• IPO structure: Gaja Capital is executing a ₹550 crore IPO comprising a ₹450 crore fresh issue and a ₹100 crore offer for sale, marking India's first public listing of a pure-play alternative asset manager.
• Financial performance: Profit has grown at a 35% CAGR over recent years—rising from ₹44.7 crore to ₹62 crore, and reaching ₹82 crore last year—with profit margins expanding to nearly 52%.
• Revenue model: The fund management entity generates income across three main streams: management fees, performance fees (carried interest), and capital appreciation from its mandatory co-investments.
• Capital position: The company holds a pre-IPO net worth of ₹600 crore, including ₹200 crore in cash, and is raising fresh equity primarily to drive institutionalization and fund expansion rather than out of capital distress.
• AIF industry growth: The broader alternative investment fund industry has grown at 29% annually and is projected by CRISIL to grow at a 26% CAGR, driven by entrepreneurial demand for private capital.