- POSITIVE
Annual Revenue Gaja Alternative Asset Mar-2026 Annual Revenue is Rs 67 Cr which is growth of 22.2% YoY.
- POSITIVE
Annual Net Profit Gaja Alternative Asset Mar-2026 Annual Net Profit is Rs 10 Cr which is growth of 90.0% YoY.
Gaja Alternative Asset Management was incorporated on April 9, 1999. The company is a well-established, independent alternative asset manager with 20 years of experience, managing India-focused Category I and II AIFs and advising offshore funds. Its home-grown leadership team, entirely developed in India, has successfully navigated multiple investment cycles over two decades
| Bidding Dates |
|---|
| 19 Aug 2026 - 21 Aug 2026 |
| Subscription |
|---|
| 31.33x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,136 | 1 | 13 | 93 | 34.4 M | ₹152 - ₹160 | 54.23 % | ₹5,225.0 M - ₹5,500.0 M | RHP DOC |
Gaja Alternative Asset IPO SUBSCRIPTION STATUS
21 Aug '26Total31.33x
Retail Individual Investor11.04x
HNI (NII) Investors62.35x
Qualified Institutional Buyers43.58x
Gaja Alternative Asset IPO overall subscription rate was 31.33 times the total available shares
Gaja Alternative Asset IPO retail subscription rate was 11.04 times in the retail segment
Gaja Alternative Asset IPO non-institutional investor subscription rate was 62.35 times in the non-institutional investor category
Gaja Alternative Asset IPO Qualified Institutional Bidder subscription rate was 43.58 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
21 Aug 2026 (Day 3) | 11.04x | 62.35x | 43.58x |
20 Aug 2026 (Day 2) | 3.13x | 3.93x | 0.1x |
19 Aug 2026 (Day 1) | 1.2x | 1.06x | 0.09x |
Gaja Alternative Asset FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) |
| FY26 | 135.5 | 82.0 | -15.0 | -20.7 |
| FY25 | 122.0 | 62.0 | -8.8 | -9.2 |
| FY24 | 95.6 | 44.7 | 20.9 | 19.3 |
Gaja Alternative Asset IPO SUBSCRIPTION STATUS DETAILS
Gaja Alternative Asset had 34.4 M shares on offer
Gaja Alternative Asset IPO offer price was in the range ₹152 - ₹160
Gaja Alternative Asset IPO minimum Investment was ₹14136
Gaja Alternative Asset IPO issue size was ₹ 5,225.0 M - ₹ 5,500.0 M
Gaja Alternative Asset had a minimum lot size of 93 Shares per application
Gaja Alternative Asset NUMBER OF SHARES ON OFFER
Total34.4 M
Fresh Issue28.1 M
Offer for Sale6.3 M
Post Issue Promoter Holding %54.23 %
Gaja Alternative Asset IPO IMPORTANT DATES
| Issue Open Date | 19 Aug 2026 |
| Issue close Date | 21 Aug 2026 |
| Allotment Date | 24 Aug 2026 |
| Refund Date | 25 Aug 2026 |
| Demat Account Credit Date | 25 Aug 2026 |
| Listing Date | 26 Aug 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Gaja Alternative Asset Allotment Status | Exchange/ Registrar |
Gaja Alternative Asset IPO subscription opened on 19 Aug 2026, and closed on 21 Aug 2026
IPO allotment for Gaja Alternative Asset was finalized on Monday, 24 Aug 2026
IPO listing for Gaja Alternative Asset was on NSE and BSE on Wednesday, 26 Aug 2026
Gaja Alternative Asset IPO LISTING GAINS
| Issue Price (adjusted) | 160.0 |
| Listing Open Price | 185.0 |
| Listing Close Price | 168.7 |
| Listing Gain% | 15.6% |
| Current Gain% | -23.1% |
Gaja Alternative Asset Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gaja Alternative Asset Management Ltd. | 123 | 1734.7 | 21.8 | 0.6 | 11 | 13.1 | 11.3 | 157.8 | 28 | 79.7 | 33.8 | 5.6 | 33.8 |
| ICICI Prudential Asset Management Company Ltd. | 2706.9 | 133790.8 | 37.9 | 1.9 | 21.3 | 79.1 | 65.3 | 6000.9 | 20.5 | 3298.3 | 24.4 | 71.5 | 20.2 |
| HDFC Asset Management Company Ltd. | 2309.5 | 99098.7 | 33.3 | 3.9 | 22.5 | 31 | 28.6 | 4622.2 | 13.8 | 2858.1 | 16.2 | 69.4 | 8.5 |
| SBI Funds Management Ltd. | 468.2 | 95364.3 | 51.4 | 47.8 | 4976.1 | 17.5 | 3067.4 | 20.8 | |||||
| Nippon Life India Asset Management Ltd. | 905 | 57923.8 | 35.8 | 1.7 | 19.3 | 32.8 | 29.4 | 2933.1 | 16.4 | 1529.4 | 18.9 | 25.3 | 21.1 |
| Aditya Birla Sun Life AMC Ltd. | 805.5 | 23311.9 | 23.6 | 14.2 | 12.4 | 24.2 | 22.1 | 2059.5 | 3.7 | 975.1 | 4.8 | 34.1 | 1.7 |
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
Gaja Alternative Asset annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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Base Level
Reporting Type
Standalone
Cell Data
Actual
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YoY & New to Old
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*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
22.1%
2Y CAGR
5.9%
3Y CAGR
-11%
Net Profit Ann.
