Gaja Alternative Asset Management IPO Day 3: Issue subscribed nearly 2.5 times; GMP at 11%. Should you subscribe?

Gaja Alternative Asset Management entered the third and final day of its IPO bidding on Friday, with strong investor participation. In the grey market, the company’s shares are reportedly commanding a premium of around 11%, lower than the earlier 19%, but still suggesting the potential for moderate listing gains.

On Day 2, the IPO was subscribed 2.44 times overall, against the 2.53 crore shares on offer, meaning investors placed bids for a significantly higher number of shares. The retail portion saw particularly strong demand.

The company has set the IPO price band at Rs 152–160 per share.


The Rs 550 crore issue comprises 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 apply for a minimum of 93 shares, requiring an investment of Rs 14,880.

The share allotment is expected to be finalised on August 24, while the company’s shares are likely to make their debut on both the NSE and BSE on August 26, 2026.

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

Gaja Alternative Asset Management IPO subscription status

On Day 2, the Gaja Alternative Asset Management IPO was subscribed 2.44 times overall, against a total of 2.53 crore shares on offer.

Retail Individual Investors (RIIs): The retail portion was subscribed 3.13 times, with bids received for 1.26 crore shares reserved for retail investors.

Non-Institutional Investors (NIIs): The NII category was subscribed 3.93 times, against 54.27 lakh shares on offer.

Qualified Institutional Buyers (QIBs): The QIB portion received bids for 10% of the 72.36 lakh shares reserved for the category.

Gaja Alternative IPO GMP today

The Gaja Alternative Asset Management IPO GMP currently stands at Rs 18, representing a 11% premium over the upper price band of Rs 160 per share. Based on the current GMP, the estimated listing price is around Rs 178 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 use 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 to meet sponsor commitments to certain existing and proposed funds and repay 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% 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% 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 to the 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)