Gaja Capital’s ₹550-crore IPO to open on Aug 19; price band set at ₹152-160

Gaja Alternative Asset Management, which operates under the Gaja Capital brand, has filed its red herring prospectus (RHP) to launch its ₹550-crore initial public offering (IPO) on August 12. The three-day issue will close on August 21, with the shares proposed to be listed on both the BSE and NSE on August 26.

Gaja Alternative IPO comprises a fresh issue of 2.81 crore shares aggregating to ₹450 crore and an offer for sale (OFS) of 0.63 crore shares worth ₹100 crore.

The Mumbai-based private equity firm has trimmed the issue size from the ₹656.2 crore IPO proposed earlier, comprising a fresh issue of ₹549.2 crore and an OFS of ₹107 crore, as announced when it filed its updated draft red herring prospectus in December 2025. The company had received Sebi's approval for its IPO papers, filed through the confidential route, in October 2025.

The IPO has a price band of ₹152-160 per share, with a lot size of 93 shares. At the upper end of the price band, retail investors will need to invest a minimum of ₹14,880.

As per the IPO document, up to 50% of the net offer will be reserved for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors.

Of the ₹450-crore fresh issue, Gaja Capital plans to deploy ₹387 crore towards sponsor commitments to certain existing and proposed funds and repayment of a bridge loan. This includes commitments to Gaja Capital India Fund 2020 LLP, Gaja Capital India Fund 2020, the proposed Fund V and the Secondaries Fund. Another ₹24.91 crore will be used for partial or full repayment of outstanding borrowings, with the balance earmarked for general corporate purposes.

Gaja Alternative Asset Management, incorporated in 2004, is an alternative asset management company operating under the Gaja Capital brand. It acts as an investment manager to India-focused category I and category II alternative investment funds (AIFs) and provides advisory services to offshore funds investing in Indian companies.

On the earnings front, the total income stood at ₹110.38 crore in the six months ended September 2025, compared with ₹123.31 crore in FY25. Profit after tax stood at ₹41.26 crore during the period, against ₹44.74 crore in FY25 and ₹61.95 crore in FY24.

Gaja Alternative’s net worth increased to ₹574.55 crore as of September 30, 2025, from ₹388.97 crore at the end of FY25. Total borrowings stood at ₹40.88 crore, compared with ₹4 crore as of March 31, 2025.

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