Gaja Alternative Asset Management IPO

About Gaja Alternative Asset Management IPO

Gaja Alternative Asset Management IPO, a Mainboard IPO, opens on Wednesday, August 19, 2026 and closes on Friday, August 21, 2026. The allotment of shares will take place on Monday, August 24, 2026. The credit of shares to the demat account will take place on Tuesday, August 25, 2026. The initiation of refunds will take place on Tuesday, August 25, 2026. The listing of shares will take place on Wednesday, August 26, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 2.81 crore shares aggregating to ₹450.00 crore. The offer for sale portion includes 0.63 crore shares aggregating to ₹100.00 crore. The total number of shares and aggregate amount are 3,43,75,000 shares aggregating up to ₹550 crore.

Gaja Alternative Asset Management IPO’s price band is set at ₹152 to ₹160 per share. The lot size for an application is 93. The minimum amount of investment required by a retail individual investor is ₹14,880 (93 shares) based on the upper price band.

Gaja Alternative Asset Management is a well-established alternative asset management company with 20 years of experience. They act as an investment manager to India focused funds, including category II and category I alternative investment funds (AIFs) and also act as advisors to offshore funds, which provide capital to companies in India.

Objectives of Gaja Alternative Asset Management IPO

• Investment towards balance Sponsor Commitments to certain constituent funds of Fund IV and repayment of the Bridge Loan Amount, including:
  

1. Gaja Capital India Fund 2020 LLP.
   
2. Gaja Capital India Fund 2021, formerly known as Gaja Capital India Fund 2020.
   
3. Repayment of the Bridge Loan Amount.
   

• Investment towards Sponsor Commitment to the proposed Fund V.
  
• Investment towards Sponsor Commitment to the Secondaries Fund.
  
• General corporate purposes.
  

Industry Outlook

The AUM for alternative investments in India is expected to grow at 25-27% between March, 2026 and March, 2030 and reach ₹41-44 trillion by March, 2030. The mid market category, comprising deal sizes of ₹50– 250 crore, saw its market share increase to 19% by volume and 14% by value in Fiscal 2025, up from 16% and 12% in Fiscal 2020, respectively. It is expected that the share of mid-market within PE investments will rise further and at a faster rate. As of March, 2026, market share of mid-market category stood at 22% as compared to 19% as of Fiscal 2025.

About Gaja Alternative Asset Management

Gaja Alternative Asset Management is a well-established alternative asset management company, in terms of vintage, with 20 years of experience. They act as an investment manager to India focused funds, including category II and category I alternative investment funds (AIFs) and also act as advisors to offshore funds, which provide capital to companies in India.

They are an experienced, independent and home-grown alternative asset management company (AMC). With over two decades of experience in alternative asset management, they have navigated various investment cycles across the funds managed and advised by them. As an independent alternative AMC, they are not sponsored or owned by any financial institution, corporate group, or global firm and their ownership structure is predominantly held by their leadership team. The portfolio of investments across the funds managed and advised by them, has been focused on various sectors, including, EEE, financial services, consumer and digital technology.

Strengths of Gaja Alternative Asset Management

• Well-established alternative AMC with a differentiated business model focused on driving the enterprise value of the company.
• Proven track-record of delivering consistent performance across the Gaja Capital Funds.
• Focus on the high-growth alternative asset management industry in India with significant headroom to scale.
• Invest-and-collaborate approach with a key focus on value addition to portfolio companies of the Gaja Capital Funds.

Risks of Gaja Alternative Asset Management

• Their total income is dependent on the performance of the funds managed and advised by them.
• The historical returns attributable to the funds managed and advised by them should not be considered as indicative of the future results of such funds or of the future funds and the returns they may generate may be prolonged on account of the nature of these funds and may not be similar to what they may have generated historically.
• The timing and receipt of carried interest from the funds managed and advised by them are unpredictable and will contribute to the volatility of their cash flows.

Anchor Investor Bidding Date

Tuesday, August 18, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
MUFG Intime India Pvt.Ltd.
Email: gajaalternative.ipo@in.mpms.mufg.com
Tel: 022-49186000

Book Running Lead Manager

• JM Financial Ltd.
  
• IIFL Capital Services Ltd.
  

Gaja Alternative Asset Management Contact Details
302, 3rd Floor, Kanchenjunga Building, 18, Barakhamba Road,
Connaught Place, Central Delhi, New Delhi, New Delhi, 110001
Email: compliance@gajacapital.com
Phone: 91368 89894

Gaja Alternative Asset Management Business Model

The company earns its revenue being an alternative asset management company.

Gaja Alternative Asset Management Growth Trajectory

Gaja Alternative Asset Management’s Total Income for FY26 was ₹157.80 crore, whereas in FY25 and FY24 it was ₹123.31 crore and ₹103.96 crore, respectively.

The Profit After Tax for FY26 was ₹81.96 crore, whereas in FY25 and FY24 it was ₹61.95 crore and ₹44.74 crore, respectively.

Their EBITDA for FY26 was ₹72.05 crore, whereas in FY25 and FY24 it was ₹60.81 crore and ₹49.25 crore, respectively.

Gaja Alternative Asset Management Market Position

The Gaja Capital Funds have demonstrated consistent growth with the fund size of each subsequent fund larger than the preceding fund. Their long-standing relationships with LPs have been instrumental in helping them establish multiple funds. The LPs of the Gaja Capital Funds are spread across more than 20 countries including India, the United States, Europe and the Middle East. As of March 31, 2026, they have committed approximately ₹274 crore, i.e., 6.41% of the total size of the Gaja Capital Funds, as Sponsor Commitment in the Gaja Capital Funds, which is substantially above the prescribed regulatory thresholds.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹157.80 crore, ₹81.96 crore, and ₹72.05 crore, respectively.

How to apply for Gaja Alternative Asset Management IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.