Gaja Capital IPO: ₹550 Cr Issue Opens Aug 19

Gaja Capital is launching its ₹550-crore Initial Public Offering on August 19, with the issue closing August 21. The shares will list on BSE and NSE by August 26.

IPO Structure at a Glance

• Total IPO Size: ₹550 crore (reduced from ₹656.2 crore previously)
• Fresh Issue: ₹450 crore (2.81 crore shares)
• Offer for Sale (OFS): ₹100 crore (0.63 crore shares)
• Price Band: ₹152-160 per share
• Lot Size: 93 shares
• Minimum Retail Investment: ₹14,880 at upper price band

The net offer allocates up to 50% for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.

From the ₹450-crore fresh issue, ₹387 crore is earmarked for sponsor commitments across existing and proposed funds. This includes Gaja Capital India Fund 2020 LLP, Gaja Capital India Fund 2020, the proposed Fund V, and the Secondaries Fund, alongside bridge loan repayment. An additional ₹24.91 crore will repay other borrowings, with remaining funds for general corporate purposes.

Company Profile

Gaja Alternative Asset Management, operating as Gaja Capital, was founded in 2004. It manages India-focused Category I and Category II alternative investment funds (AIFs) and advises offshore funds investing in Indian companies.

Recent Financials

For the six months ending September 2025, Gaja Capital reported a total income of ₹110.38 crore, down from ₹123.31 crore in FY25. Profit after tax stood at ₹41.26 crore for the same period, compared to ₹44.74 crore in FY25 and ₹61.95 crore in FY24.

Net worth increased to ₹574.55 crore as of September 30, 2025, up from ₹388.97 crore at FY25 end. Total borrowings also rose to ₹40.88 crore from ₹4 crore by March 31, 2025.