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Gaja Alternative Asset Management IPO
36.24xsubscribed

Gaja Alternative Asset Management IPO

Finance - Asset Management
listed
₹14,136Min. investment

Gaja Alternative Asset Management Limited IPO Details

SectorFinance - Asset Management
Price range₹152 – ₹160
IPO type
Regular
Lot size93 shares
Issue size₹550Cr
Red Herring Prospectus
Read
Market cap
₹2,256CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹135.53CrLower than sector avg
Growth rate3Y CAGR
19.04%Higher than sector avg

Gaja Alternative Asset Management IPO Subscription Status

Date
QIB
NII
Retail
Total
19-Aug-26
0.0 times (X)
1.79 times (X)
0.76 times (X)
0.59 times (X)
20-Aug-26
0.01X
6.71X
1.92X
1.68X
21-Aug-26
21.68X
182.46X
10.62X
36.24X

As on 19-Aug-26, 5:30 PM

Gaja Alternative Asset Management IPO Timeline

  1. Pre-apply
    17 Aug 2026
  2. Bid start
    19 Aug 2026
  3. Bid end
    21 Aug 2026
  4. Allotment
    24 Aug 2026
  5. Release of funds
    25 Aug 2026
  6. Demat transfer
    25 Aug 2026
  7. Listing
    26 Aug 2026

About Gaja Alternative Asset Management Limited

Gaja Alternative Asset Management (GAAML) is an India-focused alternative asset management company with around 20 years of operating experience. It acts as an investment manager to Category I and Category II Alternative Investment Funds (AIFs) and as an advisor to offshore funds investing in Indian companies.
Incorporated in 1999 as View Advisors Private Limited, the company was later rebranded as Gaja Capital. It is an independent, home-grown asset manager and is not sponsored or owned by any financial institution, corporate group or global firm.
The company operates through Fund II (2007 vintage), Fund III (2015), Fund IV (2021) and Eastgate Secondaries Fund I. GAAML follows an invest and collaborate approach, working with portfolio companies through board representation and operational support across product, sales, human resources and financial management. Its key investment sectors include electrical and electronic equipment (EEE), financial services, consumer and digital technology, with EEE and financial services accounting for 60 to 65% of capital invested across Fund II and Fund III. The company uses its Economy-Industry-Business-Company (EIBC) framework to identify investment opportunities.
Gaja Capital Funds and Prior Investments had made 28 investments till March 31, 2026, with an average MOIC of 3.3x. Prior Investments gave a 5.61x return. Fund II reported a 3.81x MOIC and 18.61% IRR, while Fund III reported a 1.88x MOIC and 9.40% IRR. Fund IV, which is still being invested, reported an interim 1.74x MOIC and 27.91% IRR.
GAAML earns income through management fees, carried interest and sponsor commitments. Management fees typically sit at around 2% of the capital that external investors have committed or invested. Carried interest, on the other hand, is roughly 20% of the fund’s profits once the preferred return hurdle has been cleared. Income from sponsor commitments comes from the gains the company makes on its own investments in the funds. In FY26, carried interest was the biggest contributor, making up 47.79% (₹75.41 crore) of total income. Management fees followed at 38.07% (₹60.08 crore), with sponsor commitment income accounting for 10.61% (₹16.74 crore).
The company had around ₹274 crore in sponsor commitments as of March 31, 2026, which was 6.41% of the total fund size. Its investors are spread across 20 countries. 63.42% of capital commitments came from overseas investors and 36.58% from domestic investors.
Going ahead, the company plans to raise larger funds, improve fund performance and maintain higher sponsor commitments. It also plans to enter new areas through its secondaries fund and expand its investor base in India and overseas. The company had 37 employees as of March 31, 2026, including 23 permanent and 14 contractual employees.
India’s alternative investment market has been growing fast. AIF commitments grew at around 29.2% CAGR from March 2019 to March 2026, reaching ₹16.9 lakh crore. AIF commitments also increased from 1.5% of GDP in FY19 to 4.9% in FY26. The market is expected to grow further, with alternative investment AUM likely to reach ₹41 to 44 lakh crore by March 2030. Category II AIFs made up 75.2% of total commitments in FY26.
The mid-market private equity segment, which is an important focus area for the company, is also getting bigger. The segment includes deals of ₹500–2,500 million and accounted for 22% of PE investments by volume in FY26, compared with 19% in FY25 and 16% in FY20. More HNIs, UHNIs and institutional investors are also showing interest in alternative investments. This could help GAAML raise larger funds and launch new ones, leading to higher management fee income. Better fund performance could also increase carried interest and gains from sponsor commitments. Its focus on the mid-market segment and its entry into the secondary market give the company more room to grow.
Now, Gaja Alternative Asset Management is launching its initial public offering (IPO), comprising a fresh issue aggregating up to ₹450 crore and an offer for sale aggregating up to ₹100 crore. The total issue size is up to ₹550 crore. Its shares will be listed on the NSE and BSE.

