Gaja Alternative Asset Management, known commercially as Gaja Capital, is set to open its Initial Public Offering (IPO) for subscription on August 19, 2026. The issue, valued at ₹550 crore, will be available for investors until August 21, 2026. Prior to the main subscription, the anchor book will open for a single day on August 18.
Gaja Capital IPO: Key Details
- Price Band: The company has set the price band for its equity shares at ₹152 to ₹160 per share.
- Issue Size: The IPO comprises a fresh issue of shares worth ₹450 crore and an Offer for Sale (OFS) of up to ₹100 crore by existing shareholders, including promoters.
- Minimum Bid: Investors can bid for a minimum of 93 shares and in multiples thereafter.
- Market Capitalisation: At the upper end of the price band, Gaja Capital is projected to achieve a post-listing market capitalisation of ₹2,256.16 crore.
The alternative asset management firm, which received regulatory approval from SEBI in October 2025, has allocated 50 percent of the total issue size for Qualified Institutional Buyers (QIBs), 15 percent for Non-Institutional Investors (NIIs), and the remaining 35 percent for retail investors.
Use of Proceeds and Financial Performance
Gaja Capital intends to utilize approximately ₹372 crore from the net proceeds of the fresh issue. These funds will primarily be directed towards sponsor commitments for existing and new funds, as well as for the repayment of a bridge loan. Any remaining proceeds will be allocated for general corporate purposes.
For the financial year ending March 2026, Gaja Capital reported a significant increase in its financial metrics:
- Profit: ₹79.6 crore, marking a 33.8 percent rise from ₹59.5 crore in the previous fiscal year.
- Revenue from Operations: Increased by 11 percent to ₹135.5 crore, up from ₹122 crore.
- Total Income: Grew by 28 percent year-on-year to ₹157.8 crore.
Promoters currently hold a 71.03 percent stake in Gaja Capital. Public shareholders, including HDFC Life Insurance, SBI Life Insurance, and Wealthwave Capital, own the remaining 28.97 percent.
Timeline and Stakeholders
JM Financial and IIFL Financial Services are the designated merchant bankers for the Gaja Capital IPO, with MUFG Intime India Pvt. Ltd. acting as the registrar. Share allotment is expected to be finalized by August 24, with the company anticipated to list on the stock exchanges around August 26, 2026.