Gaja Alternative Asset Management Limited IPO
ListedMainboardFinance
31.16×
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
Mixed4 of 7 dimensions read
A mixed but reasonable offering — 2 positive against 0 negative signals
Strength69/100
- Steady revenue growthRevenue compounding at 19.0%
- Adequate return on equityROE of 13.4%
- Conservative balance sheetDebt/equity of 0.06×
- Institutions bid heavilyQIB portion subscribed 43.58×
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, and is pulled toward neutral to reflect how much the document leaves unsaid. 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 institutionalQIB43.58x
Non-institutionalNII / HNI62.26x
Retail individualRII10.73x
Chance of allotment
Retail10.73× subscribed
~1 in 10.7
Minimum 1 lot · 93 shares · ₹14,880 blocked
Retail is 10.73× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 10.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII62.26× subscribed
~1 in 62.3
Minimum 14 lots · 1,302 shares · ₹2,08,320 blocked
HNI is 62.26× subscribed. This category is allotted proportionately, so a bid receives roughly 1/62.3 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
Return on equity13.36%
Debt / equity0.06×
ISININE18UN01038
RegistrarLINK
18.2% of this issue is an offer for sale. The rest is fresh capital that goes into the company itself.
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 purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
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%
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur 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.
mediumOur 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.
mediumOur 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.
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 0.06x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+11.1%
Listed up
6 of 8
Best
+90.0%
Shanti Inorganics
Worst
-0.7%
Mopshop Distribution
Juniper Green Energy Limitedsame segment
7.9× sub+8.9%
131.8× sub+90.0%
1.6× sub+0.0%
-0.7%
138.6× sub+22.1%
1.5× sub+6.9%
46.2× sub+13.4%
146.4× sub+18.0%
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 31.16× overall (QIB 43.58×, NII 62.26×, retail 10.73×). 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 10.73×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 11. 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.