Gaja Alternative Asset Management
Demand
Red-hot
subscribed 32.98x overall
Grey market
+11.6%
implied listing pop
History says
+6.9%
median at this premium · middle half +2% to +12% · n=68
Listed
+15.8%
day-1 close +5.4% vs issue
Latest GMP
₹18
grey-market premium
Implied pop
+11.6%
GMP over issue price
History says
+6.9%
median actual listing at this GMP (n=68)
Range of outcomes
middle half of 68 listings at this GMP
GMP trend
14 street quotes since 08/25
Final Subscription
Subscribed 32.98xoverall · last updated 2026-08-27 00:45 UTC
| Category | Shares reserved | 24-08 | 26-08 | 27-08 | |||
|---|---|---|---|---|---|---|---|
| Shares bid | Times | Shares bid | Times | Shares bid | Times | ||
| ∟QIB (Ex Anchor) | 68,75,000 | 31,53,82,716 | 45.87× | 31,53,82,716 | 45.87× | 31,53,82,716 | 45.87× |
| NII | 51,56,250 | 33,84,15,375 | 65.63× | 33,84,15,375 | 65.63× | 33,84,15,375 | 65.63× |
| ∟bNII (> ₹10L) | 34,37,500 | 26,13,36,138 | 76.03× | 26,13,36,138 | 76.03× | 26,13,36,138 | 76.03× |
| ∟sNII (< ₹10L) | 17,18,750 | 7,70,79,237 | 44.85× | 7,70,79,237 | 44.85× | 7,70,79,237 | 44.85× |
| Retail | 1,20,31,250 | 13,97,36,127 | 11.61× | 13,97,36,127 | 11.61× | 13,97,36,127 | 11.61× |
| Total | 2,40,62,500 | 79,35,34,218 | 32.98× | 79,35,34,218 | 32.98× | 79,35,34,218 | 32.98× |
Allotment odds (1 lot lottery once oversubscribed) — Retail: ≈ 1 in 12 applicants · Small NII: ≈ 1 in 45 applicants · Big NII: ≈ 1 in 77 applicants
Allotment Probability
Retail · subscribed 11.61x
9%
Small HNI (sNII) · subscribed 44.85x
2%
Big HNI (bNII) · subscribed 76.03x
1%
Chance of winning at least one lot per application, from the shares reserved for the category vs current demand. QIB allots pro-rata, not by lottery. Demand can spike on the final day.
📋Issue Details
| Offer Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Listing At | BSE, NSE |
| Face Value | ₹ 5 per share |
| Price Band | ₹152 to ₹160 |
| Lot Size | 93 shares |
| Total Issue Size | 3,43,75,000 shares (agg. up to ₹ 550 Cr) |
| Fresh Issue | 2,81,25,000 shares (agg. up to ₹ 450 Cr) |
| Offer for Sale | 62,50,000 shares of ₹ 5 (agg. up to ₹ 100 Cr) |
| Scrip / Symbol | 544885 / GAJA |
| ISIN | INE18UN01038 |
🗓️IPO Schedule
Open
Wed, Aug 19, 2026
Close
Fri, Aug 21, 2026
Allotment
Mon, Aug 24, 2026
Refunds
Tue, Aug 25, 2026
Demat credit
Tue, Aug 25, 2026
Listing
Wed, Aug 26, 2026
🏛️Pre & Post Issue Capital
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 71.03% | 54.23% |
| Public | 28.97% | 45.77% |
| Total | 100% | 100% |
💰Valuation & Market Cap
| EPS(₹) (pre → post) | 7.26 → 5.81 |
| P/E (x) (pre → post) | 22.04 → 27.54 |
| Market Cap at Offer Price | ₹2,378.42 Cr |
📊Company Financials ₹ crore
| 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 |
| EBITDA | 72.05 | 60.81 | 49.25 |
| 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
| ROE | 16.47% |
| Debt/Equity | 0.07 |
| RoNW | 13.13% |
| PAT Margin | 51.94% |
| NAV | 53.73 |
| Price to Book Value | 2.98 |
🤝Recently Listed PeersAsset Management Company
| Company | Issue price | P/E | Listing-day close |
|---|---|---|---|
| SBI Funds Management Ltd. | ₹574 | 38.12 | ₹609.75 |
| ICICI Prudential Asset Management Co | ₹2165 | 40.37 | ₹2,585.90 |
