Gaja Capital IPO: Shares Surge 15.6% on Debut

Gaja Alternative Asset Management shares listed at ₹185 on Wednesday, marking a 15.6% premium over its IPO issue price of ₹160 on both the BSE and NSE.

This debut surpassed grey market expectations, which had anticipated an opening around ₹178.

Key IPO Metrics

• Listing Price: ₹185
• IPO Issue Price: ₹160
• Premium on Listing: 15.6%
• Overall Subscription: 31.33 times
• Non-institutional Investor Subscription: 62.35 times
• Qualified Institutional Buyer (QIB) Subscription: 43.58 times
• Retail Investor Subscription: 11.04 times
• Total IPO Size: ₹550 crore
• Anchor Investor Funds Raised: ₹165 crore

The public offer, open from August 19 to August 21 with a price band of ₹152 to ₹160 per share, saw bids for approximately 79.35 crore shares against 2.53 crore shares offered.

Financial Performance & Strategy

Gaja Capital’s IPO included a ₹450 crore fresh issue and a ₹100 crore offer for sale. Proceeds from the fresh issue are earmarked to boost sponsor commitments in existing and future investment funds, alongside repaying a bridge loan.

• FY26 Total Income: ₹157.80 crore (up 28% from prior fiscal year)
• FY26 Profit After Tax: ₹81.96 crore (up 32% from ₹61.95 crore in FY25)
• Carried Interest Contribution: 47.79% of total income in FY26

The company operates in the alternative asset management sector, focusing on mid-sized Indian businesses across diverse sectors. Its income streams primarily include management fees, carried interest, and returns from its own sponsor commitments.

Future performance for Gaja Capital will be influenced by new fundraising efforts, fund expansion, growth in management fees, and the strategic timing of exits from its portfolio companies.