Gaja Alternative Asset Management Ltd, operating under the Gaja Capital brand, saw its ₹550 crore initial public offering (IPO) subscribed 14.77 times by the closing day of the issue. The public offering features a price band set between ₹152 and ₹160 per equity share.
The issue comprises a fresh issuance of equity shares aggregating up to ₹450 crore, alongside an offer-for-sale (OFS) of shares worth up to ₹100 crore. Based on the upper limit of the price band, the company is valued at a market capitalisation of approximately ₹2,256 crore.
Ahead of the public subscription, Gaja Alternative Asset Management raised ₹165 crore from anchor investors on Tuesday. The anchor book was led by Nippon India Mutual Fund and Invesco Mutual Fund, with both entities investing ₹30 crore each. Other institutional participants in the anchor round included HDFC Life and SBI Life.
According to the company's deployment plans, proceeds generated from the fresh issue will be allocated toward the repayment of debt, the seeding of new funds, and general corporate purposes.
The firm transitioned from a private limited entity to a public limited company in January 2025, at which point it was renamed Gaja Alternative Asset Management Ltd.
Following the conclusion of the IPO process, the equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on August 26.
"The robust subscription rate of 14.77 times for Gaja Alternative Asset Management's IPO indicates strong institutional and public interest in alternative asset managers entering the public markets. Securing anchor investments from prominent names like Nippon India, Invesco, HDFC Life, and SBI Life ahead of the close provides a solid foundation for the listing. As the company prepares for its debut on the BSE and NSE, utilizing the fresh capital for debt repayment and seeding new funds will be critical for its next phase of growth." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
