Ahead of the issue opening, the alternative asset manager has raised ₹165 crore from anchor investors at the upper end of the IPO price band of ₹160 per equity 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.
Nippon India Mutual Fund and Invesco Mutual Fund invested ₹30 crore each in the anchor book. HDFC Life Insurance and SBI Life Insurance were also among the key participants.
The anchor book also saw participation from seasoned investors including Akash Bhansali through Winro Commercial (India), Mukul Agarwal through Sanshi Fund I and Ashish Kacholia through Bengal Finance. Bhansali had also participated in Gaja Capital’s pre-IPO round last year.
Should you subscribe to the Gaja Capital IPO?
SBI Securities: Subscribe
SBI Securities has recommended subscribing to the IPO for investors with a long-term investment horizon.
The brokerage described Gaja Capital as a homegrown alternative asset manager with experience in mid-market private equity investments across sectors such as education, energy and environment, financial services, consumer and digital technology.
Between FY24 and FY26, revenue, profit after tax and core PAT grew at CAGRs of around 19%, 35% and 27%, respectively, SBI Securities said.
The brokerage believes India’s alternative investment industry remains at a nascent stage and has a long runway for growth, supported by regulatory tailwinds and increasing adoption of alternative investments among domestic institutional investors, HNIs and UHNIs.
Gaja Capital also earns higher management fees, at 190 basis points in FY26, compared with 37-52 basis points for mutual fund players, highlighting the stronger unit economics of its business model, SBI Securities said.
At the upper end of the price band, Gaja Capital is valued at 22x FY26 earnings and 3x FY26 book value. SBI Securities believes the IPO is attractively priced given the company’s business model and industry tailwinds.
Anand Rathi: Subscribe – Long Term
Anand Rathi said the IPO offers pure-play exposure to India’s high-growth alternative asset management market.
However, the brokerage flagged the company’s relatively concentrated earnings profile and its dependence on the performance and exits of Indian mid-market private equity investments. It therefore sees the need for a conservative valuation outlook in the near to medium term, although the long-term growth prospects remain encouraging.
At the upper price band, Gaja Capital is valued at 27.5x FY26 P/E and 2.1x FY26 P/B, implying a post-issue market capitalisation of ₹2,256.2 crore.
Anand Rathi has assigned a “Subscribe – Long Term” rating to the issue.
Gaja Capital IPO details
The company 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.
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 OFS from ₹549.2 crore and ₹107 crore, respectively. When the company announced the issue while filing its updated draft red herring prospectus in December 2025, the total IPO size stood at ₹656.2 crore.
Of the total issue size, 50% has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and the remaining 35% for retail investors.
Gaja Alternative Asset Management received SEBI approval for its IPO papers, which were 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 (AIFs), and as an adviser to offshore funds that provide capital to companies in India.
The company plans to use ₹372 crore of the net proceeds from the fresh issue 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.
Gaja Capital reported a profit of ₹79.6 crore for FY26, up 33.8% from ₹59.5 crore in the previous year.
Revenue from operations rose 11% year-on-year to ₹135.5 crore from ₹122 crore, while total income increased 28% to ₹157.8 crore.
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 have been appointed as merchant bankers to the issue.
Gaja Alternative Asset Management is expected to finalise the IPO share allotment by August 24, with the shares likely to list on the stock exchanges on August 26.
