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Gaja Alternative Asset Management IPO
Price Band
₹152.0–160.0
Issue Size
₹550.0 Cr
Lot Size
93 shares
Min Investment
₹14,880
GMP
+₹18.5 (11.56%)
Issue Price
₹160.0
Subject to Sauda
₹1300
Paid only if allotted
Gaja Alternative Asset Management IPO AI Summary
- Gaja Alternative Asset Management IPO is listed on BSE, NSE in the Asset Management Company sector.
- Price band: ₹152.0–₹160.0 per share, lot size 93 shares (min. investment ₹14,880).
- Subscription window: 19 Aug–21 Aug 2026, listing on 26 Aug 2026.
- Current GMP is +₹18.5 (11.56%), an estimated listing price of ₹179 — unofficial and can change daily.
Gaja Alternative Asset Management is set to enter the market with a robust subscription response and a strong growth outlook. With a focus on alternative asset management, the company aims to leverage its established position and track record to drive future growth.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Gaja Alternative Asset Management IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 21 Aug 2026 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Overall Subscription
32.98x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
45.87x
|
46x ✓ |
| NII (HNI) |
65.63x
|
66x ✓ |
| ↳ bNII (>₹10L) |
76.03x
|
76x ✓ |
| ↳ sNII (<₹10L) |
44.85x
|
45x ✓ |
| Retail (RII) |
11.61x
|
12x ✓ |
| Total | 32.98x | 32.98x |
Auto-updated every 5 min · As of 21st Aug 2026 18:56
Gaja Alternative Asset Management IPO Grey Market Premium (GMP) Today
GMP
+₹18.5
GMP %
+11.56%
Est. Listing
₹178.5
Updated: 26 Aug 2026 06:45
GMP Trend (Last 13 Days)
About the Company
Incorporated in 2004, Gaja Alternative Asset Management is an alternative asset management company. The company operates under the brand name, "Gaja Capital" is one of the leading private equity and alternative asset management firm. The company acts as an investment manager to India focused funds, including category II and category I alternative investment funds (“AIFs”) and also act as advisors to offshore funds, which provide capital to companies in India. The company invests across many sectors and the funds managed and advised by them, has been focused on various sectors, including, EEE, financial services, consumer and digital technology. As of September 30, 2025, the company employed a total of 38 personnel across permanent and contractual staff. Competitive Strengths: Well-established alternative AMC with a differentiated business model focused on driving the enterprise value of the Company. Proven track-record of delivering consistent performance across the Gaja Capital Funds. Focus on the high-growth alternative asset management industry in India with significant headroom to scale. Invest-and-collaborate approach with a key focus on value addition to portfolio companies of the Gaja Capital Funds. Ensuring skin-in-the game and alignment of interest with the investors of the Gaja Capital Funds.
Company Financials (₹ Cr)
As of 2026-03-31
| 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 |
Key Ratios
EPS
₹7.26
NAV
₹37.33
ROE
17.19%
RoNW
15.31%
P/B Value
4.29
P/E Ratio
22.04
Market Cap
₹2256.16 Cr
PAT Margin
50.24%
Debt/Equity
0.01
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Uti Asset Management Company Ltd | 350.5 | 8.97% | 28.84 | 31.51 | 31.41 |
| Sbi Funds Management Ltd | 29.28 | 51.44% | 37.8 | 15.08 | 15.04 |
| Nuvama Wealth Management Ltd | 226.37 | 25.26% | 30.44 | 57.59 | 56.06 |
| Nippon Life India Asset Management Ltd | 73.01 | 32.83% | 49.57 | 24.05 | 23.63 |
| Icici Prudential Asset Management Company Ltd | 84.39 | 79.07% | 45.38 | 66.73 | 66.73 |
| Hdfc Asset Management Company Limited | 215.42 | 30.97% | 37.82 | 66.77 | 66.5 |
| Anand Rathi Wealth Limited | 120.23 | 39.64% | 91.5 | 47.87 | 47.17 |
| Aditya Birla Sun Life Amc Limited | 139.94 | 24.13% | 30.28 | 33.76 | 33.68 |
| 360 One Wam Limited | 242.17 | 12.37% | 40.01 | 30.16 | 29.19 |
| Gaja Alternative Asset Management Limited This IPO | 53.73 | 13.13% | — | 7.17 | 7.17 |
Promoters
Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain, Mona Ranjit Shah
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 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 372.00 2 General Corporate Purposes 44.25 3 Issue Expenses 42.60 Total 458.85
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹103.96 Cr in the year ending 31 Mar 2024, increasing to ₹123.31 Cr by 31 Mar 2025, and further rising to ₹157.80 Cr by 31 Mar 2026. This indicates a consistent upward trend in revenue over the observed periods.
