The one-day anchor book will open on August 18. 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.
According to the red herring prospectus (RHP), Gopal Jain-promoted Gaja Capital has trimmed the size of both the fresh issue and the OFS from ₹549.2 crore and ₹107 crore, respectively. This had taken the total IPO size to ₹656.2 crore when the company announced the issue at the time of filing its updated draft red herring prospectus in December 2025.
At the upper end of the price band, Gaja Alternative Asset Management is expected to command a post-listing market capitalisation of ₹2,256.16 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.
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 (AIFs), and as an adviser to offshore funds that provide capital to companies in India.The company plans to utilise ₹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.
On the financial front, Gaja Capital reported a profit of ₹79.6 crore for the fiscal year ended March 2026, up 33.8% from ₹59.5 crore in the previous year. Revenue from operations grew 11% to ₹135.5 crore from ₹122 crore, while total income rose 28% year-on-year to ₹157.8 crore.
Promoters hold a 71.03% stake in Gaja Capital, while public shareholders own the remaining 28.97%, including HDFC Life Insurance, SBI Life Insurance and Wealthwave Capital.
JM Financial and IIFL Financial Services have been appointed as merchant bankers for the Gaja Capital IPO.
Gaja Alternative Asset Management is expected to finalise the IPO share allotment by August 24 and is likely to list on the stock exchanges on August 26.
