Gaja Capital IPO Lists Strong: 16% Premium on Exchanges

Gaja Alternative Asset Management, operating as Gaja Capital, saw its shares list with a nearly 16% premium on stock exchanges. Its IPO shares opened at ₹185.20 on the BSE and ₹185 on the NSE, significantly above the ₹160 IPO price. This strong debut valued the asset management company at ₹2,611.51 crore on the BSE.

Key IPO Figures

• Listing Premium (BSE): 15.75% at ₹185.20
• Listing Premium (NSE): 15.63% at ₹185
• IPO Price: ₹160 per share
• Total IPO Size: ₹550 crore
• Company Valuation (BSE): ₹2,611.51 crore
• Oversubscription: 31.33 times

The ₹550-crore initial public offering attracted substantial investor interest, receiving bids for 79.35 crore shares against 2.53 crore shares on offer. This amounted to total bids worth around ₹12,696.55 crore from 14.36 lakh applications. The performance notably surpassed the pre-listing grey market premium (GMP) of 11.56%, which had implied a listing price of approximately ₹178.50.

Subscription Breakdown

• Non-Institutional Investors (NII): 62.35 times
• Qualified Institutional Buyers (QIB): 43.58 times
• Retail Investors: 11.04 times

The IPO included a fresh issue of 2.81 crore shares, raising ₹450 crore, alongside an offer for sale of 62.5 lakh shares worth ₹100 crore. Prior to the public issue, Gaja Alternative Asset Management secured ₹165 crore from anchor investors at ₹160 per share, with mutual funds and life insurance companies being key contributors. The fresh issue proceeds, totaling ₹387 crore, are primarily earmarked for sponsor commitments to existing and proposed funds, and for repaying a bridge loan.

Additionally, ₹24.91 crore from the proceeds will address partial or full repayment of outstanding borrowings. Any remaining funds are allocated for general corporate purposes, completing the financial strategy for the newly listed entity.