Gaja Alternative Asset Management Limited is an independent alternative asset management company operating under the “Gaja Capital” brand. With over two decades of experience in alternative asset management and private equity, the company focuses on managing and advising investment funds that invest primarily in India.
The company acts as an investment manager to India-focused Category I and Category II AIFs and an advisor to offshore funds investing in Indian companies. It also sponsors, manages, and advises funds across investment strategy, fund management, portfolio management, and investments.
Gaja Capital primarily focuses on the Indian mid-market segment, investing across EEE, Financial Services, Consumer, and Digital Technology sectors. It follows an invest-and-collaborate approach to create value in portfolio companies.
The company began its investment activities through deal-by-deal investments and later launched Fund II (2007), Fund III (2015), and Fund IV (2021). It also entered the secondaries business, with its Secondaries Fund receiving SEBI approval in October 2025.
Business Model:
- Management Fees: Fees earned for managing and advising funds, linked to the size of the fund and capital committed or invested by external investors.
- Carried Interest: A performance-linked share of profits generated by the funds managed and advised by the company.
- Income from Sponsor Commitment: Capital gains earned from the company’s own investments as a sponsor in the funds it manages and advises.
Gaja Capital has a diversified global investor base across more than 20 countries, including India, the US, Europe and the Middle East. The company manages funds across fundraising, investments, portfolio management and exits, with an average MOIC of 3.3x across its Prior Investments and Gaja Capital Funds.
As of September 30, 2025, the company employed 38 personnel, comprising both permanent and contractual staff.
Gaja Alternative Asset Management IPO – Details
| IPO Opening Date | 19 August 2026 |
| IPO Closing Date | 21 August 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 3,43,75,000 Shares Worth ₹550.00 Crore Fresh Issue: 2,81,25,000 Shares Worth ₹450.00 Crore Offer For Sale: 62,50,000 Shares Worth ₹100.00 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹152 – ₹160 per share |
| Market Lot | 93 Shares |
| Min Order | 93 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Gaja Alternative Asset Management IPO – Date Schedule
| IPO Open Date | 19 August 2026 |
| IPO Close Date | 21 August 2026 |
| Basis of Allotment | 24 August 2026 |
| Initiation of Refund | 25 August 2026 |
| Credit of Shares to Demat Account | 25 August 2026 |
| IPO Listing Date | 26 August 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 21, 2026 |
Gaja Alternative Asset Management IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 93 | ₹14,880 |
| Retail (Max) | 13 | 1209 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1302 | ₹2,08,320 |
| S-HNI (Max) | 67 | 6231 | ₹9,96,960 |
| B-HNI (Min) | 68 | 6324 | ₹10,11,840 |
Competitive Strength
- Well-established alternative AMC with a differentiated business model focused on driving the enterprise value of the Company.
- Proven track-record of delivering consistent performance across the Gaja Capital Funds.
- Focus on the high-growth alternative asset management industry in India with significant headroom to scale.
- Invest-and-collaborate approach with a key focus on value addition to portfolio companies of the Gaja Capital Funds.
- Ensuring skin-in-the game and alignment of interest with the investors of the Gaja Capital Funds.
Company Promoters
- Gopal Jain
- Ranjit Jayant Shah
- Imran Jafar
- Chitra Jain
- Mona Ranjit Shah
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹103.96 Cr | ₹48.98 Cr | ₹44.74 Cr | ₹3.51 Cr |
| 31 March 2025 | ₹123.31 Cr | ₹64.47 Cr | ₹61.95 Cr | ₹4.00 Cr |
| 31 March 2026 | ₹157.80 Cr | ₹70.39 Cr | ₹81.96 Cr | ₹41.56 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 16.47% |
| Debt/Equity | 0.07 |
| RoNW | 13.13% |
| PAT Margin | 51.94% |
| NAV | 53.73 |
| Pre IPO | Post IPO | |
| EPS (₹) | 7.17 | 7.17 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Investing towards its Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount as follows: (a) investing towards its balance Sponsor Commitment to the following constituent funds of Fund IV and Bridge Loan Amount (i) Gaja Capital India Fund 2020 LLP; (ii) Gaja Capital India Fund 2020; and (iii) Bridge Loan Amount (b) investing towards its Sponsor Commitment to the proposed Fund V; and (c) investing towards its Sponsor Commitment to the Secondaries Fund | ₹372.00 |
| General Corporate Purposes. |
Gaja Alternative Asset Management IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 1 | 360 One WAM Limited | 40.01 |
| 2 | 5 | Aditya Birla Sun Life AMC Limited | 30.28 |
| 3 | 5 | Anand Rathi Wealth Limited | 91.50 |
| 4 | 5 | HDFC Asset Management Company Limited | 37.82 |
| 5 | 1 | ICICI Prudential Asset Management Company Limited | 45.38 |
| 6 | 10 | Nippon Life India Asset Management Limited | 49.57 |
| 7 | 2 | Nuvama Wealth Management Limited | 30.44 |
| 8 | 1 | SBI Funds Management Limited | 37.80 |
| 9 | 10 | UTI Asset Management Company Limited | 28.84 |
✅Strengths
- 20+ years of experience in alternative asset management.
- Strong fund performance with 3.3x average MOIC.
- PAT grew from ₹447.42 million in FY24 to ₹819.59 million in FY26.
- Strong global investor base across 20+ countries.
- High sponsor commitment shows strong skin-in-the-game.
⚠️Risks
- Earnings are highly dependent on fund performance and carried interest.
- High sponsor commitment exposes the company to investment losses.
- Top 10 LPs contribute 63.42% of Fund IV commitments.
- Private equity investments are relatively illiquid.
- Business depends heavily on promoters and key professionals.
Gaja Alternative Asset Management IPO Promoter Holding
| Pre-Issue Share Holding | 71.03% |
| Post Issue Share Holding | 54.23% |
Gaja Alternative Asset Management IPO Prospectus
Company Contact Information
| Gaja Alternative Asset Management Limited 302, 3rd Floor, Kanchenjunga Building, 18, Barakhamba Road, Connaught Place, Central Delhi, New Delhi, 110001 Phone: 91368 89894 Email: compliance@gajacapital.com Website: https://gajacapital.com/ |
Gaja Alternative Asset Management IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: gajaalternative.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Gaja Alternative Asset Management IPO Lead Manager(s)
| 1. JM Financial Limited 2. IIFL Capital Services Limited |
Gaja Alternative Asset Management IPO FAQs
| What is the Gaja Alternative Asset Management IPO? Gaja Alternative Asset Management IPO is a main-board IPO. The issue is priced at ₹152 to ₹160 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Gaja Alternative Asset Management IPO open? The IPO is to open on 19 August 2026 for QIB, NII, and Retail Investors. |
| What is Gaja Alternative Asset Management IPO investors’ portion? The investors’ portion is QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Gaja Alternative Asset Management IPO Size? Gaja Alternative Asset Management IPO size is ₹550.00 crore. |
| What are the Gaja Alternative Asset Management IPO Minimum and maximum lot sizes for Retail? The minimum bid is 93 Shares with ₹14,880, while the maximum bid is 1209 Shares with ₹1,93,440. |
| What is the Gaja Alternative Asset Management IPO Allotment Date? Gaja Alternative Asset Management IPO allotment date is 24 August 2026. |
| What is the Gaja Alternative Asset Management IPO Listing Date? Gaja Alternative Asset Management IPO listing date is 26 August 2026. The IPO is to be listed on the BSE and the NSE. |
