GMP IPO Watch
Gaja Alternative Asset Management IPO 2026: ₹550 Crore Issue, Gaja Capital Business Model, Financial Growth & Investment Analysis
Gaja Alternative Asset Management IPO opens on August 19, 2026 with a price band of ₹152–₹...
Read Article
G
Mainboard IPO
LISTED
NSE, BSE
GAJA
Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Live GMP Today
₹18
+11.3%
Est. Listing: ₹178.00
Price Band
₹152 - ₹160
Per equity share
Lot Size
93 Shares
Min Invest: ₹14,880
Issue Size
₹550 Cr
Total Public Offering
Issue Dates
18 August 2026 – 20 August 2026
Bidding period
Subscription
31.33x
Total overall demand
Gaja Alternative Asset Management IPO Details
Key facts at a glance| IPO Open Date | 18 August 2026 | IPO Close Date | 20 August 2026 |
|---|---|---|---|
| Basis of Allotment | 23 August 2026 | Listing Date | 25 August 2026 |
| Price Band | ₹152 - ₹160 per share | Face Value | ₹10 per share |
| Market Lot Size | 93 Shares | Min Investment (Retail) | ₹14,880 |
| Total Issue Size | ₹550 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | — | Offer for Sale (OFS) | — |
| Listing At | NSE, BSE | Issue Category | Mainboard Issue |
| Registrar | TBA | ||
Gaja Alternative Asset Management IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 18 August 2026 | Confirmed |
| IPO Close Date | 20 August 2026 | Confirmed |
| Basis of Allotment | 23 August 2026 | Tentative |
| Initiation of Refunds | 25 August 2026 | Tentative |
| Credit of Shares to Demat | 25 August 2026 | Tentative |
| IPO Listing Date | 25 August 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 21 August 2026 (5:00 PM) | Deadline |
* Note: Timelines are tentative and subject to regulatory confirmation. UPI mandate approvals must be completed by 5:00 PM on the IPO closing day.
Gaja Alternative Asset Management IPO Lot Size & Investment Details
Application limits for Retail and HNI investors| Application Category | Lots | Shares | Amount (at Cut-off) |
|---|---|---|---|
| Retail (Min) | 1 Lot | 93 Shares | ₹14,880 |
| Retail (Max) | 13 Lots | 1,209 Shares | ₹1,93,440 |
| S-HNI (Min) | 14 Lots | 1,302 Shares | ₹2,08,320 |
| S-HNI (Max) | 67 Lots | 6,231 Shares | ₹9,96,960 |
| B-HNI (Min) | 68 Lots | 6,324 Shares | ₹10,11,840 |
Gaja Alternative Asset Management IPO Live GMP & Movement History
Daily unofficial grey market trends
Current Grey Market Premium
₹18 +11.3%
Estimated Listing Price
₹178.00
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 25 Aug 2026 | ₹15 | ₹175.00 | +9.38% |
| 21 Aug 2026 | ₹18 | ₹178.00 | +11.25% |
| 20 Aug 2026 | ₹25 | ₹185.00 | +15.63% |
| 19 Aug 2026 | ₹30 | ₹190.00 | +18.75% |
| 18 Aug 2026 | ₹7 | ₹167.00 | +4.38% |
Disclaimer: Grey Market Premium (GMP) figures are purely unofficial and indicative rates traded in the unregulated grey market. GMP is highly volatile and does not guarantee the actual listing price. Always consult a SEBI registered investment advisor before bidding.
Gaja Alternative Asset Management IPO Subscription Status
Demand breakdown by investor category
Retail
11.03x
QIB
43.58x
NII / HNI
62.35x
Total
31.33x
About Gaja Alternative Asset Management
Gaja Alternative Asset Management Limited operates under the brand name Gaja Capital as an alternative asset management and private equity firm. The company primarily acts as an investment manager for India-focused Category I and Category II Alternative Investment Funds, while also advising offshore funds that provide capital to Indian companies. Gaja Capital focuses on providing growth capital to mid-market enterprises across sectors such as education, financial services, consumer, and digital technology. The firm employs an invest-and-collaborate approach to drive enterprise value within its portfolio companies. Revenue is primarily generated through three distinct streams: management fees charged to the funds it manages, carried interest derived from the performance of its fund investments, and income generated from sponsor commitments across its various existing and proposed constituent funds.
Key Strengths
- Well-established alternative asset management platform with a unique and differentiated business model.
- Proven track record of delivering consistent performance and returns across various Gaja Capital Funds.
- Favorable exposure to the high-growth alternative asset management industry in India with significant scalability.
- The invest-and-collaborate approach is strongly focused on operational value addition for portfolio companies.
- Alignment of interest with investors through high sponsor commitment, ensuring skin in the game.
Key Risks
- High revenue dependency on the underlying financial performance of the managed and advised funds.
- Historical returns generated by the firm’s prior funds may not be indicative of future fund performance.
- Receipt of carried interest payments from managed funds is inherently uncertain and highly volatile.
- Heavy reliance on management fees, which accounted for the vast majority of total revenue in recent fiscal years.
- Potential pricing volatility and lack of market liquidity, as this is the company’s first public issue.
