Gaja Alternative Asset Management IPO: dates, price band, lot size and GMP
Gaja Alternative Asset Management IPO listed on 26 Aug at ₹185 (NSE, BSE). Issue dates 19 – 21 Aug 2026, price band ₹160, lot 93 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: Gaja Alternative Asset Management listed on 26 Aug 2026 on NSE, BSE at ₹185, +₹25 (+15.6%) against the ₹160 upper band. Gaja Alternative Asset Management IPO listing date, price and gain · Recently listed IPOs
Updated 18 Oct 2026, 07:01 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 208 IPOs on its calendar; the Gaja Alternative Asset Management IPO has a price band of ₹160, a lot of 93 shares and no grey-market premium reported yet as of 18 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 19 – 21 Aug 2026 |
| Price band | ₹160 |
| Lot size | 93 shares |
| Issue size | ₹550.00 Cr |
| Fresh issue | ₹450 Cr |
| Offer for sale | ₹100 Cr |
| Subscription | 32.98x |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead managers | JM Financial Ltd., IIFL Capital Services Ltd. |
| Status | Listed |
Timeline
- Issue opens: 19 Aug
- Issue closes: 21 Aug
- Allotment: 24 Aug
- Refunds: 25 Aug
- Demat credit: 25 Aug
- Listing: 26 Aug
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 45.87x |
| NII | 65.63x |
| sNII | 44.85x |
| bNII | 76.03x |
| Retail | 11.61x |
| Total | 32.98x |
Last updated 21 Aug 2026, 6:55 PM IST.
Issue details
| Face value | ₹5 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹2,256.16 Cr |
| P/E (pre-issue) | 22.04x |
| P/E (post-issue) | 27.54x |
| Fresh issue (shares) | 2,81,25,000 |
| Offer for sale (shares) | 62,50,000 |
| Total shares offered | 3,43,75,000 |
| Promoter holding pre-issue | 71.03% |
| Promoter holding post-issue | 54.23% |
| Promoters | Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain, Mona Ranjit Shah |
| Lead managers | JM Financial Ltd., IIFL Capital Services Ltd. |
| Registrar phone | 022-49186000 |
| Registrar email | gajaalternative.ipo@in.mpms.mufg.com |
| Company website | gajacapital.com |
| Anchor bid date | 18 Aug 2026 |
| Anchor lock-in ends (50%) | 23 Sep 2026 |
| Anchor lock-in ends (remaining) | 22 Nov 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 93 | ₹14,880 |
| Retail (maximum) | 14 | 1,302 | ₹2,08,320 |
| sNII (minimum) | 14 | 1,302 | ₹2,08,320 |
| bNII (minimum) | 68 | 6,324 | ₹10,11,840 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 30% | 1,03,12,500 | |
| QIB | 20% | 68,75,000 | Not more than 50% of the Net Offer |
| NII (HNI) | 15% | 51,56,250 | Not less than 15% of the Net Offer |
| sNII | 5% | 17,18,750 | |
| bNII | 10% | 34,37,500 | |
| Retail | 35% | 1,20,31,250 | Not less than 35% of the Net Offer |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 19 Aug | 0.10x | 1.12x | 1.70x | 0.83x | 1.27x | 0.90x |
| Day 2 · 20 Aug | 0.10x | 4.14x | 5.83x | 3.29x | 3.30x | 2.56x |
| Day 3 · 21 Aug | 45.87x | 65.63x | 44.85x | 76.03x | 11.61x | 32.98x |
Key ratios as of 31 Mar 2025
| EPS (pre-issue) | ₹7.26 |
|---|---|
| EPS (post-issue) | ₹5.81 |
| P/E (pre-issue) | 22.04x |
| P/E (post-issue) | 27.54x |
| RoNW | 15.31% |
| RoE | 17.19% |
| PAT margin | 50.24% |
| Price / book | 4.29x |
| NAV per share | ₹37.33 |
| Debt / equity | 0.01 |
| Market cap (upper band) | ₹2,256.16 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 706.49 | 451.87 | 388.6 | +56.3% |
| Total Income | 157.8 | 123.31 | 103.96 | +28% |
| Profit After Tax | 81.96 | 61.95 | 44.74 | +32.3% |
| EBITDA | 72.05 | 60.81 | 49.25 | +18.5% |
| NET Worth | 606.52 | 388.97 | 331.88 | +55.9% |
| Reserves and Surplus | 525.33 | 381.75 | 325.79 | +37.6% |
| Total Borrowing | 41.56 | 4 | 3.51 | ×10.4 |
About Gaja Alternative Asset Management
Gaja Alternative Asset Management Limited is an alternative investment management company focused on managing and advising private equity and alternative investment funds in India. Operating under the "Gaja Capital" brand, the company has established itself as a recognized player in India's alternative asset management industry, with a focus on identifying and supporting high-growth businesses. The company serves as the investment manager for India-focused funds, including Category I and Category II Alternative Investment Funds (AIFs). It also provides advisory services to offshore investment funds that deploy capital into Indian businesses.
