The Gaja Alternative Asset Management IPO continued to attract investors on the second day of its bidding. The public issue opened on a healthy note, with the second day recording high demand. It was subscribed 2.56 times, as the IPO commanded a GMP of ₹18 (11.25%) over its issue price.
The book-built IPO is raising ₹550.00 crore, which includes ₹450.00 crore fresh issue and an offer for sale (OFS) of ₹100.00 crore. The proceeds from the fresh issue will be used to fund its sponsor commitments, its existing and upcoming funds. Gaja Alternative Asset Management also plans to close a bridge loan through the fresh funds and use the rest of the amount for general corporate purposes.
Important dates for Gaja Alternative Asset Management IPO
The second day of the Gaja Alternative Asset Management IPO subscription has come to an end. The bidding window was opened on Wednesday, August 19, 2026. Investors can continue placing their bids for the IPO till Friday, August 21, 2026.
The shares will be allotted on Monday, August 24, 2026. After allocation, successful allottees will get their shares credited to their demat accounts by Tuesday, 25th August, 2026. On the same day, the refund process for other investors will also be initiated. The shares will be listed on both BSE and NSE on Wednesday, August 26, 2026.
The price band of the issue ranges from ₹152 to ₹160 for each share. For retail investors, the minimum lot size is 93 shares, which requires ₹14,880 as the minimum investment at the upper price band.
The registrar for this issue is MUFG Intime India Pvt. Ltd, and JM Financial Ltd. is acting as the book-running lead manager.
About Gaja Alternative Asset Management
Gaja Alternative Asset Management is an independent alternative asset management company. It was incorporated in 1999 and brings over two decades of experience to the table in managing funds in India.
The focus of the company lies on alternative investments across different sectors like education, financial services, energy and environment, and consumer and digital technology. It specifically has an inclination toward the mid-market segment.
The company runs the Gaja Capital Funds, which comprise Fund II, Fund III and Fund IV. Over the years, Gaja Alternative Asset Management has established strong relationships with investors from more than 20 countries.
As a sponsor commitment, the company had committed around ₹274 crore as of March 31, 2026. This accounts for 6.41% of the total size of the Gaja Capital Funds.
The balance sheet of the company is healthy, with a 28% rise in revenue between FY25 and FY26. Profit after tax increased 32% during the same period. For the financial year ending March 31, 2026, Gaja Alternative Asset Management reported a PAT of ₹81.96 crore.
Recent GMP and Subscription Status on Day 2
At the end of the second day, the IPO was subscribed 2.56 times. Non-Institutional Investors led the demand, with 4.14 times subscription. Small HNI bidders alone subscribed 5.83 times. On the other hand, subscription from retail investors was quite decent, at 3.30 times the allocated portion. However, the QIB portion lagged behind, subscribing just 0.10 times.
At the end of the second day of bidding, the GMP was around ₹18 per share. This means the stock is expected to be listed at around ₹178, which would give the allottees a listing gain of around 11.25%.
Gaja Alternative Asset Management raised ₹165.00 through anchor investors as part of the public issue at the upper price band of ₹160 on August 18.
What is Next?
The long operating track record of Gaja Alternative Asset Management is the key behind the strong NII response on the second day. The company has established its position in the industry with its “invest-and-collaborate” approach. Over several market cycles, it has demonstrated consistent growth.
As the bidding moves on to its final day, the QIB segment will be in the spotlight. A late push on August 21 could lift both the subscription numbers and GMP of its shares before they are officially listed.
Potential investors must be aware of the risks involved in the alternative asset management business. The company’s income is largely influenced by the market performance and fundraising cycles of the funds it manages. Market-linked movements in its sponsor commitments also influence the performance of the company.
Gaja Alternative Asset Management continues to be an interesting opportunity for investors willing to bet on the broader growth of the private capital industry in India.
