Gaja Alternative Asset Management, which operates under the brand name Gaja Capital, has filed its updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO). If it succeeds, this would be the first public listing of a standalone, Indian-origin private equity firm managing alternative assets.

The asset management company looks to raise ₹656.2 crore, which include a fresh Issue of equity shares aggregating up to ₹549.2 crore and an offer for sale of up to ₹107 crore by existing shareholders, as per the UDRHP filed with the Sebi on December 4, 2025.

The net proceeds from the fresh issue will largely be used to meet Gaja Alternative Asset Management’s sponsor commitments for its current and upcoming funds. This includes ₹387 crore earmarked to complete the remaining sponsor commitments for Fund IV—Gaja Capital India Fund 2020 LLP and Gaja Capital India Fund 2020—and to repay the bridge loan it had taken earlier.

The company will also use a part of the funds to contribute to sponsor commitments for its proposed Fund V and the Secondaries Fund. In addition, a portion of the proceeds will go towards repaying some of its outstanding borrowings. The remaining ₹24.9 crore has been earmarked for general corporate purposes.

The private equity and alternative asset management firm had initially filed its IPO papers with the regulator through the confidential pre-filing route on June 30, 2025, and received approval in late October.

Founded in 2004 by Gopal Jain, Imran Jafar, and Ranjit Shah, Gaja Capital provides growth capital to companies spanning sectors including the 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.

Ahead of the DHRP filing, the company raised ₹125 crore in pre-IPO fund-raising 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, focused on providing growth capital to ambitious entrepreneurs building the future champions of the Indian economy. Some of Gaja Capital’s investments include Teamlease, Lighthouse Learning, RBL Bank, John Distilleries, Xpressbees, Ei, Leadsquared and Signzy.

As per the UDRHP, in recent years, alternative investment funds (AIFs) have become a key pillar of the country’s private markets. Between FY2019 and FY2025, AIF commitments expanded at a robust CAGR of around 30%, reaching a total of ₹13.49 lakh crore as of March 31, 2025. According to the Crisil report, this momentum is expected to continue as institutional investors, ultra-high-net-worth individuals (UHNIs) and high-net-worth individuals (HNIs) increasingly seek differentiated investment avenues that offer the potential for superior returns.

Going ahead, India’s alternative investments AUM is projected to grow even more sharply—by an estimated 31–33% between March 2025 and March 2030—to reach ₹53–56 lakh by 2030.