Gaja Alternative Asset Management IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Gaja Alternative Asset Management

Price band

₹152 – ₹160

Lot size

93 shares

Min investment

₹14,880

Issue size

₹550 Cr

About the company

Gaja Alternative Asset Management Limited was started in April 1999. It is an Indian owned alternative asset management company. In simple words, it collects money from large investors and invests that money in Indian companies through funds. It manages and advises Category I and Category II AIFs registered in India as well as offshore funds that invest in India. The company invests mainly in mid sized companies in areas such as education, energy and environment, financial services, consumer products and digital technology. It runs the Gaja Capital Funds, which include Fund II, Fund III and Fund IV, and has investors from more than 20 countries. The company earns in three ways, through management fees on the money it manages, through carried interest which is a share of the profit when a fund does well, and through gains on its own money invested in those funds. As on 31 March 2026 it had put in about Rs 274 crore of its own money as sponsor commitment, which is 6.41% of the total size of the Gaja Capital Funds. It follows an invest and collaborate approach and works with its portfolio companies on product, sales, hiring and finance. As on 31 March 2026 it had 37 people, including 23 permanent and 14 contract employees.

Gaja Alternative Asset Management Limited is an Indian owned alternative asset manager running since 1999. It manages and advises the Gaja Capital Funds, made up of Category I and Category II AIFs and offshore funds, investing mainly in mid sized Indian companies.

IPO details

Issue price: ₹160
Price band: ₹152 – ₹160
Face value: ₹5
Lot size: 93
Min investment: ₹14,880
Issue size: ₹550 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7895
NSE symbol: GAJA.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	93	₹14,880
Retail (Max)	13	1,209	₹1,93,440
S-HNI (Min)	14	1,302	₹2,08,320
B-HNI (Min)	68	6,324	₹10,11,840

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35% of the Net Offer
NII	Not less than 15% of the Net Offer

Objects of the issue

1Investing towards Sponsor Commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount as follows: (a) investing towards balance Sponsor Commitment to the following constituent funds of Fund IV and Bridge Loan Amount (i) Gaja Capital India Fund 2020 LLP; (ii) Gaja Capital India Fund 2020 (iii) Bridge Loan Amount (b) investing towards Sponsor Commitment to the proposed Fund V (c) investing towards Sponsor Commitment to the Secondaries Fund372.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	706.49	451.87	388.60
Total Income	157.80	123.31	103.96
Profit After Tax	81.96	61.95	44.74
NET Worth	606.52	388.97	331.88
Reserves and Surplus	525.33	381.75	325.79
Total Borrowing	41.56	4.00	3.51

Key performance indicators

P/E Ratio

27.54

EPS (₹)

5.81

RoE

16.47%

RoNW

13.13%

PAT Margin

51.94%

Debt / Equity

0.07

NAV (₹)

53.73

✓ Strengths

• Growth has been steady for three years. Total income went from Rs 103.96 crore in FY2024 to Rs 123.31 crore in FY2025 and Rs 157.80 crore in FY2026.

• Profit has also grown every year, from Rs 44.74 crore in FY2024 to Rs 61.95 crore in FY2025 and Rs 81.96 crore in FY2026.

• The business is highly profitable. Profit after tax of Rs 81.96 crore on total income of Rs 157.80 crore means more than half of the income comes down as profit.

• The balance sheet is strong. Net worth was Rs 606.52 crore against borrowing of only Rs 41.56 crore as on 31 March 2026.

• The company has put its own money in its funds. The sponsor commitment of about Rs 274 crore is 6.41% of the fund size, so its interest is aligned with the investors.

• It has a long record of over 25 years and has run multiple fund cycles through Fund II, Fund III and Fund IV.

• Investors come from more than 20 countries, so the money source is spread out and not dependent on one market.

• Out of the Rs 550 crore issue, Rs 450 crore is fresh money coming to the company.

⚠ Risks

• This issue is priced high on earnings. At the upper band of Rs 160 the post issue P/E is about 27.54 times on an EPS of Rs 5.81.

• A part of the income is carried interest and gain on own investment. This income comes only when a fund sells an investment at a profit, so it is lumpy and does not come every year in the same amount.

• The team is very small, with only 37 people of which 14 are on contract. The business depends heavily on a few key fund managers.

• Borrowing rose sharply in one year, from Rs 4.00 crore to Rs 41.56 crore.

• This is a cyclical business. If markets fall, new fund raising becomes slow and exits get delayed, which directly reduces both fees and carried interest.

• The business is fully dependent on SEBI AIF rules. Any change in regulation on fees, structure or taxation will affect earnings.

• Rs 100 crore of the Rs 550 crore issue is an offer for sale and that money goes to the selling shareholders.

• The company manages a limited number of funds, so the performance of one weak fund can affect its reputation and its ability to raise the next fund.

Promoters & holding

Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain and Mona Ranjit Shah

Pre-issue promoter holding

71.03%

Post-issue promoter holding

54.23%

Data refreshed 07 Nov 2026, 05:04 pm IST. GMP is unofficial market sentiment, not investment advice.