Gaja Alternative Asset Management to launch Rs 550 crore IPO on Aug 19; sets price band at Rs 152-160

Private equity firm Gaja Alternative Asset Management is set to launch its Rs 550 crore initial public offering (IPO) on August 19, joining the growing list of firms tapping the public markets.

The IPO, priced at Rs 152-160 per share, comprises a fresh issue of Rs 450 crore and an offer for sale (OFS) of Rs 100 crore. The issue will close on August 21, with shares expected to list on the NSE and BSE on August 26.

Among its recent investments, Gaja Capital participated in Sarvam AI's latest funding round, part of the company's proposed $74 million (around Rs 700 crore) raise led by NVIDIA Corporation. Its portfolio also includes Fractal Analytics, an AI company serving global enterprises, consumer brands such as toxin-free kitchenware startup The Indus Valley, and branded eggs company Eggoz, as well as electronics manufacturer Amber.


Over the years, the investment firm has invested in more than 30 companies across technology, consumer, financial
services, healthcare, and education.

"Globally, institutional allocations to alternative assets have steadily increased over the past several decades, and we believe India is at a similar inflection point. As institutional capital into alternatives grows, the industry is expected to expand significantly. We believe Gaja is well positioned to benefit from this trend through our focussed investment strategy and experienced team," the company's management said during the IPO press conference.

Beyond its existing portfolio, Gaja is also expanding its investment platform. The firm plans to launch its fifth flagship fund with a target corpus of Rs 2,500 crore, its largest to date, alongside a Rs 1,250 crore secondaries fund, according to its red herring prospectus.

The company reported a 33.8% on-year rise in profit to Rs 79.6 crore in FY26, while revenue from operations increased 11% to Rs 135.5 crore. Ahead of the IPO, Gaja raised Rs 125 crore in a pre-IPO round from investors like SBI Life, HDFC Life, Enam, and Jagdish Master at a valuation of Rs 1,625 crore.

For retail investors, the minimum application size has been fixed at 93 shares, requiring an investment of Rs 14,880 at the upper end of the price band. JM Financial is the book-running lead manager for the issue, while MUFG Intime India is the registrar.