Gaja Alternative Asset Management IPO
Day 2 of 3 of bidding · Aug 20, 2026
Gaja Alternative Asset Management IPO is on Day 2 of 3 of its subscription window. The latest grey market premium is Rs 24 (15.0% over issue price), up Rs 1 from previous. Total subscription stands at 1.43x (QIB 0.1x, NII 1.91x, Retail 1.98x). Bidding closes tomorrow, Aug 21, 2026.
Last updated:Market Sentiment
IPO Details
Market Lot Size
IPO Reservation
Return Estimator (GMP*)
Allotment Chances
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
- Healthy grey-market premium — +15% over the issue price.
- Grey-market premium is trending up during the bidding window.
- Revenue grew 28% in the latest reported year.
- Solid profit margin — 51.9%.
- Strong return on equity — 16%.
Risk signals for Gaja Alternative Asset Management will appear here as subscription, valuation and GMP data arrive. Always read the company-specific risk factors in the RHP before you apply.
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.
| 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 Asset Management Ltd., 302, 3rd Floor, Kanchenjunga Building,, 18, Barakhamba Road,, Connaught Place, Central Delhi,, New Delhi, New Delhi, 110001
Gaja Alternative Asset Management has set a price band of Rs 152–Rs 160 per share for an issue size of Rs 550 crore. The Mainboard issue is currently open for subscription and closes tomorrow.
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….
Grey market is quoting a premium of +Rs 24 (+15.0% over issue price), up Rs 17 from the previous session. Live demand data shows overall subscription at 1.43x, retail at 1.98x, QIB at 0.10x, NII at 1.91x.
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.
Our data-driven engine currently flags this issue as a Neutral stance — the data is mixed and the risk-reward is balanced rather than one-sided. All figures below — GMP history, subscription tiers, financials and peers — are aggregated from public disclosures. Always apply through your own broker after reading the RHP.
Gaja Alternative Asset Management IPO GMP — What It Means
The latest grey market premium for Gaja Alternative Asset Management IPO is ₹24 (+15.0%). GMP is an unofficial, dealer-quoted figure that hints at expected listing-day demand — it is not a guaranteed listing price. For Gaja Alternative Asset Management it should be read alongside the subscription numbers and the company's fundamentals, since grey-market premiums can swing sharply during the bidding window.
See the full Gaja Alternative Asset Management GMP history and trend, or learn how grey market premium works and how reliable it is.
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