Gaja Capital IPO: ₹165 Cr Secured from Anchor Investors
By Business Desk
Gaja Capital raises ₹165 crore from 20 anchor investors ahead of its ₹550 crore IPO. Domestic MFs lead with 65.15% allocation. IPO opens Aug 19, 2026.
Gaja Capital has successfully secured ₹165 crore from 20 anchor investors, a move preceding its larger ₹550 crore Initial Public Offering (IPO).
Anchor Allocation Details
Domestic mutual funds captured the largest share of this pre-IPO investment, taking 65.15% of the allocation. Nippon India Mutual Fund led these investments.
- Anchor Investment: ₹165 crore
- Total Anchor Investors: 20
- Domestic Mutual Fund Share: 65.15%
- Nippon India Mutual Fund Allocation: 18.18%
- Life Insurance Companies Share: 16.66%
IPO Structure & Timeline
The full IPO is set to open on August 19, 2026, with shares priced between ₹152 and ₹160 each. Brokerages have generally advised subscribing to the offering.
- IPO Price Range: ₹152–160 per share
- IPO Open Date: August 19, 2026
- IPO Close Date: August 21, 2026
- Allotment Date: August 24, 2026
- Listing Date: August 26, 2026
- Potential Listing Gain (Grey Market): 12.5%
The IPO consists of a fresh issue amounting to 2,81,25,000 shares, valued at ₹450 crore. An additional offer for sale comprises 62,50,000 shares, totalling ₹100 crore.
Company Background & Risks
Founded in 1999, Gaja Alternative Asset Management focuses on India’s mid-market segment. The firm completed 28 investments by March 31, 2026, achieving an average gross MOIC of 3.3x.
Despite revenue growth from ₹95.64 crore in FY 2024 to ₹135.53 crore in FY 2026, and a strong PAT margin of 58.78%, concerns persist. These include a reliance on lumpy carried interest and negative operating cash flow in recent fiscal years.