About
Gaja Alternative Asset Management Limited operates under the brand name Gaja Capital as an alternative asset management and private equity firm. The company primarily acts as an investment manager for India-focused Category I and Category II Alternative Investment Funds, while also advising offshore funds that provide capital to Indian companies. Gaja Capital focuses on providing growth capital to mid-market enterprises across sectors such as education, financial services, consumer, and digital technology. The firm employs an invest-and-collaborate approach to drive enterprise value within its portfolio companies. Revenue is primarily generated through three distinct streams: management fees charged to the funds it manages, carried interest derived from the performance of its fund investments, and income generated from sponsor commitments across its various existing and proposed constituent funds.
IPO schedule
| Issue open date | 2026-08-19 |
| Issue close date | 2026-08-21 |
| UPI mandate deadline | 2026-08-21 (5 PM) |
| Allotment finalization | 2026-08-24 |
| Refund initiation | 2026-08-25 |
| Share credit | 2026-08-25 |
| Listing date | 2026-08-26 |
| Mandate end date | 2026-09-05 |
| Lock-in end date for anchor investors (50%) | 2026-09-22 |
| Lock-in end date for anchor investors (remaining) | 2026-11-21 |
Financials
| Financial Year Ended | March 2024 | March 2025 | March 2026 |
| Total Assets | 388.6 | 451.87 | 706.49 |
| Revenue | 103.96 | 123.31 | 157.8 |
| Profit After Tax | 44.74 | 61.95 | 81.96 |
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 550 |
| Fresh Issue - Proceeds go to the company | 450 |
| Offer for sale - Proceeds go to the existing investors | 100 |
Utilisation of Proceeds
| Purpose | INR crores (%) |
|---|---|
| Sponsor commitments to existing & new funds and bridge loan repayment | 372 (82.67%) |
| General corporate purposes | 78 (17.33%) |
Strengths
- Well-established alternative asset management platform with a unique and differentiated business model.
- Proven track record of delivering consistent performance and returns across various Gaja Capital Funds.
- Favorable exposure to the high-growth alternative asset management industry in India with significant scalability.
- The invest-and-collaborate approach is strongly focused on operational value addition for portfolio companies.
- Alignment of interest with investors through high sponsor commitment, ensuring skin in the game.
Risks
- High revenue dependency on the underlying financial performance of the managed and advised funds.
- Historical returns generated by the firm's prior funds may not be indicative of future fund performance.
- Receipt of carried interest payments from managed funds is inherently uncertain and highly volatile.
- Heavy reliance on management fees, which accounted for the vast majority of total revenue in recent fiscal years.
- Potential pricing volatility and lack of market liquidity, as this is the company's first public issue.
Allotment Status for Gaja Alternative Asset Management
To check your IPO allotment status:
- Visit the MUFG Intime India IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.