by Suman Gupta
MUMBAI, NATIONAL, 13 AUGUST, 2026 : Gopal Jain-promoted Gaja Alternative Asset Management, which operates under the Gaja Capital brand, has set a price band of Rs 152-160 per share for its Rs 550-crore initial public offering. At the upper end of the band, the company would be valued at Rs 2,256 crore.
The IPO will open for subscription on August 19 and close on August 21. The anchor-investor book will open for a day on August 18.The offer comprises a fresh issue worth Rs 450 crore and an offer for sale of up to Rs 100 crore by select promoters and other shareholders.
Present on the dias at the time of IPO Announcement were : Mr. Khushal Shah, Director- JM Financial Limited
• Mr. Imran Jafar, Executive Director – Gaja Alternative Asset Management Limited
• Mr. Gopal Jain , Managing Director and Chief Executive Officer- Gaja Alternative Asset Management Limited
• Mr. Ranjit Jayant Shah, Executive Vice-Chairman -Gaja Alternative Asset Management Limited
• Mr. Prithvi Haldea – Director on the Board, Chairman CSR and IPO Committee and Member of the Risk Management Committee
• Mr. Pinak Bhattacharya, President, IIFL Capital Services Limited
Gaja Capital manages India-focused funds, including Category I and Category II alternative investment funds. It also advises offshore funds that invest in Indian companies.
The company plans to use Rs 372 crore from the net fresh-issue proceeds to meet sponsor commitments to certain existing and new funds and repay a bridge loan. As told to our newsman Sachin Murdeshwar The balance will be used for general corporate purposes.
Up to 50 percent of the offer has been reserved for qualified institutional buyers, while at least 35 percent has been set aside for retail investors and 15 percent for non-institutional investors.
Investors can bid for a minimum of 93 shares and in multiples of 93 thereafter.The management team alongwith the investment bankers interacted with our newsman Sachin Murdeshwar representing our media house. Gaja Capital has raised Rs 125 crore in a pre-IPO round from long-term investors including SBI Life, HDFC Life, Enam, and Jagdish Master, valuing the firm at Rs 1,625 crore. It aims to become India’s first listed standalone private equity firm. The funds will help seed new funds, expand distribution, and explore new strategies, marking a milestone for alternative asset management in India.
Mr. Gopal Jain, CEO & MD, Gaja Capital, reflected on how the country’s private capital ecosystem has evolved from being heavily dependent on foreign investors to attracting a growing pool of domestic capital. As India’s economy expands, he notes that investor confidence in the country’s long-term growth trajectory continues to strengthen.
At the upper price band, one lot would cost Rs 14,880. A retail investor can apply for up to 13 lots, amounting to Rs 1,93,440.For the year ended March 2026, Gaja Alternative Asset Management net profit rose 33.8 percent to Rs 79.7 crore. Revenue increased 11.1 percent to Rs 135.5 crore from the previous financial year.
The company has identified 360 ONE WAM, Aditya Birla Sun Life AMC, Anand Rathi Wealth, HDFC AMC, ICICI Prudential AMC, Nippon Life India Asset Management and SBI Funds Management as its peers, although Gaja is substantially smaller than most companies in the group.
JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers (BRLMs) to the issue.
