Gaja Alternative Asset Management IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Aug 19 to Aug 21 2026
Price Band
₹152 - 160
Current GMP
₹185.0 (+15.63%)
Subscription
32.98 times
IPO Details
| IPO Date | 19 to 21 Aug, 2026 |
| Listing Date | Wed, Aug 26, 2026 |
| Face Value | ₹ 5 per share |
| Price Band | ₹152 to ₹160 |
| Issue Price | ₹160 per share |
| Lot Size | 93 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 3,43,75,000 shares (agg. up to ₹ 550 Cr) |
| Fresh Issue | 2,81,25,000 shares (agg. up to ₹ 450 Cr) |
| Offer for Sale | 62,50,000 shares of ₹ 5 (agg. up to ₹ 100 Cr) |
| Share Holding Pre Issue | 11,28,85,230 shares |
| Share Holding Post Issue | 14,10,10,230 shares |
| BSE Script Code / NSE Symbol | 544885 / GAJA |
| ISIN | INE18UN01038 |
IPO Date
19 to 21 Aug, 2026
Listing Date
Wed, Aug 26, 2026
Face Value
₹ 5 per share
Price Band
₹152 to ₹160
Issue Price
₹160 per share
Lot Size
93 Shares
Sale Type
Fresh capital cum OFS
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Total Issue Size
3,43,75,000 shares (agg. up to ₹ 550 Cr)
Fresh Issue
2,81,25,000 shares (agg. up to ₹ 450 Cr)
Offer for Sale
62,50,000 shares of ₹ 5 (agg. up to ₹ 100 Cr)
Share Holding Pre Issue
11,28,85,230 shares
Share Holding Post Issue
14,10,10,230 shares
BSE Script Code / NSE Symbol
544885 / GAJA
ISIN
INE18UN01038
IPO Subscription Details
| Anchor | 1 |
| QIB (Ex Anchor) | 45.87 |
| NII | 65.63 |
| bNII (> ₹10L) | 76.03 |
| sNII (< ₹10L) | 44.85 |
| Retail | 11.61 |
| Total ** | 32.98 |
Anchor
1
QIB (Ex Anchor)
45.87
NII
65.63
bNII (> ₹10L)
76.03
sNII (< ₹10L)
44.85
Retail
11.61
Total **
32.98
Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | Total |
|---|---|---|---|---|---|---|
| Aug 1 9 (Day 1) | 0.10 | 1.12 | 0.83 | 1.70 | 1.27 | 0.90 |
| Aug 2 0 (Day 2) | 0.10 | 4.14 | 3.29 | 5.83 | 3.30 | 2.56 |
| Aug 2 1 (Day 3) | 45.87 | 65.63 | 76.03 | 44.85 | 11.61 | 32.98 |
DayAug 1
9 (Day 1)
QIB (Ex Anchor)0.10
NII1.12
NII (> ₹10L)0.83
NII (< ₹10L)1.70
Retail1.27
Total0.90
DayAug 2
0 (Day 2)
QIB (Ex Anchor)0.10
NII4.14
NII (> ₹10L)3.29
NII (< ₹10L)5.83
Retail3.30
Total2.56
DayAug 2
1 (Day 3)
QIB (Ex Anchor)45.87
NII65.63
NII (> ₹10L)76.03
NII (< ₹10L)44.85
Retail11.61
Total32.98
Day Wise GMP
| GMP Date | IPO Price | GMP | Est. Listing Price |
|---|---|---|---|
| 26-08-2026 | 160 | 18.5 (11.56%) | 178.5 |
| 25-08-2026 | 160 | 18.5 (11.56%) | 178.5 |
| 24-08-2026 | 160 | 15.5 (9.69%) | 175.5 |
| 23-08-2026 | 160 | 17 (10.62%) | 177 |
| 22-08-2026 | 160 | 17 (10.62%) | 177 |
| 21-08-2026 | 160 | 19 (11.88%) | 179 |
| 20-08-2026 | 160 | 18 (11.25%) | 178 |
| 19-08-2026 | 160 | 23 (14.37%) | 183 |
| 18-08-2026 | 160 | 30 (18.75%) | 190 |
| 17-08-2026 | 160 | 7 (4.38%) | 167 |
| 16-08-2026 | 160 | 0 (0%) | 160 |
| 15-08-2026 | 160 | 0 (0%) | 160 |
| 14-08-2026 | 160 | 0 (0%) | 160 |
| 13-08-2026 | 160 | 0 (0%) | 160 |
GMP Date26-08-2026
IPO Price160
GMP18.5 (11.56%)
Est. Listing Price178.5
GMP Date25-08-2026
IPO Price160
GMP18.5 (11.56%)
Est. Listing Price178.5
GMP Date24-08-2026
IPO Price160
GMP15.5 (9.69%)
Est. Listing Price175.5
GMP Date23-08-2026
IPO Price160
GMP17 (10.62%)
Est. Listing Price177
GMP Date22-08-2026
IPO Price160
GMP17 (10.62%)
Est. Listing Price177
GMP Date21-08-2026
IPO Price160
GMP19 (11.88%)
Est. Listing Price179
GMP Date20-08-2026
IPO Price160
GMP18 (11.25%)
Est. Listing Price178
GMP Date19-08-2026
IPO Price160
GMP23 (14.37%)
Est. Listing Price183
GMP Date18-08-2026
IPO Price160
GMP30 (18.75%)
Est. Listing Price190
GMP Date17-08-2026
IPO Price160
GMP7 (4.38%)
Est. Listing Price167
GMP Date16-08-2026
IPO Price160
GMP0 (0%)
Est. Listing Price160
GMP Date15-08-2026
IPO Price160
GMP0 (0%)
Est. Listing Price160
GMP Date14-08-2026
IPO Price160
GMP0 (0%)
Est. Listing Price160
GMP Date13-08-2026
IPO Price160
GMP0 (0%)
Est. Listing Price160
IPO Important Dates
| IPO Open | Wed, Aug 19, 2026 |
| IPO Close | Fri, Aug 21, 2026 |
| Allotment | Mon, Aug 24, 2026 |
| Refund | Tue, Aug 25, 2026 |
