Gaja IPO Oversubscribed 31x: Strong Investor Demand
By ThePip Desk
Gaja Alternative Asset Management’s Rs 550 crore IPO saw massive demand, closing oversubscribed 31.33 times. Strong interest from all investor categories.
Gaja Alternative Asset Management’s IPO closed Friday, oversubscribing 31.33 times. The Rs 550-crore public offering drew significant interest across all investor categories.
Key IPO Figures
- Total oversubscription: 31.33 times
- Public issue size: Rs 550 crore
- Bids received: 79,35,33,846 shares
- Shares on offer: 2,53,28,946 shares
- Non-institutional investor subscription: 62.35 times
- Qualified institutional buyers (QIBs) subscription: 43.58 times
- Retail investor subscription: 11.03 times
Before the public issue, Gaja Alternative Asset Management, operating as Gaja Capital, secured Rs 165 crore from anchor investors on Tuesday. Nippon India Mutual Fund and Invesco Mutual Fund each invested Rs 30 crore. Other participants included HDFC Life and SBI Life.
Issue Structure and Valuation
- Price band: Rs 152 to Rs 160 per equity share
- Projected market capitalization (upper price band): Rs 2,256 crore
- Fresh equity issuance: Rs 450 crore
- Offer-for-sale (OFS): Up to Rs 100 crore
Proceeds from the fresh issue are allocated for debt repayment, seeding new funds, and general corporate expenditures.
Gaja Capital’s Mandate
Gaja Capital, founded in 2004, is a private equity and alternative asset management firm. It provides growth capital to entrepreneurs across diverse sectors. Its portfolio includes companies like TeamLease, RBL Bank, and Xpressbees.
The company converted to a public limited entity in January 2025, rebranding as Gaja Alternative Asset Management Ltd. Equity shares are anticipated to list on both the BSE and NSE on August 26.