Private equity firm Gaja Alternative Asset Management will open its Rs 550 crore initial public offering on August 19, pricing shares at Rs 152-160. The issue closes August 21, with listing on NSE and BSE expected August 26.
The IPO splits into a Rs 450 crore fresh issue and a Rs 100 crore offer for sale. Retail investors need a minimum 93 shares, or Rs 14,880 at the upper band. JM Financial is the book-running lead manager; MUFG Intime India handles registrar duties.
What does Gaja Capital invest in?
Gopal Jain - Gaja Capital
Gaja's portfolio leans heavily on AI and tech. The firm participated in Sarvam AI's proposed $74 million round led by NVIDIA. It also backs Fractal Analytics, an enterprise AI company, alongside consumer plays like toxin-free kitchenware startup The Indus Valley and branded eggs company Eggoz. Electronics manufacturer Amber rounds out the mix.
Over time, the firm has invested in more than 30 companies spanning technology, consumer, financial services, healthcare, and education.
Expansion plans and financials
Gaja isn't standing still. According to its red herring prospectus, the firm plans to launch a fifth flagship fund targeting Rs 2,500 crore, alongside a Rs 1,250 crore secondaries fund. These would be the largest in the firm's history.
The numbers back the ambition. Gaja reported Rs 79.6 crore profit in FY26, up 33.8% year-on-year. Revenue from operations rose 11% to Rs 135.5 crore.
Pre-IPO backing and valuation
Before the public offering, Gaja raised Rs 125 crore from SBI Life, HDFC Life, Enam, and Jagdish Master at a valuation of Rs 1,625 crore. That pre-IPO round priced the firm at roughly 20x its FY26 profit.
“Globally, institutional allocations to alternative assets have steadily increased over the past several decades, and we believe India is at a similar inflection point. As institutional capital into alternatives grows, the industry is expected to expand significantly.”
— Gaja Alternative Asset Management, IPO press conference
Logicity's Take
Gaja's IPO tests whether public markets will pay up for a mid-sized PE firm's management fees and carry. The AI portfolio (Sarvam, Fractal) gives it a narrative hook, but the real story is whether India's alternative asset industry can sustain multiple listed managers. Edelweiss and 360 One have traded at wide valuation spreads; Gaja's Rs 1,625 crore pre-IPO valuation implies investors expect it closer to the premium end.
Key IPO details at a glance
- Price band: Rs 152-160 per share
- Issue size: Rs 550 crore (Rs 450 crore fresh, Rs 100 crore OFS)
- Opens: August 19, 2026
- Closes: August 21, 2026
- Expected listing: August 26, 2026 (NSE, BSE)
- Minimum lot: 93 shares (Rs 14,880 at upper band)
The IPO arrives as India's PE and VC ecosystem matures. Whether public investors share the management's optimism about alternative assets' growth trajectory will show up in the subscription numbers next week.
Need Help Implementing This?
Have questions about IPO analysis or evaluating alternative asset managers? Reach out to the Logicity team for guidance on financial due diligence and investment tracking.
Source: Tech-Economic Times / ET
Huma Shazia
Senior AI & Tech Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