| Credit of Shares | Tue, Aug 25, 2026 |
| Listing | Wed, Aug 26, 2026 |
IPO Open
Wed, Aug 19, 2026
IPO Close
Fri, Aug 21, 2026
Allotment
Mon, Aug 24, 2026
Refund
Tue, Aug 25, 2026
Credit of Shares
Tue, Aug 25, 2026
Listing
Wed, Aug 26, 2026
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 93 | ₹14,880 |
| Retail (Max) | 13 | 1,209 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,302 | ₹2,08,320 |
| S-HNI (Max) | 67 | 6,231 | ₹9,96,960 |
| B-HNI (Min) | 68 | 6,324 | ₹10,11,840 |
ApplicationRetail (Min)
Lots1
Shares93
Amount₹14,880
ApplicationRetail (Max)
Lots13
Shares1,209
Amount₹1,93,440
ApplicationS-HNI (Min)
Lots14
Shares1,302
Amount₹2,08,320
ApplicationS-HNI (Max)
Lots67
Shares6,231
Amount₹9,96,960
ApplicationB-HNI (Min)
Lots68
Shares6,324
Amount₹10,11,840
Financial Information
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 706.49 | 451.87 | 388.60 |
| Total Income | 157.80 | 123.31 | 103.96 |
| Profit After Tax | 81.96 | 61.95 | 44.74 |
| EBITDA | 72.05 | 60.81 | 49.25 |
| NET Worth | 606.52 | 388.97 | 331.88 |
| Reserves and Surplus | 525.33 | 381.75 | 325.79 |
| Total Borrowing | 41.56 | 4.00 | 3.51 |
Period EndedAssets
31 Mar 2026706.49
31 Mar 2025451.87
31 Mar 2024388.60
Period EndedTotal Income
31 Mar 2026157.80
31 Mar 2025123.31
31 Mar 2024103.96
Period EndedProfit After Tax
31 Mar 202681.96
31 Mar 202561.95
31 Mar 202444.74
Period EndedEBITDA
31 Mar 202672.05
31 Mar 202560.81
31 Mar 202449.25
Period EndedNET Worth
31 Mar 2026606.52
31 Mar 2025388.97
31 Mar 2024331.88
Period EndedReserves and Surplus
31 Mar 2026525.33
31 Mar 2025381.75
31 Mar 2024325.79
Period EndedTotal Borrowing
31 Mar 202641.56
31 Mar 20254.00
31 Mar 20243.51
Key Performance Indicator
| ROE | 16.47% |
| Debt/Equity | 0.07 |
| RoNW | 13.13% |
| PAT Margin | 51.94% |
| NAV | 53.73 |
| Price to Book Value | 2.98 |
ROE
16.47%
Debt/Equity
0.07
RoNW
13.13%
PAT Margin
51.94%
NAV
53.73
Price to Book Value
2.98
IPO Reservation
| QIB | 1,71,87,500 |
| − Anchor Investor | 1,03,12,500 |
| − QIB (Ex. Anchor) | 68,75,000 |
| NII (HNI) | 51,56,250 |
| − bNII > ₹10L | 34,37,500 |
| − sNII < ₹10L | 17,18,750 |
| Retail | 1,20,31,250 |
| Total | 3,43,75,000 |
QIB
1,71,87,500
− Anchor Investor
1,03,12,500
− QIB (Ex. Anchor)
68,75,000
NII (HNI)
51,56,250
− bNII > ₹10L
34,37,500
− sNII < ₹10L
17,18,750
Retail
1,20,31,250
Total
3,43,75,000
Information about company
Incorporated in April 1999, Gaja Alternative Asset Management Limited is an independent, home-grown alternative asset management company with over two decades of experience in managing and advising India-focused funds, including Category I and Category II 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, with a differentiated investment approach focused on the mid-market segment.
Gaja Alternative Asset Management has built a strong track record through multiple fund cycles, with the Gaja Capital Funds comprising Fund II, Fund III and Fund IV, supported by long-standing relationships with investors across more than 20 countries. The Company had committed approximately ₹274 crore as Sponsor Commitment, representing 6.41% of the total size of the Gaja Capital Funds as of March 31, 2026.
The Company generates income through management fees, carried interest and gains from sponsor commitments, with a focus on capturing the economic value generated by the funds managed and advised by it. Gaja Capital follows an invest-and-collaborate approach, working closely with portfolio companies across areas such as product, sales, human resources and financial management. As of March 31, 2026, the Company had 37 personnel, including 23 permanent and 14 contractual employees.
Strengths
Objectives of IPO
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
#: Issue Objects
1: 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
2: General Corporate Purposes
3: Issue Expenses
: Total
Disclaimer
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