Gaja Alternative Asset Management's IPO, open from August 19 to 21, saw overwhelming demand, being subscribed 31.33 times overall. The retail portion was subscribed 11.04 times, while Non-Institutional Investors (NII) subscribed 62.35 times, and Qualified Institutional Buyers (QIBs) led with 43.58 times. The shares are set to list on NSE and BSE on August 26.
The IPO, priced between Rs 152 and Rs 160 per share, aimed to raise Rs 550 crore, comprising a fresh issue of 2.81 crore shares worth Rs 450 crore and an offer for sale (OFS) of 63 lakh shares valued at Rs 100 crore. JM Financial Ltd. managed the book-running, with MUFG Intime India Pvt. Ltd. as the registrar.
The Grey Market Premium (GMP) for Gaja Alternative Asset Management's IPO stands at Rs 19, indicating an approximate 12% premium over the upper price band of Rs 160. This suggests an estimated listing price of Rs 179 per share, offering a potential premium for investors.
Proceeds from the fresh issue will primarily strengthen investment commitments across Gaja's fund portfolio, with Rs 372 crore allocated to sponsor commitments for existing and proposed funds, including Gaja Capital India Fund 2020 LLP and Fund V.
Gaja Alternative Asset Management reported a 28% increase in total income to Rs 157.80 crore in FY26, with Profit After Tax rising 32% to Rs 81.96 crore. The company, established in 1999, focuses on mid-market alternative investments across various sectors.
Background
Gaja Alternative Asset Management, with over two decades of experience, has built a strong reputation in managing India-focused funds. The company's strategic focus on mid-market investments has positioned it well in the alternative investment landscape.
Investors will be keenly watching the stock's performance on its debut, given the strong subscription numbers and positive GMP. The market will assess whether these factors translate into a robust listing-day performance.
