Investors bid for 22.87 crore equity shares against 2.53 crore shares on offer.
The non-institutional investor (NII) category remained the strongest contributor to demand, with the portion reserved for them subscribed 25.73 times. The retail investor category was subscribed 6.78 times, while the Qualified Institutional Buyers (QIB) portion was subscribed 46% so far on Day 3.
Gaja Alternative Asset Management has fixed the IPO price band at ₹152-160 per equity share. Investors can bid for a minimum of 93 shares and in multiples thereof.
In the grey market, the IPO’s GMP currently stands at ₹14, indicating a potential listing premium of around 9% over the upper price band of ₹160. Based on the current GMP, the estimated listing price is around ₹174 per share.
However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
Anchor investors
Ahead of the IPO opening, Gaja Alternative Asset Management raised ₹165 crore from anchor investors at the upper end of the price band of ₹160 per share.
Mutual funds accounted for 65.15% of the anchor book, followed by life insurance companies at 16.66%. Together, these long-term domestic institutional investors accounted for around 82% of the anchor allocation.
Issue structure and use of proceeds
The IPO comprises a fresh issue of ₹450 crore and an offer for sale (OFS) of up to ₹100 crore by existing shareholders, including promoters.
Gaja Capital has reduced the size of both the fresh issue and the OFS from ₹549.2 crore and ₹107 crore, respectively. When the company announced the issue through its updated draft red herring prospectus in December 2025, the total IPO size stood at ₹656.2 crore.
Of the net proceeds from the fresh issue, ₹372 crore will be used towards sponsor commitments to certain existing and new funds and repayment of a bridge loan. The remaining proceeds will be used for general corporate purposes.
Company overview
Gaja Alternative Asset Management has 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 (AIFs), and as an adviser to offshore funds that provide capital to companies in India.
The company received SEBI approval for its IPO papers in October 2025, which were filed through the confidential route.
Gaja Capital’s total income, which includes its three core revenue streams – management fees, carried interest and income from sponsor commitments – rose 28% year-on-year to ₹157.8 crore.
Its profit after tax (PAT) increased 32.2% to ₹82 crore, while net worth stood at ₹606.5 crore.
Between FY24 and FY26, the company’s revenue grew at a CAGR of 23.2%, PAT at 35.3% and net worth at 35.2%.
Promoters hold a 71.03% stake in Gaja Capital, while public shareholders own the remaining 28.97%. Public shareholders include HDFC Life Insurance, SBI Life Insurance and Wealthwave Capital.
JM Financial and IIFL Capital Services are the merchant bankers to the issue.
Gaja Alternative Asset Management is expected to finalise the IPO allotment by August 24, while the shares are likely to list on the stock exchanges on August 26.