1Y CHG
88.7%
2Y CAGR
-4.2%
3Y CAGR
-37.2%
Operating Exp. Ann.
1Y CHG
-6.1%
2Y CAGR
11.8%
3Y CAGR
8.6%
Gaja Alternative Asset INFORMATION ON IPO ISSUE
About Gaja Alternative Asset
Gaja Alternative Asset Management was incorporated on April 9, 1999. The company is a well-established, independent alternative asset manager with 20 years of experience, managing India-focused Category I and II AIFs and advising offshore funds. Its home-grown leadership team, entirely developed in India, has successfully navigated multiple investment cycles over two decades
Object of the Issue
- Investing towards the balance Sponsor Commitment to the following constituent funds of Fund IV and Bridge Loan Amount Gaja Capital India Fund 2020 LLP
- Investing towards the balance Sponsor Commitment to the following constituent funds of Fund IV and Bridge Loan Amount Gaja Capital India Fund 2020
- Investing towards the Sponsor Commitment to the proposed Fund V
- Investing towards the Sponsor Commitment to the Secondaries Fund
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the company
- General corporate purposes
Gaja Alternative Asset - PROMOTERS
| Name |
|---|
| Gopal Jain |
| Ranjit Jayant Shah |
| Imran Jafar |
| Chitra Jain |
| Mona Ranjit Shah |
Gaja Alternative Asset - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Upendra Kumar Sinha | Non-Executive Chairman |
| Ranjit Jayant Shah | Executive Vice-Chairman |
| Gopal Jain | Managing Director & Chief Executive Officer |
| Imran Jafar | Executive Director |
| Manish Sabharwal | Non-Executive Director |
| Prithvi Pal Singh Haldea | Non-Executive Director |
| Arindam Kumar Bhattacharya | Independent Director |
| Shital Mehra | Independent Director |
| Shailesh Vishnubhai Haribhakti | Independent Director |
Gaja Alternative Asset Book Running Lead Manager
JM Financial Limited
gaja.ipo@jmfl.com
IIFL Capital Services Limited
gaja.ipo@iiflcap.com
Gaja Alternative Asset Registrar to the Offer
MUFG Intime India Private Limited
gajaalternative.ipo@in.mpms.mufg.com
Gaja Alternative Asset Strengths
Differentiated business model
With 20 years of experience, the company has built a strong investment track record, navigating major economic events like the 2008 crisis, demonetization, the NBFC liquidity crisis, and COVID-19. Its differentiated model maximizes operating leverage by retaining all fund-generated income and relying mainly on its own investor network for fundraising
Strength
Invest & collaborate approach
The company follows an invest-and-collaborate model, actively engaging with portfolio companies to add value beyond capital infusion. With board representation in most investments, it combines investment expertise and operating experience to support and strengthen portfolio performance
Strength
Diverse investor base
The company has a diversified global investor base across 20+ countries, including major institutions and wealthy individuals, enabling consistent fund-raising growth for the Gaja Capital Funds. Strong performance has built a committed LP network, with rising domestic participation alongside significant international commitments
Strength
Gaja Alternative Asset Risks
Regulatory risks
The company and its managed funds operate under strict securities regulations in India and Mauritius, overseen by SEBI, MCA, RBI, and other authorities. Any failure to comply with these rules could lead to penalties or regulatory action
Risk
Risk of “clawback” provision
Fund IV’s governing agreements include a clawback clause that may require the company to return previously received carried interest if investor returns fall below agreed thresholds. Although no clawback has occurred so far, such an obligation could arise in the future
Risk
Depend on performance of funds
The company’s financial performance depends on how well the funds it manages and advises perform, which exposes its shareholders to fund-related outcomes. However, investors in the company’s equity shares are not investors in those funds and will receive returns only through dividends declared by the company itself
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 100.0 crore, of 6,250,000 shares. It also consists of a fresh issue of Rs 450.0 crore.
The promoters of the company are Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain and Mona Ranjit Shah.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 152.0 - 160.0.
The IPO application opens on Aug 19, 2026 and closes on Aug 21, 2026.
The minimum lot size for the IPO is 93. The maximum lot size for the IPO is 1209.
For all category investors, the minimum application amount for this IPO is Rs. 14,136.0, the maximum value for this IPO is Rs 193,440.0.
This IPO will be allotted on Aug 24, 2026.
The refund will be credited to your account on Aug 25, 2026.
The allotted shares will be credited to your demat on Aug 25, 2026.
Gaja Alternative Asset Management Ltd.’s shares listed on the stock exchanges on Aug 26, 2026.