Bookbuilding IPO | ₹656 Cr | Listing at BSE, NSE |
SEBI has approved the Initial Public Offer (IPO) of Gaja Alternative Asset Management Ltd. on October 20, 2025. The company will proceed with next steps to launch the Initial Public Offer (IPO) subject to market conditions and other approvals. The SEBI approval is valid for 18 months.
Gaja Alternative Asset Management Ltd. IPO is a Book Build Issue of ₹656.20 crores consisting of a fresh issue of shares worth Rs ₹549.20 crores and an offer for sale (OFS) of ₹107.00 crores.
The equity shares are proposed to be listed on NSE and BSE. JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Gaja Alternative Asset Management IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | [.] shares (agg. up to ₹656 Cr) |
| Fresh Issue | [.] shares (agg. up to ₹549 Cr) |
| Offer for Sale | [.] shares of ₹5 (agg. up to ₹107 Cr) |
| Share Holding Pre Issue | 11,28,85,230 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Sat, Jun 28, 2025 Confidential |
| SEBI/Exchange approval received | Mon, Oct 20, 2025 Confidential |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
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:
Gaja Alternative Asset Management Ltd.'s revenue increased by 19% and profit after tax (PAT) dropped by 28% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 677.09 | 451.87 | 388.60 | 339.82 |
| Total Income | 110.38 | 123.31 | 103.96 | 113.63 |
| Profit After Tax | 41.26 | 44.74 | 61.95 | 62.09 |
| NET Worth | 574.55 | 388.97 | 331.88 | 287.35 |
| Reserves and Surplus | 524.25 | 393.24 | 289.18 | 289.18 |
| Total Borrowing | 40.88 | 4.00 | 3.51 | 4.24 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Investing towards our Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount as follows: (a) investing towards our 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; and (iii) Bridge Loan Amount (b) investing towards our Sponsor Commitment to the proposed Fund V; and (c) investing towards our Sponsor Commitment to the Secondaries Fund | 387.00 |
| 2 | Pre-payment/re-payment of, in part or full, certain outstanding borrowings of our Company | 24.91 |
| 3 | General corporate purposes |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 17.19% |
| Debt/Equity | 0.01 |
| RoNW | 15.31% |
| PAT Margin | 50.24% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 71.03% |
Lead Manager Reports
Gaja Alternative Asset Management IPO is a main-board IPO of 0 equity shares of the face value of ₹5 aggregating up to ₹656 Crores. The issue is priced at To be declared. The minimum order quantity is .
The Gaja Alternative Asset Management IPO open and close dates are not available as of now.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Gaja Alternative Asset Management IPO using UPI as a payment gateway. Zerodha customers can apply in Gaja Alternative Asset Management IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Gaja Alternative Asset Management IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Gaja Alternative Asset Management IPO dates are not announced. Please check back again after some time.
Gaja Alternative Asset Management IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Gaja Alternative Asset Management IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Gaja Alternative Asset Management IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Gaja Alternative Asset Management IPO allotment status.
The Gaja Alternative Asset Management IPO listing date is not yet announced. The tentative date of listing is .
