Gaja Alternative Asset Management's ₹550 crore IPO allotment will be finalised on Monday, August 24, with investors able to check their status on the MUFG Intime India portal. The IPO, which closed with 31.33 times oversubscription by 14:45 IST on August 21, received bids worth ₹12,696.55 crore with a total of 14.36 lakh applications. Shares will be allocated on August 26, with refunds starting on August 25 for unsuccessful applicants. According to LiveMint, investors can check their allotment status through multiple platforms including the registrar's website, BSE, and NSE portals using their PAN or application number.
The IPO comprises a fresh issue of ₹450 crore and an offer for sale of ₹100 crore, with shares priced in the ₹152 to ₹160 per share band. At the upper limit of the price band, the company will have a market capitalisation of around ₹2,256 crore. As per The Financial Express, proceeds from the fresh issue will be used for repayment of debt, seeding new funds and general corporate purposes. The price band is set at ₹152 to ₹160 per share, with investors able to apply for lots of 93 shares and in multiples thereafter. At the upper price band, retail investors can apply for a minimum of 93 shares, requiring an investment of ₹14,880. The listing date is scheduled for August 26 on both NSE and BSE.
Gaja Alternative Asset Management secured strong institutional backing through its anchor book, raising ₹165 crore from 15 institutional investors on August 18. According to The Hindu BusinessLine, Nippon India Mutual Fund and Invesco Mutual Fund led the anchor book with investments of ₹30 crore each, followed by HDFC Life and SBI Life among other institutional investors. The company allotted 1.03 crore equity shares at ₹160 each to 20 anchor investors, with the company successfully raising ₹165 crore through anchor book on August 18. In January 2025, the company converted from a private limited entity into a public limited company and was renamed Gaja Alternative Asset Management Ltd. The Financial Express reports that JM Financial is handling the IPO, with MUFG Intime India serving as the registrar for the issue.
Gaja Alternative Asset Management demonstrated strong financial performance with net profit increasing to ₹82 crore for FY26 from ₹61.8 crore in the previous financial year, marking a 32.2% year-on-year growth. According to CNBC TV18, total income rose 28% year-on-year to ₹157.8 crore in FY26, with the company's profit after tax (PAT) increasing 32.2% to ₹82 crore and net worth standing 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%. The company's total income includes its three core revenue streams - management fees, carried interest and income from sponsor commitments, with the company focusing on alternative investments across sectors including education, energy and environment, financial services, consumer businesses and digital technology.
The grey market premium currently stands at +19, indicating a potential listing premium of around 11.88% over the upper price band of ₹160, with shares estimated to list at ₹179 per share. According to LiveMint, the grey market premium has shown an upward trend over the past ten sessions, fluctuating between ₹0.00 and ₹30 throughout this period. This upward movement suggests a favourable listing outlook for the IPO. The IPO had a subscription of 31.33 times with strong participation across all categories, with retail individual investors leading at 11.04 times, followed by non-institutional investors at 62.35 times and qualified institutional buyers at 43.58 times.
The IPO involves significant promoter stake dilution, with promoter shareholding declining to 54.23% post-IPO from 71.03% pre-IPO. Among the promoters and group, Ranjit Shah is selling ₹29.35 crore worth of equity shares, Imran Jafer ₹20 crore, and Sudesh Jain ₹10 crore through the offer for sale component. The company is incorporated in April 1999 and is an independent alternative asset management firm focusing on India-focused funds. The remaining proceeds from the IPO will be utilized for general corporate purposes. The share allotment status is expected to be finalised on August 24, 2026, with shares scheduled to list on August 26, 2026 on both NSE and BSE.