Profit Trend
Profit After Tax was ₹44.74 Cr in the year ending 31 Mar 2024, which grew to ₹61.95 Cr by 31 Mar 2025, and reached ₹81.96 Cr by 31 Mar 2026. This shows a strong growth trajectory in profitability across the periods.
Valuation
At the issue price of ₹160, Gaja Alternative Asset Management has an implied P/E ratio of 22.04, compared to peers trading at a P/E range of approximately 28.84 to 91.5.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO. It reflects the demand for the shares in the unofficial market before they are listed on the stock exchange. A positive GMP suggests that investors expect the shares to list at a higher price than the issue price.
Subscription Demand
As of 21st August 2026, the IPO was subscribed 32.98 times overall. The institutional category saw a strong demand, with QIBs subscribing 45.87 times and NIIs subscribing 65.63 times. Retail investors subscribed 11.61 times, indicating robust interest across all categories.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance, considering the company's growth potential and market position.
Who May Want to Wait
Those who prefer stable, low-risk investments may want to avoid IPOs in the asset management sector, which can be subject to market fluctuations and regulatory changes.
IPO Timeline, Explained
The IPO opens for subscription on 19th August 2026 and closes on 21st August 2026. Allotment of shares will be finalized by 24th August 2026, with the shares expected to list on the stock exchange on 26th August 2026.
Listing Gains — The Risk
Listing gains refer to the profit made by investors when the shares of an IPO are listed at a higher price than the issue price on the stock exchange. However, these gains are not guaranteed, and market conditions can lead to fluctuations in share prices post-listing.
This evaluation is generated from Gaja Alternative Asset Management's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Gaja Alternative Asset Management IPO GMP today?
Gaja Alternative Asset Management IPO GMP today is +₹18.5 (11.56%), indicating an estimated listing price of ₹179. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Gaja Alternative Asset Management IPO?
The price band of Gaja Alternative Asset Management IPO is ₹152.0–₹160.0 per share.
When does Gaja Alternative Asset Management IPO open and close?
Gaja Alternative Asset Management IPO opens on 19 August 2026 and closes on 21 August 2026.
When does Gaja Alternative Asset Management IPO list on the stock exchange?
Gaja Alternative Asset Management IPO listed on 26 August 2026 at ₹178.5.
What is the lot size for Gaja Alternative Asset Management IPO?
The lot size for Gaja Alternative Asset Management IPO is 93 shares, requiring a minimum investment of ₹14,880.
What is the price band for the Gaja Alternative Asset Management IPO?
The price band for the IPO is ₹152 to ₹160.
What is the minimum investment required?
The minimum investment required is ₹14,880, which corresponds to one lot of 93 shares.
When is the listing date for the IPO?
The listing date for the IPO is 26th August 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium of the IPO shares in the grey market before they are officially listed.
How many times was the IPO subscribed?
The IPO was subscribed 32.98 times overall.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
19 Aug 2026
Close
21 Aug 2026
Allotment
24 Aug 2026
Listing
26 Aug 2026
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