Gaja Alternative IPO Oversubscribed 16.57x, Listing at ₹174

The Gaja Alternative Asset Management IPO closed on August 21, securing an overall subscription of 16.57 times on its third day. Shares are set to list on August 26, with an estimated listing price of ₹174.

IPO Details & GMP

The public subscription period for Gaja Alternative Asset Management, operating under the Gaja Capital brand, ran from August 19 to August 21. The price band for the equity shares was set between ₹152 and ₹160.

• Current Grey Market Premium (GMP): +14
• Estimated Listing Price: ₹174 (8.75% premium over ₹160)
• GMP Sentiment: Negative, fluctuating between ₹0.00 and ₹30 over nine sessions
• Listing Date: Wednesday, August 26 on NSE and BSE
• Allotment Finalization: Monday, August 24

Subscription Breakdown

On day three, the IPO received bids for 41,96,24,370 shares against 2,53,28,946 shares on offer. The subscription figures across investor categories were as follows:

• Retail Portion: 8.18 times
• Non-Institutional Investors (NII): 44.37 times
• Qualified Institutional Buyers (QIBs): 10.39 times

Issue Size & Purpose

The IPO comprises a fresh issue of ₹450 crore and an offer-for-sale (OFS) of up to ₹100 crore from existing shareholders, including promoters. Gaja Capital, promoted by Gopal Jain, had previously adjusted these figures.

The initial fresh issue was ₹549.2 crore, reduced to ₹450 crore, while the OFS was ₹107 crore, now at ₹100 crore. The total IPO size was earlier projected at ₹656.2 crore in a December 2025 DRHP.

Upon listing, Gaja Alternative Asset Management is projected to achieve a market capitalization of ₹2,256.16 crore at the upper end of its price band. The fresh issue proceeds have specific allocations.

• ₹372 crore: Sponsor commitments for existing and new funds, plus bridge loan repayment
• Remaining funds: General corporate purposes

JM Financial and IIFL Financial Services are serving as the merchant bankers for the Gaja Capital IPO.