About Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management Limited has officially submitted its Updated Draft Red Herring Prospectus-1 (UDRHP-1) for its upcoming IPO dated December 4, 2025.
Gaja Alternative Asset Management IPO comprises a new issuance in equity shares up to a maximum value of ₹549.2 crores, besides an offer for sale of equity shares up to a maximum value of ₹107.00 crores. Equity shares with a face value of ₹5 per share aggregating up to a maximum value of ₹656.20 crores would be listed on NSE & BSE. While the price band and subscription dates shall be announced closer to the launch.
The Book Running Lead Managers (BRLM) for the Gaja Alternative Asset Management IPO are JM Financial Limited and IIFL Capital Services Limited. MUFG Intime India Private Limited serves as the registrar, handling the critical allotment and refund processes for the Gaja Alternative Asset Management IPO.
Company Background
Gaja Alternative Asset Management Limited was originally incorporated on April 9, 1999, under the name 'View Advisors Private Limited.' In more than two decades, the company has managed to change its name several times, namely Gaja Advisors Private Limited in 2006 and Gaja Alternative Asset Management Private Limited in 2022. The company was able to migrate to a public limited company on January 1, 2025. Gaja Alternative Asset Management Limited consists of its registered office in Connaught Place, New Delhi, along with its corporate office in Lower Parel, Mumbai.
Operations & Product Range
The firm is a well-established alternative asset management company (AMC) with about 20 years of experience. Gaja Alternative Asset Management Limited acts as an investment manager for India-focused funds, Category I and II Alternative Investment Funds (AIFs), among others, while acting as an advisor to some of the offshore funds. Its expertise was gained over several investment cycles with a clear private markets focus to create value for its investors.
Revenue Streams and Business Model
Gaja Alternative Asset Management Limited generates income through management fees, performance-linked profits (carried interest), and returns on its own capital invested in its funds. Their business focuses on long-term growth and buyout deals in Indian mid-market sectors like education and finance. As an operational partner, they provide strategic guidance and significant "skin in the game" to drive value.
Management & Shareholding
Promoters & Shareholding
Promoters of Gaja Alternative Asset Management IPO include Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain, and Mona Ranjit Shah. Just prior to the offer, Gopal Jain had been holding a share of about 22.41% in Gaja Alternative Asset Management. ISS & Other Stakeholders
Some promoters & other stakeholders in the Gaja Alternative Asset Management IPO are participating in the OFS segment.
Board & Key Management
The board and key management structure is headed by its promoters, with Mr. Gopal Jain as the Managing Director and Chief Executive Officer. Other key management personnel include Mr. Abhinav Jain as the Chief Financial Officer and Ms. Ishu Jain as the Company Secretary and Compliance Officer.
Gaja Alternative Asset Management IPO Details
| Detail | Description |
|---|---|
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹ 5 per Equity Share |
| Issue Price Band | [.] |
| Lot Size | [.] |
| Sale Type | Fresh Issue and Offer for Sale (OFS) |
| Total Issue Size | (approx. ₹656.20 Cr) |
| Fresh Issue(Ex Market Maker) | (approx. ₹549.20 Cr) |
| Offer for Sale | (approx. ₹107.00 Cr) |
| Issue Type | 100 % Book Built Issue |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 11,28,85,230 shares |
Gaja Alternative Asset Management IPO Financial Information
Latest Revenue
110.38
₹ Crore
Profit After Tax
62.09
₹ Crore
Net Worth
574.55
₹ Crore
Total Borrowing
40.88
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| H1 FY 2025-26 | 648.88 | 110.38 | 62.09 | 574.55 | 534.22 | 40.88 | |||
| FY 2024-25 | 415.70 | 123.31 | 61.95 | 388.97 | 373.91 | 4.00 | |||
| FY 2023-24 | 354.38 | 103.96 | 44.74 | 331.88 | 321.14 | 3.51 | |||
| FY 2022-23 | 305.67 | 113.63 | 41.26 | 287.35 | 280.48 | 4.24 | |||
| Amount in ₹ Crore | |||||||||
Gaja Alternative Asset Management Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 17.19% |
| ROCE | 15.11% |
| Debt/Equity | 0.01 |
| PAT Margin | 50.24% |
| EBITDA Margin | 49.32% |
| Price to Book Value | [.] |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹ 29.74 (Basic & Diluted) | [.] |
| P/E (x) | [.] | [.] |
IPO Objectives
The proceeds from the Gaja Alternative Asset Management IPO are intended for the following strategic purposes:
- • Investing toward sponsor commitments for certain existing and new funds managed by the company.
- • Repayment of bridge loans and other financial obligations.
- • Meeting general corporate purposes and enhancing the company's brand through public listing.
Conclusion
The Gaja Alternative Asset Management IPO represents a major milestone for one of India’s experienced homegrown alternative asset managers. Through the issuance of new equity shares as well as the offer for sale of existing shares, the company hopes to improve its capital base in readiness for future commitments of funds as well as expansions. For investors, the Gaja Alternative Asset Management IPO presents a great opportunity to invest in the development of the alternative investments industry in India, which is undergoing a rapid evolution.
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Competitive Strengths
India's first listed pure-play alternative asset manager with strong track record.
First standalone Indian private equity firm seeking public listing.
Strong brand and track record in mid‑market alternative investments.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 05/12/2025 | - |
| 2 | SEBI/Exchange approval received | - | - |
Gaja Alternative Asset Management IPO Timeline
| IPO Open Date | [.] |
| IPO Close Date | [.] |
| Tentative Allotment | [.] |
| Initiation of Refunds | [.] |
| Credit of Shares to Demat | [.] |
| Tentative Listing Date | [.] |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | [.] | ₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | [.] | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | [.] | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | [.] | Up to ₹10,00,000 |
| B-HNI (Min) | 67-71 | [.] | Over ₹10,00,000 |