Gaja Alternative IPO: INR 550 Cr Target, Listing Aug 2026

Gaja Alternative Asset Management is set to launch its IPO, targeting INR 550 crore between August 19 and August 21, 2026. This India-focused alternative asset manager, established in 1999, will list on BSE and NSE by August 26, 2026.

IPO Structure and Purpose

• Total Issue Size: INR 550 crore
• Fresh Issue: INR 450 crore
• Offer For Sale: INR 100 crore
• Face Value per Share: INR 5
• Retail Investor Allocation: 35%

The fresh issue component is slated for INR 450 crore, with an Offer For Sale (OFS) making up the remaining INR 100 crore. Proceeds from the fresh issue will fund sponsor commitments to existing and new funds, alongside repaying a INR 372 crore bridge loan and covering general corporate needs.

Financial Snapshot

Gaja Capital has shown consistent financial growth between FY 2023 and FY 2026. The firm recorded a revenue surge from INR 55.81 crore to INR 135.53 crore in this period.

• FY 2023 Revenue: INR 55.81 crore
• FY 2026 Revenue: INR 135.53 crore
• FY 2023 Net Income: INR 41.26 crore
• FY 2026 Net Income: INR 81.96 crore
• Average Gross MOIC (as of Sep 30, 2025): 3.3x

As of September 30, 2025, Gaja Capital actively manages four private equity funds. These investments primarily target India’s mid-market segment, spanning sectors like EEE, financial services, consumer, and digital technology.

Key Players and Timeline

The IPO’s key dates include the finalization of allotment on August 24, 2026, before its dual listing. JM FINANCIAL LIMITED serves as the lead manager for this offering, with MUFG INTIME INDIA PRIVATE LIMITED acting as the registrar.

• Promoter: Mr. Gopal Jain
• Promoter: Mr. Ranjit Jayant Shah
• Promoter: Mr. Imran Jafar
• Promoter: Ms. Chitra Jain
• Promoter: Ms. Mona Ranjit Shah