Gaja Alternative Asset Management IPO Day 2: GMP at 14%, Subscribed 86%: Should you subscribe?

Gaja Alternative Asset Management, a home-grown alternative asset management company, entered the second day of its IPO bidding with strong investor interest. In the grey market, the company’s shares are reportedly trading at a 14 per cent premium, down from the earlier 19 per cent, still indicating the possibility of decent listing gains.

On Day 1, the IPO was subscribed 86 per cent overall, with 2.53 crore shares on offer. The retail portion was fully subscribed, receiving bids for 1.20 times the 1.26 crore shares reserved for retail investors.

The three-day IPO will remain open for subscription until August 21, 2026. The company has fixed the price band at Rs 152 to Rs 160 per share.


The Rs 550 crore public issue consists of a fresh issue of 2.81 crore shares worth Rs 450 crore and an offer for sale (OFS) of 63 lakh shares amounting to Rs 100 crore.

At the upper end of the price band, retail investors can bid for a minimum of 93 shares, requiring an investment of Rs 14,880.

The company is expected to finalise the share allotment on August 24, with its shares likely to be listed on both the NSE and BSE on August 26, 2026.

JM Financial Ltd. is acting as the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. is the registrar.

Gaja Alternative Asset Management IPO Subscription Status

On Day 1, the Gaja Alternative Asset Management IPO was subscribed 86 per cent overall, against a total of 2.53 crore shares on offer.

Retail Individual Investors (RIIs): The retail portion was subscribed 1.20 times, with bids received for 1.26 crore shares reserved for retail investors. Non-Institutional Investors (NIIs): The NII category was subscribed 1.06 times, against 54.27 lakh shares on offer. Qualified Institutional Buyers (QIBs): The QIB portion received bids for 9 per cent of the 72.36 lakh shares reserved for the category.

Gaja Alternative Asset Management IPO GMP Today

The Gaja Alternative Asset Management IPO GMP currently stands at Rs 23, representing a 14 per cent premium over the upper price band of Rs 160 per share. Based on the current GMP, the estimated listing price is around Rs 183 per share.

Note: GMP (Grey Market Premium) is an unofficial and indicative price based on activity in the grey market. It is not regulated or guaranteed and can fluctuate before the IPO listing.

Objects of the Issue

The company plans to deploy the net proceeds from the fresh issue primarily towards strengthening its investment commitments across its fund portfolio.

Of the proceeds, Rs 372 crore has been earmarked for meeting sponsor commitments to certain existing and proposed funds and for repaying the bridge loan. The allocation will include funding the balance sponsor commitments to Gaja Capital India Fund 2020 LLP and Gaja Capital India Fund 2020, repayment of the bridge loan, and sponsor commitments towards the proposed Fund V and the Secondaries Fund.

Gaja Alternative Asset Management Financial Performance

Gaja Alternative Asset Management delivered strong financial growth in FY26, extending the positive momentum seen in the previous fiscal year. The company’s total income rose from Rs 123.31 crore in FY25 to Rs 157.80 crore in FY26, registering a 28 per cent year-on-year increase. The growth reflects a healthy expansion in the company’s overall income base during the year.

The company also reported a notable improvement in profitability. Profit After Tax (PAT) increased from Rs 61.95 crore in FY25 to Rs 81.96 crore in FY26, marking a 32 per cent year-on-year rise. With profit growth outpacing income growth, the company demonstrated stronger earnings momentum and a robust financial performance in FY26.

About Gaja Alternative Asset Management

Incorporated in April 1999, Gaja Alternative Asset Management Limited is an independent, home-grown alternative asset management company with more than two decades of experience in managing and advising India-focused funds. Its portfolio includes Category I and Category II Alternative Investment Funds (AIFs), along with offshore funds investing in India.

The company focuses on alternative investments across sectors including education, energy and environment, financial services, consumer businesses and digital technology. Its investment strategy is primarily focused on the mid-market segment.

Gaja Alternative Asset Management has developed its track record across multiple fund cycles through the Gaja Capital Funds, including Fund II, Fund III and Fund IV. The company has also built long-standing relationships with investors across more than 20 countries.

As of March 31, 2026, Gaja Alternative Asset Management had a total workforce of 37 personnel, comprising 23 permanent employees and 14 contractual employees.

Should you subscribe IPO?

The IPO presents an interesting combination of strong profitability, an established investment track record and exposure to India’s expanding alternative asset management industry.

Anand Rathi Research has highlighted the company’s more than 20 years of experience and its differentiated investment-manager business model. The brokerage believes the company offers pure-play exposure to India’s high-growth alternative asset management opportunity.

However, there are risks to consider. The company has a relatively concentrated earnings profile, while its performance remains linked to the performance and successful exits of Indian mid-market private equity investments. These factors could limit the scope for aggressive valuations in the near to medium term.

At the upper price band of Rs 160, the company is valued at approximately 27.5x FY26 P/E and 2.1x FY26 P/B, implying a post-issue market capitalisation of around Rs 22,562 million.

Despite the valuation concerns, Anand Rathi Research has assigned a “Subscribe: Long Term” rating to the IPO, citing the company’s business profile and long-term growth prospects.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)