Gaja Alternative Asset Management IPO

About the company

Gaja Alternative Asset Management (GAAML) is an India-focused alternative asset management company with around 20 years of operating experience. It acts as an investment manager to Category I and Category II Alternative Investment Funds (AIFs) and as an advisor to offshore funds investing in Indian companies. Incorporated in 1999 as View Advisors Private Limited, the company was later rebranded as Gaja Capital. It is an independent, home-grown asset manager and is not sponsored or owned by any financial institution, corporate group or global firm. The company operates through Fund II (2007 vintage), Fund III (2015), Fund IV (2021) and Eastgate Secondaries Fund I. GAAML follows an invest and collaborate approach, working with portfolio companies through board representation and operational support across product, sales, human resources and financial management. Its key investment sectors include electrical and electronic equipment (EEE), financial services, consumer and digital technology, with EEE and financial services accounting for 60 to 65% of capital invested across Fund II and Fund III. The company uses its Economy-Industry-Business-Company (EIBC) framework to identify investment opportunities. Gaja Capital Funds and Prior Investments had made 28 investments till March 31, 2026, with an average MOIC of 3.3x. Prior Investments gave a 5.61x return. Fund II reported a 3.81x MOIC and 18.61% IRR, while Fund III reported a 1.88x MOIC and 9.40% IRR. Fund IV, which is still being invested, reported an interim 1.74x MOIC and 27.91% IRR. GAAML earns income through management fees, carried interest and sponsor commitments. Management fees typically sit at around 2% of the capital that external investors have committed or invested. Carried interest, on the other hand, is roughly 20% of the fund’s profits once the preferred return hurdle has been cleared. Income from sponsor commitments comes from the gains the company makes on its own investments in the funds. In FY26, carried interest was the biggest contributor, making up 47.79% (₹75.41 crore) of total income. Management fees followed at 38.07% (₹60.08 crore), with sponsor commitment income accounting for 10.61% (₹16.74 crore). The company had around ₹274 crore in sponsor commitments as of March 31, 2026, which was 6.41% of the total fund size. Its investors are spread across 20 countries. 63.42% of capital commitments came from overseas investors and 36.58% from domestic investors. Going ahead, the company plans to raise larger funds, improve fund performance and maintain higher sponsor commitments. It also plans to enter new areas through its secondaries fund and expand its investor base in India and overseas. The company had 37 employees as of March 31, 2026, including 23 permanent and 14 contractual employees. India’s alternative investment market has been growing fast. AIF commitments grew at around 29.2% CAGR from March 2019 to March 2026, reaching ₹16.9 lakh crore. AIF commitments also increased from 1.5% of GDP in FY19 to 4.9% in FY26. The market is expected to grow further, with alternative investment AUM likely to reach ₹41 to 44 lakh crore by March 2030. Category II AIFs made up 75.2% of total commitments in FY26. The mid-market private equity segment, which is an important focus area for the company, is also getting bigger. The segment includes deals of ₹500–2,500 million and accounted for 22% of PE investments by volume in FY26, compared with 19% in FY25 and 16% in FY20. More HNIs, UHNIs and institutional investors are also showing interest in alternative investments. This could help GAAML raise larger funds and launch new ones, leading to higher management fee income. Better fund performance could also increase carried interest and gains from sponsor commitments. Its focus on the mid-market segment and its entry into the secondary market give the company more room to grow. Now, Gaja Alternative Asset Management is launching its initial public offering (IPO), comprising a fresh issue aggregating up to ₹450 crore and an offer for sale aggregating up to ₹100 crore. The total issue size is up to ₹550 crore. Its shares will be listed on the NSE and BSE. ### **How to pre-apply for Gaja Alternative Asset Management IPO?** You can pre-apply for Gaja Alternative Asset Management IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Gaja Alternative Asset Management IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for Gaja Alternative Asset Management IPO?** If you are interested in this investment opportunity but unsure how to apply for Gaja Alternative Asset Management IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Gaja Alternative Asset Management IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Gaja Alternative Asset Management IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check allotment status for Gaja Alternative Asset Management IPO?** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Gaja Alternative Asset Management IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Gaja Alternative Asset Management IPO allotment status will be mentioned.

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   19 Aug 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   21 Aug 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   23 Aug 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   24 Aug 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   25 Aug 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   26 Aug 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.

Date-wise daily subscription (all categories)

Date-wise cumulative subscription figures per category, refreshed each bidding day.