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₹160 - 160
Gaja Alternative Asset Management Ltd
FinanceIPO
₹160 - 160
We are a well-established alternative asset management company, in terms of vintage, with 20 years of experience. We act as an investment manager to India focused funds, including category II and category I alternative investment funds ("AIFs") and also act as advisors to offshore funds, which provide capital to companies in India. We are an experienced, independent and home-grown alternative asset management company ("AMC"). With over two decades of experience in alternative asset management, we have navigated various investment cycles across the funds managed and advised by us. As an independent alternative AMC, we are not sponsored or owned by any financial institution, corporate group, or global firm and our ownership structure is predominantly held by our leadership team. The home-grown character of our Company is rooted in the backgrounds of our Promoters and senior management, all of whom have developed their careers in India and are Indian citizens.
Lot93Min Invest₹14,880Face Value₹5Issue Size₹550 CrFresh Issue₹450 CrOffer for Sale₹100 CrListing Price₹185CMP₹161
Timeline
19 Aug
Bidding opens
21 Aug
Bidding closes
24 Aug
Allotment
25 Aug
Refund & demat credit
26 Aug
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹550 Cr3.44 Cr shares
Fresh Issue₹450 Cr
Offer for Sale₹100 Cr
Face Value₹5
Lot Size93 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8801-13 lots
sNII₹2,08,320from 14 lots
bNII₹10,11,840from 68 lots
Managers & Registrar
Lead ManagerJM Financial Limited
Co-ManagerIIFL Capital Services Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrRanjit Jayant Shah jointly held with. Mona Ranjit ShahPRMTR18,34,37529.35Imran JafarPRMTR12,50,00020.00Sudesh Jain jointly held with Gopal JainPRMTR6,25,00010.00Sanjay Hiralal PatelOTH11,71,87518.75Anshuman GoyalOTH5,87,5009.40Abhinav JainOTH3,12,5005.00Sushane ChopraOTH3,12,5005.00Suparna KumarOTH1,56,2502.50Total62,50,000100.00
Shareholding
CategoryPre IPOPost IPOPromoter Group71.03%54.23%Public28.97%45.77%
Objects of the Issue
- Investing towards the company Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount
- General corporate purposes
Anchor Book
Bid Date18-Aug-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 38 | 56 | 77 | 122 | 136 |
| Operating ProfitCr | -21 | 3 | 31 | 61 | 72 |
| OPM% | -56.2 | 4.7 | 40.0 | 49.8 | 53.2 |
| PBTCr | 9 | 58 | 55 | 59 | 87 |
| PATCr | 10 | 42 | 45 | 62 | 82 |
| EPS | 5 | 20,365 | 21,453 | 6 | 7 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 0 | 0 | 0 | 0 | 56 |
| ReservesCr | 187 | 288 | 332 | 389 | 550 |
| BorrowingsCr | 1 | 4 | 4 | 4 | 42 |
| Total AssetsCr | 200 | 340 | 389 | 452 | 706 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -23 | -6 | 21 | -9 | -15 |
| Investing Cash FlowCr | 63 | -14 | -6 | 14 | -109 |
| Financing Cash FlowCr | -39 | 2 | -6 | -7 | 152 |
| Net Cash FlowCr | 2 | -17 | 12 | 2 | 46 |
Strengths & Risks
Strengths · as stated in the DRHP
- Well established alternative AMC with a differentiated business model focused on driving the enterprise value of our Company.
- Proven track-record of delivering consistent performance across the Gaja Capital Funds.
- Focus on the high-growth alternative asset management industry in India with significant headroom to scale.
- Invest-and-collaborate approach with a key focus on value addition to portfolio companies of the Gaja Capital Funds.
- Ensuring skin-in-the game and alignment of interest with the investors of the Gaja Capital Funds.
- Experienced Promoters and management team.
Strategies · as stated in the DRHP
- Drive growth in the enterprise value of our Company by leveraging our business model and delivering on key value drivers.
- Capitalize on the growth of the AIF segment and deepen our focus on high-growth sectors in the mid-market segment in the Indian economy.
- Continue to focus on delivering sustained growth and investment performance in our flagship private equity strategy.
- Leverage our expertise to progress on new growth strategies
- Strengthen our employee value proposition to continue to attract and retain talent.
- Enhance investor reach in India and globally and strengthen industry relationships.
Risks · as stated in the DRHP
- The company's total income is dependent on the performance of the funds managed and advised by it. The company derives its total income from Management Fee, Carried Interest and Income from Sponsor Commitment and the company's total income during Fiscals 2026, 2025, and 2024 included Management Fee from the funds managed and advised by it and was 38.07%, 46.65% and 72.96% of the company's total income, respectively.
- The historical returns attributable to the funds managed and advised by it should not be considered as indicative of the future results of such funds or of the future funds and the returns the company may generate may be prolonged on account of the nature of these funds and may not be similar to what its may have generated historically.
- The timing and receipt of Carried Interest from the funds managed and advised by the company unpredictable and will contribute to the volatility of its cash flows. The company's Carried Interest was Rs.754.11 million and 47.79% of its total income for Fiscal 2026 and Rs.644.26 million and 52.25% of the company's total income in Fiscal 2025.
- Valuation methodologies for certain assets of the funds managed and advised by it can be susceptible to significant subjectivity and the derived values of assets may not be realized, which could result in significant losses for such funds. The fair market value of Sponsor Commitments in Gaja Capital Funds was Rs.2,436.23 million, Rs.2,015.42 million and Rs.2,204.75 million for Fiscals 2026, 2025 and 2024, respectively.
- The company's inability to raise sufficient capital from Limited Partners or their inability to honor capital calls in relation to the funds managed and advised by it could adversely affect the company's results of operations, financial condition and cash flows.
- The company, along with the funds managed and advised by the company, subject to securities regulation and any failures to comply with these regulations could subject it to penalties or sanctions.