Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management LtdMainboard
This IPO has listed.
- Open date
- 19 Aug 2026
- Close date
- 21 Aug 2026
- Min. Investment
- ₹14,880
- Lot Size
- -
- Fresh Issue
- ₹450.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers43.58x
- Non-Institutional Investors62.35x
- Retail-Individual Investors11.04x
- Total31.33x
Schedule
- Completed: IPO open date19 Aug 2026
- Completed: IPO close date21 Aug 2026
- Completed: Allotment date24 Aug 2026
- Completed: Funds unblock or debit25 Aug 2026
- Completed: Tentative listing date26 Aug 2026
About
Promoter shareholding in Gaja Alternative Asset Management Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Gopal Jain | 2,52,95,114 | 22.41% | 2,52,95,114 | 17.94% |
| Ranjit Jayant Shah jointly he | 2,10,08,400 | 18.61% | 1,91,74,025 | 13.60% |
| Imran Jafar | 1,03,04,120 | 9.13% | 90,54,120 | 6.42% |
| Gopal Jain jointly held with | 1,27,05,080 | 11.25% | 1,27,05,080 | 9.01% |
| Sudesh Jain | 1,08,66,845 | 9.63% | 1,02,41,845 | 7.26% |
Financials of Gaja Alternative Asset Management IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 77.24 | 122.00 | 135.53 |
| Total Expenses | 49.05 | 64.48 | 70.39 |
| Profit Before Tax | - | - | - |
| Total Profit | 44.69 | 59.53 | 79.66 |
Gaja Alternative Asset Management IPO Strengths & Risks
- Well established alternative AMC with a differentiated business model focused on driving the enterprise value of our Company.
- Proven track-record of delivering consistent performance across the Gaja Capital Funds.
- Focus on the high-growth alternative asset management industry in India with significant headroom to scale.
- Invest-and-collaborate approach with a key focus on value addition to portfolio companies of the Gaja Capital Funds.
- Ensuring skin-in-the game and alignment of interest with the investors of the Gaja Capital Funds.
- Experienced Promoters and management team.
- Long-standing and well-established industry relationships with a diverse global investor base across the Gaja Capital Funds.
- Proven track record of delivering robust financial growth and a strong balance sheet.
- Risks Relating to the Business: The company's total income is dependent on the performance of the funds managed and advised by it. The company derives its total income from Management Fee, Carried Interest and Income from Sponsor Commitment and the company's total income during Fiscals 2026, 2025, and 2024 included Management Fee from the funds managed and advised by it and was 38.07%, 46.65% and 72.96% of the company's total income, respectively.
- Risks Relating to the Business: The historical returns attributable to the funds managed and advised by it should not be considered as indicative of the future results of such funds or of the future funds and the returns the company may generate may be prolonged on account of the nature of these funds and may not be similar to what its may have generated historically.
- Risks Relating to the Business: The timing and receipt of Carried Interest from the funds managed and advised by the company unpredictable and will contribute to the volatility of its cash flows. The company's Carried Interest was Rs.754.11 million and 47.79% of its total income for Fiscal 2026 and Rs.644.26 million and 52.25% of the company's total income in Fiscal 2025.
- Risks Relating to the Business: Valuation methodologies for certain assets of the funds managed and advised by it can be susceptible to significant subjectivity and the derived values of assets may not be realized, which could result in significant losses for such funds. The fair market value of Sponsor Commitments in Gaja Capital Funds was Rs.2,436.23 million, Rs.2,015.42 million and Rs.2,204.75 million for Fiscals 2026, 2025 and 2024, respectively.
- Risks Relating to the Business: The company's inability to raise sufficient capital from Limited Partners or their inability to honor capital calls in relation to the funds managed and advised by it could adversely affect the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company, along with the funds managed and advised by the company, subject to securities regulation and any failures to comply with these regulations could subject it to penalties or sanctions.
- Risks Relating to the Business: The auditor's report to the standalone financial statements of the Company as of and for the Fiscals ended March 31, 2026 and March 31, 2025 makes reference to certain matters of emphasis and the auditor's report to the consolidated financial statements of the Company as of and for the Fiscals ended March 31, 2026, March 31, 2025 and March 31, 2024, make reference to an adverse remark. Its cannot assure that the company's financial information for future periods will not contain such adverse remarks.
- Risks Relating to the Business: The company has operations in foreign countries through its Subsidiaries in Cayman Islands and Mauritius, which exposes it to risks inherent to operations in foreign jurisdictions.
- Risks Relating to the Business: The company enters into certain related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not adversely affect its financial condition and results of operations.
