Gaja Capital IPO: ₹165 Cr Anchor Funding Boosts ₹550 Cr Issue

Gaja Capital secured ₹165 crore from anchor investors at ₹160 per share before its ₹550 crore Initial Public Offering (IPO) opened on August 19, 2026. This pre-public funding precedes the IPO’s scheduled close on August 21, 2026.

Anchor Investor Breakdown

Domestic institutional investors drove approximately 82% of the anchor allocation. Mutual funds and life insurance companies were the primary contributors.

• Mutual funds accounted for 65.15% of the allocation.
• Life insurance companies made up 16.66%.
• Nippon India Mutual Fund invested ₹30 crore.
• Invesco Mutual Fund also invested ₹30 crore.
• Other key participants included HDFC Life, SBI Life, Akash Bhansali, Mukul Agarwal, and Ashish Kacholia.

IPO Details & Allocation

The company previously adjusted its IPO size, reducing it from ₹656.2 crore to ₹550 crore. This revised offering includes both fresh issuance and an Offer for Sale.

• The fresh issue stands at ₹450 crore.
• The Offer for Sale (OFS) is ₹100 crore.
• The price band ranges from ₹152 to ₹160 per share.
• The lot size is 93 shares, requiring a minimum retail investment of ₹14,880 at the upper end.

Share listing is slated for August 26 on both the BSE and NSE. The net offer has specific reservations for different investor categories.

• Qualified institutional buyers are reserved 50%.
• Retail investors are reserved 35%.
• Non-institutional investors are reserved 15%.

Fund Utilization Plan

Gaja Capital plans to deploy ₹387 crore from the fresh issue towards sponsor commitments for existing and proposed funds, alongside bridge loan repayment. A portion is also earmarked for outstanding borrowings.

• ₹24.91 crore will repay outstanding borrowings.
• Remaining funds are designated for general corporate purposes.

Established in 2004, Gaja Alternative Asset Management functions as an investment manager for India-focused alternative investment funds. The firm also advises offshore funds investing in Indian companies.