• IPO details: The company has set a price band of ₹152 to ₹160 per share for its ₹550 crore issue, which comprises a ₹100 crore OFS and a ₹450 crore fresh issue, valuing the firm at around ₹2,250 crore at the upper band.
• Proceeds utilization: The ₹450 crore fresh capital will be combined with the existing ₹600 crore net worth to finance regulatory sponsor commitments ("skin in the game") required for launching new funds.
• Revenue structure: Total revenue of ₹135 crore is derived from three streams: management fees, performance fees linked to investor returns, and capital appreciation on internal investments placed in its funds.
• Profit margins: The business maintains a 52% PAT margin, driven by controlled operational and fundraising expenses that scale slower than top-line fund management earnings.
• AIF market opportunity: Capitalizing on projected alternative investment fund industry growth of 26% to 29%, Gaja Capital is positioning itself as India's first publicly listed AIF manager.