Gaja Alternative Asset Management IPO
Listed +15.6%19–21 Aug 2026
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Our IPO analysis
What stands out in the offer document
The five questions
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1How it makes money₹48 of every ₹100 of sales comes from its "Carried Interest" segment. ₹65 of every ₹100 comes from Overseas.
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2Is it growing, and is profit turning into cash?Sales rose 42% from FY24 to FY26 (₹95.6 cr → ₹136 cr). Over 3 years it made ₹189 cr of profit and brought in −₹2.8 cr of cash from operations.
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3How much cushion does it have?It owes ₹0.07 for every ₹1 of its own money. The line for other is ₹2.
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4What you pay, and who gets the moneyOf every ₹100 raised, ₹18 goes to existing shareholders selling. At ₹160 you pay about ₹26 for every ₹1 of last year's profit. The listed peers the document names: ₹38 (middle of 9).
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5Who controls it, and what is on record?Promoters own 61% before the IPO. The document discloses 2 legal matters.
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Latest update:
Listed at ₹185 vs ₹160 issue price (+15.6%) · Day-one close ₹169 · Subscribed 31.16× (QIB 45.9× · NII 65.6× · Retail 11.6×) · Price band ₹152–₹160 · Closed 21 Aug 2026 · Listed 26 Aug 2026 (Confirmed)
How it actually listed
₹185 on open, against a ₹160 issue price +15.6%
It ended its first day at ₹169 (+5.4% against the issue price), per the NSE's price archive.
On the BSE it opened at ₹185 and closed at ₹169, per the BSE's price archive.
We were not recording a grey-market premium before it listed.
What Gaja Alternative Asset Management does
We are a well-established alternative asset management company, in terms of vintage, with 20 years of experience. We 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.
Gaja Alternative Asset Management financials
Rs crore · Annual| FY24 | FY25 | FY26 | ||
|---|---|---|---|---|
| Sales | 96 | 122 | 136 | |
| Operating Profit | 49 | 61 | 72 | |
| OPM % | — | — | — | |
| Net Profit | 45 | 62 | 82 | |
| Total Debt | 4 | 4 | 42 |
Gaja Alternative Asset Management IPO offer structure
Total: ₹550 cr. Fresh issue proceeds go to the company; OFS proceeds go to selling shareholders.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- Investing towards our Sponsor Commitments to certain existing and new funds and for repayment of the Bridge Loan Amount: ₹372 cr
- General corporate purposes
Gaja Alternative Asset Management promoters and holding
- Mr. Gopal Jain: Managing Director and Chief Executive Officer
- Mr. Ranjit Jayant Shah: Executive Vice-Chairman
- Mr. Imran Jafar: Executive Director
- Ms. Chitra Jain: Promoter
- Ms. Mona Ranjit Shah: Promoter
Gaja Alternative Asset Management risks and strengths
- Our total income is dependent on the performance of the funds managed and advised by us. (p.24)
- The historical returns attributable to the funds managed and advised by us should not be considered as indicative of the future results. (p.25)
- The timing and receipt of Carried Interest from the funds managed and advised by us are unpredictable and will contribute to the volatility of our cash flows. (p.27)
2 more the company lists
- Well-established alternative AMC with a differentiated business model focused on driving the enterprise value of our Company (p.222)
- Proven track-record of delivering consistent performance across the Gaja Capital Funds (p.223)
- Focus on the high-growth alternative asset management industry in India with significant headroom to scale (p.225)
Gaja Alternative Asset Management peer comparison: DRHP median P/E 37.8x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| 360 One WAM Limited | — | 40.0x | — | — | DRHP |
| Aditya Birla Sun Life AMC Limited | — | 30.3x | — | — | DRHP |
| Anand Rathi Wealth Limited | — | 91.5x | — | — | DRHP |
| HDFC Asset Management Company Limited | — | 37.8x | — | — | DRHP |
| ICICI Prudential Asset Management Company Limited | — | 45.4x | — | — | DRHP |
| Nippon Life India Asset Management Limited | — | 49.6x | — | — | DRHP |
| Nuvama Wealth Management Limited | — | 30.4x | — | — | DRHP |
| SBI Funds Management Limited | — | 37.8x | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
Gaja Alternative Asset Management market and competition
We are an experienced, independent and home-grown alternative asset management company ('AMC'). With over two decades of experience in alternative asset management, we have navigated various investment cycles across the funds managed and advised by us.
Gaja Alternative Asset Management outlook, as the document states it
We aim to leverage our established track-record to launch new funds under our flagship private equity strategy. We intend to build a diversified business platform by identifying new strategies and business opportunities with long-term prospects in India's mid-market segment. We also plan to leverage our expertise to progress on new growth strategies by launching a new fund in the secondaries investment class.
Gaja Alternative Asset Management IPO: common questions
When does the Gaja Alternative Asset Management IPO open and close?
The Gaja Alternative Asset Management IPO is open from 19 Aug 2026 to 21 Aug 2026.
What is the Gaja Alternative Asset Management IPO price band?
The price band is ₹152–₹160 per share.
How much is the Gaja Alternative Asset Management IPO subscribed?
As of 10 Oct 2026 the total subscription is 31.16×.
When does the Gaja Alternative Asset Management IPO list?
The listing date is 26 Aug 2026.
How do I check the Gaja Alternative Asset Management IPO allotment status?
On the allotment status page published by MUFG Intime India, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →
Gaja Alternative Asset Management IPO allotment status
Listed 26 Aug 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is MUFG Intime India.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →