MD & CEO, Gaja Capital Alternative Asset Management Limited, Gopal Jain addresses a press conference, in Mumbai. (file photo)
| Photo Credit:
Sandip Mahankal/ANI
Gaja Alternative Asset Management Limited (Gaja Capital) is all set to launch its ₹550 crore IPO today that will conclude on Friday. The price band has been fixed at ₹152 to ₹160 a share and the investment lot is 93 shares.
The IPO comprises a fresh issue of equity shares aggregating up to ₹450 crore and an Offer for sale of equity shares aggregating up to ₹100 crore .
Gaja Capital IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Anchor investors
Gaja Capital on Tuesday raised ₹165 crore via anchor book as part of IPO process that saw marquee names such as Societe Generale, Ashish Kochalia-backed Bengal Finance and Investments, Ashwin Kumar Kothari group’s Winro Commercial (India), and Mukul Agrawal-mentored Sanshi Fund-I, mutual funds such as Nippon Life India, Invesco, JM Financial MF, Groww MF, Helios Mutual Fund, Trust MF, and Samco and insurance companies such as DFC Life, SBI Life, and Bajaj Life.
Utility of funds
The company proposes to utilise the net proceeds from the fresh issue by Investing towards balance Sponsor Commitment to the following constituent funds of Fund IV and for repayment of the Bridge Loan Amount: Gaja Capital India Fund 2020 LLP; (ii) Gaja Capital India Fund 2021 (formerly known as Gaja Capital India Fund 2020); and (iii) Bridge Loan Amount. Investing towards its Sponsor Commitment to the proposed Fund V; and investing towards its Sponsor Commitment to the Secondaries Fund and general corporate purposes.
The shares will be listed on the BSE and National Stock Exchange of India.
JM Financial Limited and IIFL Capital Services Limited (formerly known as IIFL Securities Limited) are the book running lead managers to the issue.
Gaja Alternative Asset Management Ltdis an alternative asset manager with over two decades of experience in managing India-focused funds, comprising category I and II alternative investment funds (AIFs), as well as offshore funds investing in India. The company primarily invests in sectors including education, energy and environment (EEE), financial services, consumer and digital technology, with a differentiated investment approach focused on the mid-market segment.
The mid-market category comprises deal size of ₹50-250 crore. The LPs (Limited Partners) of Gaja Capital Funds are spread across 20+ countries including India, the US, Europe and the Middle East. As of March 2026, total income-generating capital stood at ₹3,162 crore across Gaja Capital Fund II, III and IV. GAJA derives its income primarily from three income streams (i) management fee; (ii) carried interest; and (iii) income from sponsor commitment. The company has committed ₹274 cr as sponsor commitment, representing ~6.4% of the total size of the Gaja Capital Funds as of March 2026
Brokers’ views
Anand Rathi: Gaja Alternative Asset Management Limited offers pure-play exposure to India’s high-growth alternative asset management market. However, its relatively concentrated earnings profile and dependence on the performance and exits of Indian mid-market private equity investments warrant a conservative valuation outlook in the near to medium term, while the long-term growth prospects remain encouraging. At the upper price band, the company is valued at 27.5x FY26 P/E and 2.1x FY26 P/B, implying a post-issue market capitalization of ₹22,562 million. Accordingly, we recommend a “Subscribe – Long Term” rating for the issue.
SBI Securities: GAJA is a homegrown alternative investment manager with experience in mid-market private equity investments across sectors including education, energy and environment (EEE), financial services, consumer and digital technology. Between FY24-FY26 Revenue/PAT/Core PAT have grown at CAGR of ~19%/~35%/~27%, respectively. We believe the Indian Alternative Investment industry is at a nascent stage with long runway for growth, underpinned by positive stance from the regulators and increased alternatives adoption among domestic institutional, HNI and UHNI investors. GAJA earns higher management fees (190 bps in FY26) than MF players (52-37 bps), showcasing superior unit economics of the business model, which successfully monetizes alternative strategies and long-term capital commitments. At the upper price band, GAJA is valued at FY26 P/E multiple of 22.0x and P/B multiple of 3.0x. We believe GAJA is attractively priced for the underlying business model and industry tailwinds. We recommend investors to SUBSCRIBE to the issue for long-term investment horizon.
Published on August 19, 2026