- Risks Relating to the Business: One of the members of the company's Promoter Group, Johrilal Jain, has not provided his consent to be identified as a member of its Promoter Group and has not provided any information in respect of himself and his relevant entities as Promoter Group.
- Risks Relating to the Business: Illiquidity of the company's investments may adversely affect its business, financial condition, and results of operations, and impact the company's ability to meet Sponsor Commitments to the funds managed and advised by it. As of March 31, 2026, the company's fair market value of Sponsor Commitments to Gaja Capital Funds was Rs.2,436.23 million.
- Risks Relating to the Business: The funds managed and advised by it typically make minority investments which leads them to invest in portfolio companies that they does not control. Any adverse business decision(s) by the management of such portfolio companies may lead to a fund's underperformance and consequently lower returns resulting in lower Carried Interest and Income from Sponsor Commitment.
- Risks Relating to the Business: The name of one of the company's Promoters, Gopal Jain, appears in the RBI list of "defaults above Rs. 1 crore under Non-Suit Filed Accounts" in connection with his erstwhile nominee directorship on another entity's board of directors. The company's business, financial condition, results of operations and prospects may be adversely affected if any adverse action is taken against Gopal Jain by any financial institution or regulatory authorities in relation to such defaults.
- Risks Relating to the Business: The "Clawback" provisions in the governing agreements of the Fund IV may give rise to a contingent obligation that may requires the company to return the Carried Interest to the Limited Partners.
- Risks Relating to the Business: The Portfolio Companies may engage in transactions in or with countries or persons that is subject to U.S. and other sanctions.
- Risks Relating to the Business: The company may be unable to manage its growth or to successfully implement the company's business strategies. Its revenue from operations was Rs.1,355.31 million and Rs.1,219.99 million for Fiscal 2026 and Fiscal 2025, respectively.
- Risks Relating to the Business: Majority of the Portfolio Companies of the Gaja Capital Funds are located in India. The company's business is therefore significantly affected by fluctuations in the general economic activity in western and southern India. As of March 31, 2026 and March 31, 2025, 94.44% and 93.33%, respectively of the Portfolio Companies of the Gaja Capital Funds were based in India.
- Risks Relating to the Business: The Company is subject to SEBI AIF Regulations, 2012, as amended ("SEBI AIF Regulations") and any failures to comply with these regulations could subject it to penalties.
- Risks Relating to the Business: The company's performance is dependent on the performance of the funds managed and advised by it.
- Risks Relating to the Business: Any failures in setting up of the proposed funds could adversely affect the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: As of March 31, 2026, the company's top 10 Limited Partners contributed approximately 63.42% of its total commitments in Fund IV. This makes it reliant on a limited number of Limited Partners and exposes the company to concentration risks, which could impact the performance and stability of the funds managed and advised by it.
- Risks Relating to the Business: The company is highly dependent on its Promoters, the company's Key Managerial Personnel and its Senior Management. Any inability on the company's part to retain or recruit skilled personnel could adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company is dependent on the performance of the industries in which the portfolio companies of the funds managed and advised by it operates. The investments of the funds managed and advised by the company significantly focused in the EEE, financial services, consumer and digital technology industries. Managing new funds may expose it to challenges and risks that may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company's ability to raise capital commitments for the new funds could be adversely affected if the appeal of private equity and alternative investments were to decline in the market.
- Risks Relating to the Business: The ability to raise capital in the alternative asset management industry is subject to certain regulatory requirements which may adversely affect the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company is subject to certain risks associated with the actions of its third-party distributors. Any mismanagement in handling the company's relationships with its distributors (i.e., placement agents) could adversely affect its business, financial condition and results of operations. The company has raised Rs.844.92 million funds through its distributors in Fiscal 2024.
- Risks Relating to the Business: There are outstanding legal proceedings involving the Company, Subsidiaries, Directors, Promoters and Key Managerial Personnel. Any adverse outcome in such proceedings may adversely affect its reputation, business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The alternative asset management business is highly competitive.
- Risks Relating to the Business: The investments of the funds managed and advised by the company in the Portfolio Companies is subject to a number of inherent risks which could adversely affect its business, prospects, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Any failures to protect the company's intellectual property rights could adversely affect its competitive position, business, financial condition and results of operation.
- Risks Relating to the Business: The objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of the company's Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including a shareholders' approval.
- Risks Relating to the Business: The Company will not receive any proceeds from the Offer for Sale and the proceeds from the Offer for Sale will be paid to the Selling Shareholders.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares for the company's Selling Shareholders may be lower than the Offer Price.
