Gaja Alternative Asset Management, an independent alternative asset manager, saw its shares make a robust debut on the stock market on Wednesday, August 26. The stock listed at Rs 185.20 on BSE Ltd, marking a significant 15.75% premium over its initial public offering (IPO) price of Rs 160 per share. Similarly, on the National Stock Exchange (NSE), the shares settled at Rs 185, a 15.63% premium.
Investors who were allotted shares in the IPO saw a profit of approximately Rs 2,350 per lot at the listing price. The market debut exceeded grey market premium (GMP) expectations, which had suggested a listing gain of around 11-12%.
IPO Details and Subscription Success
The IPO for Gaja Alternative Asset Management was open for subscription between August 19 and August 21, with a price band set at Rs 152-160 per equity share. The company successfully raised Rs 550 crore through the offering. The IPO garnered substantial interest from investors, achieving an overall subscription rate of 31.33 times. It received more than 14.36 lakh applications, with bids totaling over Rs 12,700 crore.
- Non-Institutional Investors (NIIs): This portion was subscribed 62.35 times.
- Qualified Institutional Bidders (QIBs): This segment saw a subscription of more than 43.58 times.
- Retail Investors: The allocation for retail investors was subscribed 11.04 times.
Company Background and Brokerage Outlook
Established in 1999, Mumbai-based Gaja Alternative Asset Management has built over two decades of experience in managing and advising India-focused funds. These include Category I and Category II AIFs, as well as offshore funds investing in the Indian market, primarily focusing on alternative investments across various sectors.
Brokerage firms generally held a positive view on the IPO, recommending it as a long-term investment opportunity. JM Financial Ltd and IIFL Capital Services acted as the book-running lead managers for the Gaja Capital IPO, with MUFG India Intime serving as the registrar for the issue.