Gaja Alternative Asset Management IPO

Listed on the exchange

Gaja Alternative Asset Management priced its issue at ₹160.00 and began trading on 26 August 2026.

The dates that matter

An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.

Issue dates

1. Anchor investor biddingCompleted

   18 August 2026

   One day before the public window, for institutional anchors.

2. Bidding opensCompleted

   19 August 2026

3. Bidding closesCompleted

   21 August 2026

4. Basis of allotmentCompleted

   24 August 2026

5. Refunds initiatedCompleted

   25 August 2026

6. Shares credited to DematCompleted

   25 August 2026

7. Listing on the exchangeCompleted

   26 August 2026

Grey market premium

Grey market premium is the price traders quote among themselves for shares that have not listed yet. Below is the full day-by-day record we hold for this issue, not only the latest figure, because the movement across the bidding window says more than any single day does.

About Gaja Alternative Asset Management

Gaja Alternative Asset Management Ltd. runs private equity and alternative investment funds focused on India. It operates under the Gaja Capital brand and manages Category I and Category II Alternative Investment Funds. It also advises offshore funds that invest in Indian companies. The company earns management fees, carried interest and gains on its own sponsor commitments to the funds it runs. It targets mid-market businesses across education, energy and environment, financial services, consumer and digital technology. Incorporated in 1999, it had 37 personnel as of March 31, 2026. Its registered office sits on Barakhamba Road, Connaught Place, New Delhi.

Promoters

• Gopal Jain
• Ranjit Jayant Shah
• Imran Jafar
• Chitra Jain
• Mona Ranjit Shah

Financial highlights

The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.

Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Mar 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.

Key ratios

Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.

Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.

What the money is for

Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.

• Investing towards Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount as follows: (a) investing towards balance Sponsor Commitment to the following constituent funds of Fund IV and Bridge Loan Amount (i) Gaja Capital India Fund 2020 LLP; (ii) Gaja Capital India Fund 2020 (iii) Bridge Loan Amount (b) investing towards Sponsor Commitment to the proposed Fund V (c) investing towards Sponsor Commitment to the Secondaries Fund

  ₹372.00 Cr

• General Corporate Purposes

  ₹44.25 Cr

• Issue Expenses

  ₹42.60 Cr

Peer comparison

The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. Gaja Alternative Asset Management is the first row.

Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.

Who gets what share

SEBI fixes how much of a book-built issue each investor category can be allotted. This is the split for this issue as stated in the offer document.

Percentages are reproduced as text from the offer document. A dash means the document does not state an amount for that category. Categories are labelled using the document's own terms, which differ slightly between issues.

Questions people ask

Sources

• National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
• BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
• Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
• Gaja Alternative Asset Management issue particulars are compiled and published by DematOpen, refreshed every 30 minutes, and reviewed by the editorial team. The record was last updated 15 September 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.