- Risks Relating to the Business: The company's Corporate Office and the Registered Office are located on premises not owned by it and has been leased to the company. Any non-renewal of the lease may lead to disruptions and affect its business operations.
- Risks Relating to the Business: The company's inability to make timely payment of its statutory dues may result in imposition of penalties, payment of additional interest which in turn may have an adverse effect on the company's business, its results of operations, cash flows and financial condition. The company has paid an aggregate amount of Rs.286.59 million and Rs.225.78 million towards statutory due payments for Fiscals 2026 and Fiscal 2025, respectively.
- Risks Relating to the Business: The company's business operations may be adversely affected if the company encounters challenges in the processes of Limited Partner onboarding and offboarding. Any failures to provide the Limited Partners of the funds managed and advised by it with key updates may result in regulatory and reputational consequences and could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The due diligence process that the company undertakes in connection with investments by the funds managed and advised by it may not reveal all facts that may be relevant in connection with an investment. This may result in lower returns of the funds and thereby lower Carried Interest and lower Income from Sponsor Commitment.
- Risks Relating to the Business: The company has experienced certain instances of negative cash flows from operating, investing and financing activities in recent years. Any negative cash flows in the future would affect its cash flow requirements, which may adversely affect the company's ability to operates its business and implement the company's growth plans, thereby affecting its financial condition.
- Risks Relating to the Business: Any downturn in the macroeconomic environment in India could adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Failures to detect and deter misconduct of the company's Directors, employees, distributors (i.e., placement agents) or other third-party service providers could harm its brand and the company's reputation or lead to regulatory fines or litigation against it.
- Risks Relating to the Business: The company may faces operational issues while deploying its funds, which could negatively impact the returns from investments.
- Risks Relating to the Business: The company's risk management procedures, and internal controls may not be adequate or effective in identifying or managing risks to which the company is exposed, and this could have a material adverse effect on its business, financial condition and results of operations.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from the Crisil Report, which was prepared by Crisil Intelligence and exclusively commissioned and paid for by the Company for the purposes of the Offer, and any reliance on information from the Crisil Report for making an investment decision in the Offer is subject to inherent risks.
- Risks Relating to the Business: The company's funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.
- Risks Relating to the Business: The company may faces conflicts of interest with entities or ventures in which the Directors of the Company and Subsidiaries have an interest and which operates in the same line of business as that of the Company.
- Risks Relating to the Business: This Red Herring Prospectus includes certain Non-GAAP Measures, financial and operational performance indicators and other industry measures related to the company's operations and financial performance. The Non-GAAP Measures and industry measures may vary from any standard methodology that is applicable across the Indian alternative asset management industry and, therefore, may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: The company is subject to impact of foreign exchange fluctuation. Any significant fluctuation in exchange rates may adversely affect its business, financial conditions, cash flows and results of operations.
- Risks Relating to the Business: The company cannot assure the payment of dividends on the Equity Shares in the future.
- Risks Relating to the Business: The company is subject to various laws and regulations governing its relationships with the company's employees.
- Risks Relating to the Business: The company may be unable to obtain, maintain or renew its statutory and regulatory approvals, licenses, registrations and permits to operates its business in a timely manner, or at all.
- Risks Relating to the Business: Ineffective or inadequate management of environmental, social and governance issues, or health and safety programs, could damage the company's reputation and, in turn, its business, financial condition and results of operations.
- Risks Relating to the Business: The company has certain contingent liabilities and commitments which, if materialized, may adversely affect its results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's financing arrangements contain certain restrictive covenants, and non-compliance with any of the covenants of its financing agreements could trigger an event of default.
- Risks Relating to the Business: The company's insurance coverage may not be adequate to protect it against all material risks.
- Risks Relating to the Business: The company will continue to be controlled by its Promoters after the completion of the Offer and there may be a conflict of interest between the interests of the company's Promoters and other shareholders.
- Risks Relating to the Business: The company's Promoters, its Directors and Key Managerial Personnel have interests in the company's business other than the reimbursement of expenses incurred or normal remuneration or benefits.
- Risks Relating to the Business: Negative publicity could damage the company's reputation and adversely impact its business and financial results.
- Risks Relating to the Business: Any failures, or perceived failures, by it to comply with the applicable regulations on personal information protection could expose the company to proceedings and fines which may adversely affect its reputation, business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: Any non-compliance with mandatory anti-money laundering ("AML") and combating-terrorism financing ("CFT") laws could expose it to liability and harm the company's reputation.
- Risks Relating to the Business: Any disruption or failures of the company's technology systems may adversely affect its business and operations. Additionally, challenges in implementation of new technologies for the company's operations could be significant.
