Gaja Alternative Asset Management Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹160
Per ShareLot Size
93 Shares
Minimum Investment
₹14,880
Issue Size
₹550 Cr
Face Value
₹5
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Gaja Alternative Asset Management Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
71.03%
Promoter Holding (Post-Issue)
54.23%
Issue Type
Book Building
ISIN
INE18UN01038
About the Company
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.
Industry Overview
Alternative investment products are among the fastest growing managed investment products in India and over the past few years alternative investment funds have become one of the key segments in private markets in India. Between Fiscals 2019 and 2025, alternative investment fund commitments have grown at a steady pace, registering approximately 30% CAGR, with a total commitment of ?13.49 trillion as of March 31, 2025. The AIF segment is expected to remain one of the fastest growing managed products categories over the next few years as more institutional investors, ultra-high net worth individuals and high net worth individuals seek out differentiated products that provide them an option to generate better returns on their investments. Looking ahead, the AUM for alternative investments in India is projected to grow substantially, with estimates suggesting a 31-33% increase between March 2025 and March 2030, potentially reaching ?53-56 trillion by 2030. This growth surpasses that of traditional asset classes such as mutual funds and deposits, underscoring the attractiveness of alternative investments in the Indian market.
Company History
Our Company was incorporated on April 9, 1999 in New Delhi, India as `View Advisors Private Limited', a private limited company under the Companies Act, 1956 and was granted a certificate of incorporation by the Registrar of Companies, N.C.T. of Delhi and Haryana at New Delhi. Subsequently, pursuant to a special resolution passed by our Shareholders dated May 18, 2006, the name of our Company was changed to `Gaja Advisors Private Limited' and a fresh certificate of incorporation dated June 8, 2006 was issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana at New Delhi. Thereafter, pursuant to a special resolution passed by our Shareholders dated May 25, 2022, the name of our Company was changed to `Gaja Alternative Asset Management Private Limited' and a fresh certificate of incorporation dated July 5, 2022 was issued by the Registrar of Companies, Delhi and Haryana at New Delhi. Our Company was then converted into a public limited company under the Companies Act pursuant to a special resolution adopted by our Shareholders on December 9, 2024, consequent to which, the name of our Company was changed to `Gaja Alternative Asset Management Limited' and a fresh certificate of incorporation was issued to our Company by the Registrar of Companies, Central Processing Centre on January 1, 2025.
Growth Strategy
- 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.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering 34,375,000 equity shares of face value Rs. 5 each ("Equity Shares") of Gaja Alternative Asset Management Limited ("the Company" or the "Company" or the "Issuer") for cash at a price of Rs. 160 per equity share (including a premium of Rs.155 per equity share) (the "offer price") aggregating to Rs.550 Crores (the "Offer") comprising a fresh issue of 28,125,000 equity shares aggregating Rs. 450 Crores by the company (the "Fresh Issue") and an offer for sale of 6,250,000 equity shares aggregating to Rs. 100.00 Crores (the "Offer For Sale"), comprising 1,834,375 equity shares of face value Rs. 5 each aggregating to Rs. 29.35 Crores by Ranjit Jayant Shah Jointly held with Mona Ranjit Shah, 1,250,000 equity shares of face value Rs. 5 each aggregating to Rs. 20.00 Crores by Imran Jafar (the "Promoter Selling Shareholders") 1,171,875 equity shares of face value Rs. 5 each aggregating to Rs. 18.75 Crores by Sanjay Hiralal Patel, 625,000 equity shares of face value Rs. 5 each aggregating to Rs. 10.00 crores by Sudesh Jain Jointly held with Gopal Jain, 587,500 equity shares of face value Rs. 5 each aggregating to Rs. 9.4 Crores by Anshuman Goyal, 312,500 equity shares of face value Rs. 5 each aggregating up to Rs. 5 Crores by Abhinav Jain and 312,500 equity shares of face value Rs. 5 each aggregating to Rs. 5.00 Crores by Sushane Chopra and 156,250 equity shares of face value Rs. 5 each aggregating to Rs. 2.5 Crores by Suparna Kumar (the "Other Selling Shareholders", collectively with the promoter selling shareholders, the "Selling Shareholders", and such equity shares cumulatively offered by the selling shareholders, the "Offered Shares"). Price Band: Rs. 160 per equity share of face value of Rs. 5 each. The floor price 32.00 times the face value of the equity shares, respectively. Bids can be made for a minimum of 93 equity shares of face value of Rs. 5 each and in multiples of 93 equity shares of face value of Rs. 5 each thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- 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.
- 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.