Gaja Alternative Asset Management IPO Reservation & Share Quotas
The Gaja Alternative IPO has a category-wise reservation structure for Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), Retail Individual Investors and Anchor Investors.
As per the provided reservation structure, 50% of the offer is allocated to Qualified Institutional Buyers, excluding the anchor investor portion. 15% is reserved for Non-Institutional Investors, while 35% is reserved for Retail Individual Investors.
| Investor Category | Shares Offered | Reservation (%) |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Note: The exact number of shares offered under each investor category is currently unavailable in the provided data. The share quantities can be updated once the final category-wise reservation and anchor allocation details for the Gaja Alternative IPO are available.
Gaja Alternative Asset Management IPO Anchor Investors
The Gaja Alternative Asset Management IPO anchor investor bidding is scheduled for August 18, 2026, one day before the public issue opens for subscription. The final anchor allocation will provide details about institutional participation ahead of the IPO.
As per the provided schedule, 50% of the shares allotted to anchor investors will have a 30-day lock-in period ending on September 17, 2026. The remaining 50% of the anchor shares will have a 90-day lock-in period ending on November 16, 2026.
| Particular | Details |
|---|---|
| Anchor Bidding Date | August 18, 2026 |
| Anchor Investors List | To be Updated |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date – 50% Shares (30 Days) | September 17, 2026 |
| Lock-in Period End Date – Remaining 50% Shares (90 Days) | November 16, 2026 |
Note: The anchor investor names, number of shares allocated and total anchor investment amount are currently unavailable in the provided data and can be updated after the final Gaja Alternative Asset Management IPO anchor allocation is announced.
Gaja Alternative Asset Management IPO Important Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 19 Aug 2026 |
| IPO Close Date | 21 Aug 2026 |
| Basis of Allotment | 24 Aug 2026 |
| Refunds | - |
| Credit to Demat Account | - |
| IPO Listing Date | 26 Aug 2026 |
Note: The timeline for গাজা বিকল্প সম্পত্তি ব্যৱস্থাপনা IPO is tentative and subject to change.
Gaja Alternative Asset Management Promoters and Shareholding Pattern
The promoters of Gaja Alternative Asset Management are Mr. Gopal Jain, Mr. Ranjit Jayant Shah, Mr. Imran Jafar, Ms. Chitra Jain and Ms. Mona Ranjit Shah.
Before the IPO, the promoter and promoter group hold 80,179,559 equity shares, representing 71.03% of the company's pre-issue share capital. Other shareholders hold 32,705,671 shares, representing the remaining 28.97%.
Following completion of the IPO, the promoter and promoter group holding is expected to stand at approximately 54.23%, while other shareholders are expected to account for approximately 45.77% of the post-issue equity share capital.
Promoters of Gaja Alternative Asset Management
- Mr. Gopal Jain
- Mr. Ranjit Jayant Shah
- Mr. Imran Jafar
- Ms. Chitra Jain
- Ms. Mona Ranjit Shah
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 80,179,559 | 71.03% | – | 54.23% |
| Others* | 32,705,671 | 28.97% | – | 45.77% |
| Total | 11,28,85,230 | 100% | 14,10,10,230 | 100% |
Note: The above table summarizes the provided pre-IPO and post-IPO shareholding pattern of Gaja Alternative Asset Management. The promoter and promoter group holding is expected to change from 71.03% before the IPO to approximately 54.23% after completion of the issue.
Gaja Alternative Asset Management Objects of the Issue & Utilisation of Proceeds
To Be Updated Soon
Gaja Alternative Asset Management About the IPO
Gaja Alternative Asset Management, founded in 2004, is one of the growing alternative management companies with over 20 years of experience. They are an experienced, independent, and home-grown alternative asset management company (“AMC”) that operates under the brand name ‘Gaja Capital’. The company manages 2 types of alternative investment funds (Category I and II). Moreover, the firm also helps foreign investors who invest in Indian companies.
As an independent, home-grown brand, the company runs its business itself with no control by any big organization. Its main income comes from 3 sources: management fees, carried interest, and returns from the money invested as a sponsor. Financially, the company has stayed profitable with profit growing immensely between FY2023 and FY2025.
Gaja Alternative Asset Management Company Financial Report
To Be Updated Soon
Gaja Alternative Asset Management Company Valuation & Key Performance Indicators
To Be Updated Soon
Gaja Alternative Asset Management Peer Group Comparison
To Be Updated Soon
Gaja Alternative Asset Management Lead Managers & Merchant Bankers
- JM Financial Ltd.
- IIFL Capital Services Ltd.
Gaja Alternative Asset Management IPO FAQs
Gaja Alternative Asset Management IPO opens for subscription on 18 August 2026 and closes on 20 August 2026.
The price band for Gaja Alternative Asset Management IPO is set at ₹152.00 to ₹160.00 per share.
The minimum market lot size is 93 shares. A retail investor can apply for a minimum of 1 lot requiring an investment of 93 Shares (₹14,880).
The latest Grey Market Premium (GMP) for Gaja Alternative Asset Management IPO is ₹18. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Gaja Alternative Asset Management IPO is tentatively scheduled for 23 August 2026, and shares are expected to list on the stock exchanges on 25 August 2026.
The registrar details will be confirmed in the official prospectus.
Gaja Alternative Asset Management IPO Analysis & Articles
