Gaja Alternative Asset Management IPO Oversubscribed 2.43x

Gaja Alternative Asset Management’s initial public offering (IPO) was subscribed 2.43 times, receiving bids for 6.16 crore shares against the 2.53 crore shares available.

The bidding period for the IPO commenced on August 19, 2026, and is set to conclude on August 21, 2026. The price band for the shares ranges from Rs 152 to Rs 160 per share.

Key IPO Figures

• Subscription Rate: 2.43 times
• Shares Bid For: 6.16 crore
• Shares on Offer: 2.53 crore
• Price Band: Rs 152 to Rs 160 per share
• Minimum Bid: 93 equity shares

The offering includes a fresh issue designed to raise Rs 450 crore and an Offer for Sale (OFS) valued at Rs 100 crore. The fresh issue involves 2.96 crore equity shares at the lower price band or 2.81 crore equity shares at the upper price band.

The OFS component will see promoters Ranjit Shah, Imran Jafer, and Sudesh Jain collectively sell equity shares worth Rs 59.35 crore. This sale will reduce the promoter shareholding from 71.03% pre-IPO to 54.23% post-IPO.

Fund Deployment Strategy

• Sponsor Commitments/Loan Repayment: Rs 372 crore
• Gaja Capital India Fund 2020 LLP: Rs 2.155 crore (FY2027, FY2028)
• Gaja Capital India Fund 2021: Rs 35.345 crore (FY2027, FY2028)
• Bridge Loan Repayment: Rs 19.5 crore

Gaja Alternative Asset Management plans to establish Fund V with a target size of Rs 2500 crore, having filed a private placement memorandum with SEBI on June 10, 2026. The company intends to contribute Rs 210 crore as Sponsor Commitment to Fund V, to be deployed over FY27, FY28, and FY29.

Additionally, Rs 105 crore will be allocated as sponsor commitments to a Secondaries Fund, which targets a size of Rs 1250 crore. Prior to the IPO, the company raised Rs 165 crore from 20 anchor investors on August 18, 2026, allotting 1.03 crore shares at Rs 160 each.