Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management, founded in 2004, is one of the growing alternative management companies with over 20 years of experience. They are an experienced, independent, and home-grown alternative asset management company (“AMC”) that operates under the brand name ‘Gaja Capital’. The company manages 2 types of alternative investment funds (Category I and II). Moreover, the firm also helps foreign investors who invest in Indian companies.
IPO GMP
+₹18
+11% expected gain
Price Band
₹160
Lot Size
93 shares
Min Investment
₹14,880
Listing Date
August 26, 2026
About Gaja Alternative Asset Management
Company overview, business, and key facts.
Gaja Alternative Asset Management, founded in 2004, is one of the growing alternative management companies with over 20 years of experience. They are an experienced, independent, and home-grown alternative asset management company (“AMC”) that operates under the brand name ‘Gaja Capital’. The company manages 2 types of alternative investment funds (Category I and II). Moreover, the firm also helps foreign investors who invest in Indian companies.
As an independent, home-grown brand, the company runs its business itself with no control by any big organization. Its main income comes from 3 sources: management fees, carried interest, and returns from the money invested as a sponsor. Financially, the company has stayed profitable with profit growing immensely between FY2023 and FY2025.
Founded
2004
Headquarters
New Delhi
Website
http://www.gajacapital.com/
IPO Details
Subscription Status
How many times each investor category has bid for the issue.
Strengths & Risks
Strengths
- Alternative Asset Management Platform: Gaja Capital is an existing alternative asset management firm that has a unique business model that is geared towards enhancing enterprise value. It offers fund investment management and advisory services to India-focused funds.
- Track Record: The firm has a track record of performing well in the Gaja Capital Funds. It has expertise in handling funds and providing advice, which contributes to its established position in the alternative asset management field.
- High-Growth Alternative Asset Management Industry Exposure: The firm operates within the alternative asset management industry in India, where there is ample scope for growth and scalability. It invests in India-focused opportunities, which allows it to participate in the growth of businesses in different sectors.
Risks
- Dependency on Fund Performance: The firm's total revenue is reliant on the performance of the funds it manages and advises. The firm earns its income through management fees, carried interest, and sponsor commitment income, wherein management fees account for 38.07%, 46.65%, and 72.96% of its total revenue in Fiscals 2026, 2025, and 2024, respectively.
- Historical Returns May Not Repeat: The returns earned in the past by the funds managed and advised by the firm may not continue into the future. The future returns will take more time to realize due to the nature of such funds.
- Uncertain Carried Interest Payments: The payment of carried interest from the funds managed and advised is uncertain and volatile. The carried interest is ₹754.11 million or 47.79% of total income in fiscal year 2026 and ₹644.26 million or 52.25% of total income in fiscal year 2025.
Financials
Restated summary financials for the most recent periods.
Figures are indicative and restated for presentation.
Gaja Alternative Asset Management IPO Key Numbers
Calculated by IPOLyst from the published offer-document data. These are figures, not buy or sell calls.
Market cap at upper band
₹2,256.2 Cr
Post-IPO shares × upper price band
P/E on 2026 profit
27.5x
Peer median 38.9x (discount of 29.3%)
Price to sales
14.3x
Revenue growth, 2026
+28%
23.2% a year over the period
Profit growth, 2026
+32.3%
35.3% a year over the period
Profit margin (PAT)
51.9%
ROE / ROCE
16.47% / n/a%
As published in the offer document
Debt to equity
0.07
Promoter holding
71.03% → 54.23%
Before → after the IPO
Issue mix
81.8% fresh / 18.2% sale
Fresh issue goes to the company, offer for sale to selling shareholders
GMP-implied gain per lot
₹1,674
93 shares on ₹14,880. GMP is unofficial.
What stands out
- Healthy profit margin: PAT margin was 51.9% in 2026.
- Profit grew 32.3% in 2026.
- Priced at a 29.3% discount to the peer median P/E of 38.9.
- GMP has been rising over the last three readings.
