Shares of the alternative asset manager listed at ₹185 on the NSE, a 15.63% premium over the IPO price of ₹160 per share. On the BSE, the stock debuted at ₹185.20, up 15.75% from the issue price, giving the company a market capitalisation of around ₹2,611.5 crore.
The IPO received bids for 79.35 crore equity shares against 2.53 crore shares on offer, resulting in an overall subscription of 31.33 times.
The qualified institutional buyers’ (QIBs) portion was subscribed 43.58 times, while the non-institutional investors’ (NIIs) category was subscribed 62.35 times. The retail individual investors’ (RIIs) portion was subscribed 11.04 times.
The IPO was open for subscription from August 19 to August 21, 2026.
Gaja Capital IPO details
Gaja Alternative Asset Management had fixed the IPO price band at ₹152-160 per equity share, with a minimum lot size of 93 shares.
The ₹550-crore IPO comprised a fresh issue of ₹450 crore and an offer for sale (OFS) of up to ₹100 crore by existing shareholders, including promoters.
The company had reduced the size of both the fresh issue and OFS from the ₹549.2 crore and ₹107 crore, respectively, proposed earlier. When Gaja Capital filed its updated draft red herring prospectus in December 2025, the total IPO size stood at ₹656.2 crore.
Ahead of the IPO, the company raised ₹165 crore from anchor investors at ₹160 per share, the upper end of the price band.
Mutual funds accounted for 65.15% of the anchor book, followed by life insurance companies at 16.66%. Together, these long-term domestic institutional investors accounted for around 82% of the anchor allocation.
Gaja Alternative Asset Management received SEBI approval for its IPO papers in October 2025, after filing the documents through the confidential route.
What does Gaja Capital do?
With more than two decades of experience in alternative asset management, Gaja Capital acts as an investment manager to India-focused funds, including Category I and Category II alternative investment funds (AIFs). It also serves as an adviser to offshore funds that invest in Indian companies.
The company plans to use ₹372 crore of the net proceeds from the fresh issue towards sponsor commitments to certain existing and new funds and repayment of a bridge loan. The remaining proceeds will be used for general corporate purposes.
Gaja Capital’s total income, which comprises its three core revenue streams – management fees, carried interest and income from sponsor commitments – rose 28% year-on-year to ₹157.8 crore in FY26.
Its profit after tax (PAT) increased 32.2% to ₹82 crore, while net worth stood at ₹606.5 crore.
Between FY24 and FY26, the company’s revenue grew at a 23.2% CAGR, while PAT and net worth grew at CAGRs of 35.3% and 35.2%, respectively.
Promoters hold a 71.03% stake in Gaja Capital, while public shareholders own the remaining 28.97%. Public shareholders include HDFC Life Insurance, SBI Life Insurance and Wealthwave Capital.
