Gaja Alternative Asset Management, which operates under the brand name Gaja Capital, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO). The IPO document has been filed via a confidential pre-filing route, so issue size and others details were not disclosed by the home-grown private equity and alternative asset management firm.

The company looks to raise around ₹500-600 crore via the IPO route, which will be used to seed new funds and expand the distribution network both in India and abroad, people familiar with the development told Fortune India. A part of the capital will be also utilised to expand into new fund management strategies.

If successful, this will mark the first public listing of an Indian-origin private equity firm specialising in alternative assets.

Founded in 2004 by Gopal Jain, Imran Jafar, and Ranjit Shah, Gaja Capital provides growth capital to companies spanning sectors including education, consumer, and financial services sectors. In January 2025, the company converted from private to public limited changing its name to Gaja Alternative Asset Management Ltd.

Last month, the company raised ₹125 crore in a pre-IPO fundraising round, at a valuation of ₹1,625 crore, which saw participation from investors such as HDFC Life, SBI Life, Enam Group, and market investor Jagdish Master. Over the past 21 years, 34 investors have co-invested in Gaja Capital’s portfolio companies.

Gaja Capital is one of India’s leading PE, alternative asset management companies, focussed on providing growth capital to ambitious entrepreneurs building the future champions of the Indian economy. Over the years, the company has established itself as India’s first institutional and independent private equity firm with a strong track record of performance and value creation.

Gaja Capital’s board of directors is chaired by U.K. Sinha (Non-executive Chairman), with non-executive board members including Shailesh Haribhakti, Prithvi Haldea, Manish Sabharwal, Arindam Bhattacharya, and Shital Mehra. Executive board members include the founders Gopal Jain, Ranjit Shah and Imran Jafar.

Some of Gaja Capital’s investments include Teamlease, Lighthouse Learning, RBL Bank, John Distilleries, Xpressbees, Ei, Leadsquared and Signzy.

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