Gaja Alternative Asset shares list at 16% premium over IPO price on NSE, BSE

Gaja Alternative Asset Management shares made their D-Street debut on Wednesday, listing at a premium of nearly 16% over the IPO price.

The stock opened at Rs 185.20 apiece on the BSE, up 15.75% from the issue price of Rs 160. On the NSE, the shares listed at Rs 185, marking a 15.63% premium over the offer price.

The listing was broadly in line with grey market expectations. Shares of the company were commanding a grey market premium (GMP) of around 12% ahead of the debut, indicating expectations of a decent double-digit listing premium.


The IPO, which was open for subscription from August 19 to August 21, drew a strong response, with the issue subscribed 31.33 times overall. The retail portion was subscribed 11.04 times, while the Non-Institutional Investors (NII) category saw a massive 62.35 times subscription. Qualified Institutional Buyers (QIBs) led the demand, with their portion subscribed 43.58 times.

Gaja Alternative Asset Management had set the IPO price band at Rs 152–160 per share. The Rs 550 crore IPO comprised a fresh issue of 2.81 crore shares worth Rs 450 crore and an offer for sale (OFS) of 63 lakh shares valued at Rs 100 crore.

JM Financial Ltd. was the book-running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. is the registrar.

Use of proceeds

Gaja Alternative Asset Management intends to use the net proceeds from the fresh issue primarily to strengthen its investment commitments across its fund portfolio.

Of the total proceeds, Rs 372 crore has been allocated towards sponsor commitments to select existing and proposed funds, along with repayment of the bridge loan. This includes meeting the remaining sponsor commitments to Gaja Capital India Fund 2020 LLP and Gaja Capital India Fund 2020, repaying the bridge loan, and making sponsor commitments to the proposed Fund V and the Secondaries Fund.

Gaja Alternative Asset Management Financial Performance

Gaja Alternative Asset Management reported strong financial growth in FY26, building on the momentum recorded in the previous financial year. The company’s total income increased from Rs 123.31 crore in FY25 to Rs 157.80 crore in FY26, representing a 28% year-on-year growth.

Profitability also improved significantly during the year. Profit After Tax (PAT) rose from Rs 61.95 crore in FY25 to Rs 81.96 crore in FY26, registering a 32% year-on-year increase.

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.

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