Gaja Capital follows a diversified investment strategy, with exposure across multiple sectors such as education, financial services, consumer-focused businesses, and digital technology. Through its managed and advised funds, the company seeks to partner with businesses that demonstrate strong growth potential and long-term value creation opportunities. As of September 30, 2025, the company had a workforce of 38 employees, comprising both permanent and contractual personnel. Key Competitive Advantages Established alternative asset management platform with a differentiated approach centered on enhancing enterprise value.
Strong track record of generating consistent investment performance across the Gaja Capital fund portfolio. Well-positioned to benefit from the expanding alternative investment landscape in India, offering significant growth opportunities. Collaborative investment philosophy focused on actively supporting and creating value within portfolio companies. Alignment of interests with investors through meaningful participation and commitment to the funds managed by the company.
Objects of the issue
- Investing towards Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount as follows: (a) investing towards balance Sponsor Commitment to the following constituent funds of Fund IV and Bridge Loan Amount (i) Gaja Capital India Fund 2020 LLP; (ii) Gaja Capital India Fund 2020 (iii) Bridge Loan Amount (b) investing towards Sponsor Commitment to the proposed Fund V (c) investing towards Sponsor Commitment to the Secondaries Fund — ₹372 Cr
- General Corporate Purposes — ₹44.25 Cr
- Issue Expenses — ₹42.6 Cr
Net proceeds: ₹458.85 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Gaja Alternative Asset Management Limited (issuer) | 7.17 | 7.17 | 53.73 | — | 13.13% | — | Consolidated |
| 360 One Wam Limited | 30.16 | 29.19 | 242.17 | 40.01x | 12.37% | 4.83 | Consolidated |
| Aditya Birla Sun Life Amc Limited | 33.76 | 33.68 | 139.94 | 30.28x | 24.13% | 7.33 | Consolidated |
| Anand Rathi Wealth Limited | 47.87 | 47.17 | 120.23 | 91.5x | 39.64% | 17.98 | Consolidated |
| Hdfc Asset Management Company Limited | 66.77 | 66.5 | 215.42 | 37.82x | 30.97% | 11.7 | Consolidated |
| Icici Prudential Asset Management Company Ltd | 66.73 | 66.73 | 84.39 | 45.38x | 79.07% | 36.05 | Consolidated |
| Nippon Life India Asset Management Ltd | 24.05 | 23.63 | 73.01 | 49.57x | 32.83% | 16.04 | Consolidated |
| Nuvama Wealth Management Ltd | 57.59 | 56.06 | 226.37 | 30.44x | 25.26% | 7.55 | Consolidated |
| Sbi Funds Management Ltd | 15.08 | 15.04 | 29.28 | 37.8x | 51.44% | 19.59 | Consolidated |
| Uti Asset Management Company Ltd | 31.51 | 31.41 | 350.5 | 28.84x | 8.97% | 2.59 | Consolidated |
Notes: All the financial information for listed industry peers mentioned above is on a consolidated basis. P/E ratio is calculated as closing share price as on August 11, 2026, divided by the diluted EPS for year ended March 31, 2026. Diluted EPS refers to the diluted EPS sourced from the financial statements of the respective peer group companies for the Financial Year ended March 31, 2026. NAV of Equity share for the financial periods presented above have been adjusted with the impact of bonus issue and split of shares.
Offer documents: DRHP (PDF) · RHP (PDF)
Frequently asked questions
When does the Gaja Alternative Asset Management IPO open and close?
The issue is scheduled for 19 – 21 Aug 2026.
What is the Gaja Alternative Asset Management IPO price band?
The price band is ₹160 per share with a lot size of 93 shares.
How big is the Gaja Alternative Asset Management IPO?
The total issue size is ₹550.00 Cr, of which ₹450 Cr is a fresh issue and ₹100 Cr an offer for sale.
When will Gaja Alternative Asset Management list?
The tentative listing date is 26 Aug on the main board.
How do I apply for the Gaja Alternative Asset Management IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Gaja Alternative Asset Management · as filed with SEBI · sebi.gov.in
- Red herring prospectus (RHP), Gaja Alternative Asset Management · as filed · listing.bseindia.com
- Registrar allotment page, MUFG Intime India Pvt.Ltd. · allotment 24 Aug · in.mpms.mufg.com
- NSE public issues page · listing 26 Aug · nseindia.com
- BSE public issues page · listing 26 Aug · bseindia.com
- Gaja Alternative Asset Management company website · gajacapital.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 26 Aug, 04:04 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Gaja Alternative Asset Management IPO”, https://buyunlistedshares.com/ipo/gaja-alternative-asset-management-ipo, as of 18 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. In the market since 2002. Data as of 18 Oct 2026.
Our notes on this IPO
- Read our note: Gaja Alternative Asset Management IPO 2026: Price Band, Dates, Lot Size & Key Details
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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