Gaja Alternative Asset Management IPO opens on Aug 19; check price band & all key details

Gaja Alternative Asset Management, which operates commercially as Gaja Capital, has fixed the price band for its Rs 550-crore initial public offering at Rs 152 to Rs 160 per equity share. The issue will open for subscription on August 19 and close on August 21, while the one-day anchor book will open on August 18.

Investors can bid for a minimum of 93 shares and in multiples thereafter. The IPO comprises a fresh issue of Rs 450 crore and an offer for sale of up to Rs 100 crore by existing shareholders, including promoters. At the upper end of the price band, the company is expected to command a post-listing market capitalisation of Rs 2,256.16 crore.

According to the red herring prospectus, Gopal Jain-promoted Gaja Capital has reduced both the fresh issue and the offer for sale from Rs 549.2 crore and Rs 107 crore, respectively. This had taken the total IPO size to Rs 656.2 crore when the company announced the issue while filing its updated draft red herring prospectus in December 2025. Of the total issue size, 50 per cent has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 35 per cent for retail investors.

The home-grown alternative asset management company received Sebi approval for its IPO papers, filed through the confidential route, in October 2025. With more than two decades of experience in alternative asset management, Gaja Capital acts as an investment manager to India-focused funds, including Category I and Category II alternative investment funds, and as an adviser to offshore funds that provide capital to companies in India.

The company said it plans to use Rs 372 crore of the net proceeds from the fresh issue towards sponsor commitments to certain existing and new funds and for repayment of a bridge loan. The remaining proceeds will be used for general corporate purposes.

For the financial year ended March 2026, Gaja Capital reported a profit of Rs 79.6 crore, up 33.8 per cent from Rs 59.5 crore in the previous year. Revenue from operations rose 11 per cent to Rs 135.5 crore from Rs 122 crore, while total income increased 28 per cent year on year to Rs 157.8 crore.

Promoters hold a 71.03 per cent stake in Gaja Capital, while public shareholders own the remaining 28.97 per cent, including HDFC Life Insurance, SBI Life Insurance and Wealthwave Capital. JM Financial and IIFL Financial Services are the merchant bankers to the issue, while MUFG Intime India Pvt. Ltd. is the registrar. Gaja Alternative Asset Management is expected to finalise the share allotment by August 24 and is likely to list on the stock exchanges on August 26.