How to pre-apply for Gaja Alternative Asset Management IPO?

You can pre-apply for Gaja Alternative Asset Management IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Gaja Alternative Asset Management IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for Gaja Alternative Asset Management IPO?

If you are interested in this investment opportunity but unsure how to apply for Gaja Alternative Asset Management IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Gaja Alternative Asset Management IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Gaja Alternative Asset Management IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

How to check allotment status for Gaja Alternative Asset Management IPO?

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Gaja Alternative Asset Management IPO allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Gaja Alternative Asset Management IPO allotment status will be mentioned.

Gaja Alternative Asset Management Limited IPO Analysis

IPO REVIEW

Gaja Alternative Asset Management IPO | Analysis Video

Should you apply?

Watch our analysts break down the Gaja Alternative Asset Management Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Wide investor base

GAAML has investors from over 20 countries. Overseas investors contributed 63.4% of the total capital commitments, while domestic investors contributed 36.5%. Fund IV also had 72 domestic investors.

Works closely with its investments

The company does more than just invest money in its portfolio companies. Its team also works with them on products, sales, hiring and financial management. GAAML has had board representation in nearly all its portfolio companies.

New growth area through secondaries

GAAML has started a Secondaries Fund, which invests in existing private equity investments and offers solutions to other fund managers. The fund is headed by a CEO with over 18 years of experience in the global secondaries market.

Room to grow through larger funds

The company plans to raise larger funds under its private equity business. If it is able to do so, it could earn more in management fees. Better returns from these funds could also add to carried interest.

Experience across key sectors

GAAML mainly invests in EEE, financial services, consumer and digital technology. EEE and financial services together made up 60 to 65% of the capital invested in Fund II and Fund III. Its experience in these sectors could help it find more investment opportunities.

Significant own investment in its funds

GAAML had committed around ₹274 crore to its funds as of March 31, 2026, equal to 6.41% of the total fund size. This means the company has a meaningful amount of its own money invested alongside its fund investors.

Objectives of Gaja Alternative Asset Management Limited IPO

Investment in existing and new funds and repayment of bridge loan
82.60%
The company will use up to ₹372 crore for sponsor commitments and bridge loan repayment.
General corporate purposes
17.30%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹135.53Cr19.04%₹81.95Cr₹2,256Cr22.320.07
This sector (avg.)₹768.51Cr0.06%₹422.99Cr₹26,425.05Cr27.430.02
₹4,029.61Cr---₹2,460.19Cr₹1,07,749.6Cr37.570.02
₹2,265.08Cr---₹1,285.73Cr₹55,943.03Cr38.770.02
₹1,842.36Cr---₹930.6Cr₹21,931.33Cr21.620.02

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

Gaja Alternative Asset Management IPO Contact Details

Company NameGaja Alternative Asset Management Limited

How to apply for Gaja Alternative Asset Management IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Gaja Alternative Asset Management Limited IPO FAQs

Investors can apply for the Gaja Alternative Asset Management IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Gaja Alternative Asset Management IPO is 550 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Gaja Alternative Asset Management IPO will be open between 2026-08-19 and 2026-08-21.
Gaja Alternative Asset Management IPO allotment date is 2026-08-25. For Gaja Alternative Asset Management IPO allotment status check, you can visit the website of the registrar of the IPO.
For Gaja Alternative Asset Management IPO, the IPO registrar is MUFG Intime India Private Limited. You can check Gaja Alternative Asset Management IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Gaja Alternative Asset Management IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Gaja Alternative Asset Management IPO lot size is 93 and minimum order quantity is 93.
Gaja Alternative Asset Management IPO has set the price band for its IPO at 160 per equity share with a face value of 5.