Watch-outs
- 100% of the disclosed use of proceeds is debt repayment.
- 4 use-of-proceeds item(s) have no disclosed amount.
Scenarios apply today's grey market premium figures to the upper price band. They are illustrations, not predictions. GMP is unofficial and can be wrong.
IPO Analysis SummaryAI-generated
A plain-language review of Gaja Alternative Asset Management's financials, valuation and demand, based only on the verified figures above. For information only. It does not recommend whether to apply.
Gaja Alternative Asset Management IPO Review
Analysis based on live GMP, subscription, and issue details.
As of today, Gaja Alternative Asset Management IPO is trading at a grey market premium (GMP) of +₹18 (+11% estimated listing gain), indicating positive market sentiment.
The IPO has been subscribed 31.16x overall — QIB: 43.58x, NII: 62.26x, Retail: 10.73x.
Gaja Alternative Asset Management IPO subscription has closed. The shares are expected to list on August 26, 2026.
The minimum investment required is ₹14,880 for 93 shares (1 lot). Retail investors can apply at cut-off price for the best chance of allotment.
Key strengths include: Alternative Asset Management Platform: Gaja Capital is an existing alternative asset management firm that has a unique business model that is geared towards enhancing enterprise value. It offers fund investment management and advisory services to India-focused funds.; Track Record: The firm has a track record of performing well in the Gaja Capital Funds. It has expertise in handling funds and providing advice, which contributes to its established position in the alternative asset management field.. Investors should note the following risks: Dependency on Fund Performance: The firm's total revenue is reliant on the performance of the funds it manages and advises. The firm earns its income through management fees, carried interest, and sponsor commitment income, wherein management fees account for 38.07%, 46.65%, and 72.96% of its total revenue in Fiscals 2026, 2025, and 2024, respectively.; Historical Returns May Not Repeat: The returns earned in the past by the funds managed and advised by the firm may not continue into the future. The future returns will take more time to realize due to the nature of such funds..
Disclaimer: IPO GMP is indicative and sourced from the grey market. This is not investment advice. Please consult a SEBI-registered advisor before investing.
Gaja Alternative Asset Management IPO — Frequently Asked Questions
What is Gaja Alternative Asset Management IPO GMP today?
Gaja Alternative Asset Management IPO GMP (grey market premium) today is +₹18, suggesting an estimated listing gain of +11%. GMP is indicative and subject to change.
What is the price band of Gaja Alternative Asset Management IPO?
The price band for Gaja Alternative Asset Management IPO is ₹160 with a lot size of 93 shares. The minimum investment required is ₹14,880.
When is Gaja Alternative Asset Management IPO allotment date?
Gaja Alternative Asset Management IPO allotment is expected to be finalised on August 24, 2026. You can check your allotment status on the registrar's website (MUFG Intime India Pvt. Ltd.) using your PAN number.
When will Gaja Alternative Asset Management IPO list on NSE/BSE?
Gaja Alternative Asset Management IPO is expected to list on BSE, NSE on August 26, 2026.
How to check Gaja Alternative Asset Management IPO allotment status?
To check Gaja Alternative Asset Management IPO allotment status, visit the registrar's website (MUFG Intime India Pvt. Ltd.) and enter your PAN number, application number, or DP/Client ID. You can also check on the BSE IPO allotment page at https://www.bseindia.com/investors/appli_check.aspx.
Should I apply for Gaja Alternative Asset Management IPO?
Gaja Alternative Asset Management IPO has a GMP of +₹18. Before applying, review the company's financials, business model, issue structure (OFS vs fresh issue), and sector outlook. IPOLyst is not a SEBI-registered investment advisor — please consult a qualified financial advisor before investing.
What is the lot size of Gaja Alternative Asset Management IPO?
The lot size for Gaja Alternative Asset Management IPO is 93 shares per lot. The minimum investment for retail investors is ₹14,880. Retail investors can apply for a maximum of 13 lots or up to ₹2 lakh, whichever is lower.