fresh issue, so most proceeds fund the company.
Low leverage
Debt-to-equity of 0.04x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Gaja Alternative Asset Management Limited
Gaja Alternative Asset Management Limited is an alternative asset management company that acts as an investment manager to India-focused funds, including Category I and Category II Alternative Investment Funds (AIFs), and as an advisor to offshore funds that provide capital to companies in India. The company provides fund management and advisory services and earns income through management fees, carried interest, and income from sponsor commitments. Its investment activities have focused on sectors including education, employment and employability (EEE), financial services, consumer and digital technology. The company follows an investment approach focused on the mid-market segment and considers areas such as product, sales, human resources, and financial management of portfolio companies. It has managed and advised multiple funds, including Fund II, Fund III, and Fund IV. The company was incorporated in 1999 as View Advisors Private Limited and subsequently rebranded as Gaja Capital. As of March 31, 2026, it had committed approximately Rs 274 crore as a sponsor commitment to the Gaja Capital Funds.
Founded 1999MD Mr Gopal JainSector Finance
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Gaja Alternative Asset Management Limited IPO subscribed?
Gaja Alternative Asset Management Limited is subscribed 32.98× overall (QIB 45.87×, NII 65.63×, retail 11.61×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, LINK.
What is the minimum investment in the Gaja Alternative Asset Management Limited IPO?
One lot is 93 shares, so a retail application at the ₹160 cut-off price blocks ₹14,880. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Gaja Alternative Asset Management Limited IPO?
The retail portion is subscribed 11.61×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 12. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Gaja Alternative Asset Management Limited IPO allotment date?
Allotment is scheduled for 2026-08-24, with listing on 2026-08-26. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, LINK.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.