Gaja Capital IPO Set to Surge: Price Band Fixed at Rs 152-160 as ₹550 Crore Offering Awaits Investors
Gopal Jain's promoted entity, Gaja Alternative Asset Management, has set the price band for its initial public offering (IPO). The company is offering shares in a ₹550 crore IPO, with the price range fixed at Rs 152-160 per share.The upper limit of the price band sets the valuation of the company at Rs 2,256 crore. This listing marks a significant event for investors interested in the alternative asset management space.
Key Dates and Offering Structure Revealed
The IPO subscription period is scheduled to commence on August 19 and conclude on August 21. Separately, the anchor-investor book opening is set for one day on August 18.The offering is structured as a fresh issue amounting to Rs 450 crore. Additionally, there is an offer for sale of up to Rs 100 crore from select promoters and other shareholders.
Investor Allocation and Lot Details
To ensure broad access, the IPO allocations have been carefully set out. A minimum of 35 percent of the issue has been reserved specifically for retail investors. Furthermore, Qualified Institutional Buyers (QIBs) will receive up to 50 percent, while non-institutional investors are allocated at least 15 percent.Investors must bid for a minimum of 93 shares, with subsequent bids taken in multiples of 93. At the upper price band, one lot costs Rs 14,880. A retail investor can apply for up to 13 lots, amounting to Rs 1,93,440.
Corporate Use of Funds and Financial Snapshot
Gaja Capital operates India-focused funds, spanning Category I and Category II alternative investment funds. The company also provides advisory services to offshore funds investing in Indian enterprises.From the net fresh-issue proceeds, Gaja Alternative Asset Management plans to utilize Rs 372 crore. This allocation is designated for repaying a bridge loan and meeting sponsor commitments related to various existing and new funds. The remainder of the funds will be directed towards general corporate purposes.
For the financial year ending March 2026, the company reported a net profit growth of 33.8 percent, reaching Rs 79.7 crore. Revenue also saw an increase of 11.1 percent, amounting to Rs 135.5 crore compared to the previous financial year.
Industry Peers and Book-Running Managers
The management has benchmarked Gaja Capital against 360 peers in the industry. These identified competitors include ONE WAM, Aditya Birla Sun Life AMC, Anand Rathi Wealth, HDFC AMC, ICICI Prudential AMC, Nippon Life India Asset Management, and SBI Funds Management. The company notes that it remains substantially smaller than most entities within this peer group.JM Financial and IIFL Capital Services have been appointed as the book-running lead managers for the issue.
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