Gaja Alternative IPO
Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Day-wise Subscription (times subscribed)
Financial Analysis
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 103.96 | 123.31 | 157.80 |
| Expense | 48.98 | 64.47 | 70.39 |
| Profit (PAT) | 44.74 | 61.95 | 81.96 |
| Total Assets | 388.60 | 451.87 | 706.49 |
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| 360 One WAM Limited | 30.16 | 40.01 | 12.37 | 242.17 | 4,361.62 Cr |
| Aditya Birla Sun Life AMC Limited | 33.76 | 30.28 | 24.13 | 139.94 | 1,845.03 Cr |
| Anand Rathi Wealth Limited | 47.87 | 91.50 | 39.64 | 120.23 | 1,148.83 Cr |
| HDFC Asset Management Company Limited | 66.77 | 37.82 | 30.97 | 215.42 | 4,122.16 Cr |
| ICICI Prudential Asset Management Company Limited | 66.73 | 45.38 | 79.07 | 84.39 | 5,764.63 Cr |
| Nippon Life India Asset Management Limited | 24.05 | 49.57 | 32.83 | 73.01 | 2,708.74 Cr |
| Nuvama Wealth Management Limited | 57.59 | 30.44 | 25.26 | 226.37 | 4,630.69 Cr |
| SBI Funds Management Limited | 15.08 | 37.80 | 51.44 | 29.28 | 4,389.49 Cr |
| UTI Asset Management Company Limited | 31.51 | 28.84 | 8.97 | 350.50 | 1,698.05 Cr |
Promoters: Mr. Gopal Jain, Mr. Ranjit Jayant Shah, Mr. Imran Jafar, Ms. Chitra Jain And Ms. Mona Ranjit Shah
Strengths & Risks
- Heavily oversubscribed — 33.0x overall (so far).
- Strong institutional (QIB) demand — 45.9x.
- Revenue grew 28% in the latest reported year.
- Solid profit margin — 51.9%.
- Strong return on equity — 16%.
Our data checks haven't flagged a specific concern for Gaja Alternative — but that isn't a clean bill of health. Read the risk-factors section of the RHP, which lists company-specific risks our data can't capture.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
Gaja Alternative Asset Management, founded in 2004, is one of the growing alternative management companies with over 20 years of experience. They are an experienced, independent, and home-grown alternative asset management company (“AMC”) that operates under the brand name ‘Gaja Capital’. The company manages 2 types of alternative investment funds (Category I and II). Moreover, the firm also helps foreign investors who invest in Indian companies. As an independent, home-grown brand, the company runs its business itself with no control by any big organization. Its main income comes from 3 sources: management fees, carried interest, and returns from the money invested as a sponsor. Financially, the company has stayed profitable with profit growing immensely between FY2023 and FY2025.
Gaja Alternative Asset Management Ltd., 302, 3rd Floor, Kanchenjunga Building,, 18, Barakhamba Road,, Connaught Place, Central Delhi,, New Delhi, New Delhi, 110001
| Purpose | Amount (Cr) |
|---|---|
| Investing towards our Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount as follows: | 372.00 |
| (a) investing towards our balance Sponsor Commitment to the following constituent funds of Fund IV and Bridge Loan Amount (i) Gaja Capital India Fund 2020 LLP; (ii) Gaja Capital India Fund 2020; and (iii) Bridge Loan Amount# | - |
| (b) investing towards our Sponsor Commitment to the proposed Fund V; and | - |
| (c) investing towards our Sponsor Commitment to the Secondaries Fund | - |
| General corporate purposes. | - |
Resources & Documents
Gaja Alternative has set a price band of Rs 152–Rs 160 per share for an issue size of Rs 550 crore. The stock listed with a 15.62% gain versus its issue price on August 26, 2026.
Gaja Alternative Asset Management, founded in 2004, is one of the growing alternative management companies with over 20 years of experience. They are an experienced, independent, and home-grown alternative asset management company (“AMC”) that operates under the brand name ‘Gaja Capital’.
The issue is promoted by Mr. Gopal Jain, Mr. Ranjit Jayant Shah, Mr. Imran Jafar, Ms. Chitra Jain And Ms. Mona Ranjit Shah with JM Financial Ltd., IIFL Capital Services Ltd. acting as lead manager. Net proceeds will primarily be used towards Investing towards our Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amou… (Rs 372 crore) and (a) investing towards our balance Sponsor Commitment to the following constituent funds of Fund IV and Bridge Loan Amoun….
On fundamentals, the company is posting revenue growth of 28.0%, a profit margin of 51.9%, return on equity of 16.5% in its most recent reported period. Listed peers in this segment include 360 One WAM Limited (P/E 40.01x) and Aditya Birla Sun Life AMC Limited (P/E 30.28x) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
On our data-signal score, the combined signals for this issue currently read strong — the composite picture tilts positive, though not without some caveats. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Gaja Alternative IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed.
See the full Gaja Alternative GMP history and trend, or learn how grey market premium works and how reliable it is.
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