Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management Limited
Minimum investment
Gaja Alternative Asset Management IPO Details
Bidding date
19 Aug - 21 Aug 2026
Price range
₹152 - ₹160
Minimum quantity
93
Minimum investment
₹14,880
Issue size
₹550 Cr.
IPO doc (link)
RHP docs
Listing exchange
NSE/BSE
Gaja Alternative Asset Management IPO Dates & Timeline
IPO Objectives & Issue Structure
Total Issue Size:
₹550 Crore
Fresh Issue: 82% (₹450 Cr)
OFS: 18% (₹100 Cr)
Fresh Issue – ₹450 Crore
- Sponsor Commitment to Fund IV and Repayment of Bridge Loan - ₹57 Cr
- Sponsor Commitment to Proposed Fund V - ₹210 Cr
- Sponsor Commitment to Secondaries Fund - ₹105 Cr
Offer for Sale – ₹100 Crore
- Ranjit Jayant Shah jointly held with Mona Ranjit Shah - ₹29.35 Cr
- Imran Jafar - ₹20 Cr
- Sudesh Jain jointly held with Gopal Jain - ₹10 Cr
- Sanjay Hiralal Patel - ₹18.75 Cr
- Anshuman Goyal - ₹9.4 Cr
- Abhinav Jain - ₹5 Cr
Before Issue: 71.03%
After Issue: 54.23%
Shareholder Lock-in Schedule
Lock-in / Stabilization | Timeline |
|---|---|
Minimum Promoters' Contribution | 18 Months from the date of Allotment |
Promoters' Shareholding Above 20% | 6 Months from the date of Allotment |
Pre-Offer Equity Share Capital | 6 Months from the date of Allotment |
Anchor Investors – 50% Shares | 90 Days from the date of Allotment |
Anchor Investors – Remaining 50% Shares | 30 Days from the date of Allotment |
Note: Retail IPO investors have no lock-in and can sell shares from the listing day.
About Gaja Alternative Asset Management IPO: Company Overview
Gaja Alternative Asset Management Limited is an independent, India-focused alternative asset management company incorporated in April 1999. With more than two decades of experience, the company manages and advises India-focused funds, including Category I and Category II Alternative Investment Funds (AIFs), as well as offshore funds investing in India.
The company focuses on alternative investments across sectors such as education, energy and environment, financial services, consumer and digital technology. Its investment strategy is primarily focused on the mid-market segment, where it works closely with portfolio companies to create long-term value.
Gaja Alternative Asset Management has established a track record through multiple fund cycles, including Gaja Capital Fund II, Fund III and Fund IV. The company has also developed long-standing relationships with investors across more than 20 countries. As of March 31, 2026, the company had committed approximately Rs. 274 crore as Sponsor Commitment, representing 6.41% of the total size of the Gaja Capital Funds. The company generates revenue through management fees, carried interest and gains from sponsor commitments. Its invest-and-collaborate approach involves working with portfolio companies across areas such as product development, sales, human resources and financial management. As of March 31, 2026, Gaja Alternative Asset Management had 37 personnel, including 23 permanent and 14 contractual employees.
Strengths & Risks of Gaja Alternative Asset Management IPO
More Than Two Decades of Experience: The company has been operating since 1999 and has extensive experience in alternative asset management and fund management.
Established Gaja Capital Platform: The company has managed and advised multiple Gaja Capital Funds and has experience across several fund cycles.
Strong Revenue and Profit Growth: Total income increased from Rs. 103.96 crore in FY2024 to Rs. 157.80 crore in FY2026, while PAT increased from Rs. 44.74 crore to Rs. 81.96 crore during the same period.
Strong Profitability: The company reported a PAT margin of 51.94% in FY2026, compared with 50.24% in FY2025, indicating strong profitability.
Experienced Management Team: The company is promoted by Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain and Mona Ranjit Shah, supported by experience in investment management and financial services.
Dependence on Fundraising and Asset Management Activities: The company's business depends significantly on its ability to raise and manage investment funds. Any slowdown in fundraising or difficulty in attracting investors could affect future revenue growth.
Performance of Investment Funds: A significant part of the company's business is linked to the performance of funds it manages and advises. Weak investment performance could affect carried interest, investor relationships and future fundraising.
Market and Economic Risks: The company's investments are exposed to changes in economic conditions, interest rates, market valuations and sector-specific developments. A broader slowdown in the Indian economy could negatively affect portfolio companies.
Concentration in Alternative Investments: The company's business is focused on alternative asset management and India-focused investments. Adverse developments in this segment could have a meaningful impact on its financial performance.
Increase in Debt: Total borrowing increased from Rs. 3.51 crore in FY2024 to Rs. 41.56 crore in FY2026. Although the FY2026 Debt/Equity ratio remained relatively low at 0.07, the increase in borrowings is a factor investors may want to monitor.
Gaja Alternative Asset Management Financials: Revenue, Profit & EBITDA
157.8 Cr.
Mar'26
81.96 Cr.
Mar'26
72.05 Cr.
Mar'26
How to Apply for Gaja Alternative Asset Management IPO: Step-by-Step Guide
- Research the IPO:Review the prospectus and company details.
- Open accounts:Ensure you have a demat and trading account.
- Check dates:Note the IPO opening and closing dates.
- Apply online:Log in to your brokerage account and complete the IPO application form.
- Make payment:Pay through your linked bank account.
- Submit application:Confirm and submit your application.
- Track status:Monitor the allotment status and check for shares in your demat account upon listing.
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