| Canara Robeco Asset Management Co.Lt | ₹266 | 27.82 | ₹300.45 |
Lot Size — what an application costs
| 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 |
| S-HNI (Max) | 67 | 6,231 | ₹9,96,960 |
| B-HNI (Min) | 68 | 6,324 | ₹10,11,840 |
Issue Reservation
| Category | Shares | % of issue | Max allottees |
|---|---|---|---|
| QIB | 1,71,87,500 | 50.00% | NA |
| − Anchor Investor | 1,03,12,500 | 30.00% | NA |
| − QIB (Ex. Anchor) | 68,75,000 | 20.00% | NA |
| NII (HNI) | 51,56,250 | 15.00% | NA |
| − bNII > ₹10L | 34,37,500 | 10.00% | 2,640 |
| − sNII < ₹10L | 17,18,750 | 5.00% | 1,320 |
| Retail | 1,20,31,250 | 35.00% | 1,29,368 |
| Total | 3,43,75,000 | 100.00% | – |
🔔Listing Day
Issue price
₹160
Listing open
₹185
Open vs issue
+15.8%
Day-1 close
+5.4%
vs issue price
GMP trend
| Date | GMP ₹ | Implied |
|---|---|---|
| 2026-08-27 | 18 | +11.6% |
| 2026-08-26 | 18 | +11.6% |
| 2026-08-26 | 18 | +11.6% |
| 2026-08-26 | 18 | +11.6% |
| 2026-08-26 | 18 | +11.6% |
| 2026-08-26 | 18 | +11.6% |
| 2026-08-26 | 15 | +9.4% |
| 2026-08-25 | 15 | +9.4% |
| 2026-08-25 | 15 | +9.4% |
| 2026-08-25 | 15 | +9.4% |
| 2026-08-25 | 15 | +9.4% |
| 2026-08-25 | 15 | +9.4% |
| 2026-08-25 | 15 | +9.4% |
| 2026-08-25 | 17 | +10.6% |
🏢About Gaja Alternative Asset Management
Gaja Alternative Asset Management IPO is a book build issue of ₹550.00 crores. The issue is a combination of fresh issue of 2.81 crore shares aggregating to ₹450.00 crores and offer for sale of 62.50 lakh shares aggregating to ₹100.00 crores.
Gaja Alternative Asset Management IPO bidding started from Aug 19, 2026 and ended on Aug 21, 2026. The allotment for Gaja Alternative Asset Management IPO was finalized on Aug 24, 2026. The shares got listed on NSE and BSE on Aug 26, 2026.
Gaja Alternative Asset Management IPO is set final issue price at ₹160 per share. The lot size for an application is 93 shares. The minimum amount of investment required by an individual investor (retail) is ₹14,880 (93 shares) (based on upper price).
JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
🎯Objects of the Issue
| Object | ₹ Cr |
|---|---|
| Investing towards Sponsor Commitments to certain existing funds, new funds and for repayme | 372.00 |
| General Corporate Purposes | 44.25 |
| Issue Expenses | 42.60 |
👥Selling Shareholders
| Name | Category | Shares offered |
|---|---|---|
| Ranjit Jayant Shah jointly held with | Promoter | 18,34,375 |
| Imran Jafar | Promoter | 12,50,000 |
| Sudesh Jain jointly held with Mr.Gop | Promoter | 6,25,000 |
| Sanjay Hiralal Patel | Other | 11,71,875 |
| Anshuman Goyal | Other | 5,87,500 |
| Abhinav Jain | Other | 3,12,500 |
| Sushane Chopra | Other | 3,12,500 |
| Suparna Kumar | Other | 1,56,250 |
| Total | 62,50,000 |
💼Lead Managers
- • JM Financial Ltd.
- • IIFL Capital Services Ltd.
🗳️Registrar
- • MUFG Intime India Pvt.Ltd.
- allotment status is checked on the registrar's portal
🏢Registered Office
📍 302, 3rd Floor, Kanchenjunga Building,, 18, Barakhamba Road,, Connaught Place, Central Delhi,, New Delhi, New Delhi, 110001
📞 91368 89894
✉️ compliance@gajacapital.com
Grey-market numbers are unofficial street quotes, aggregated across sources. Not investment advice.