Gaja Capital Sets ₹152-160 Price Band for ₹550-Crore IPO; Issue Opens August 19
₹450 crore fresh issue and ₹100 crore OFS; 20-year-old alternative asset manager eyes public markets
Ranjit Shah: India’s AIF Opportunity Offers Unique Growth Prospects
Imran Jafar: Gaja Capital IPO Marks a First for India’s Alternative Asset Management Sector
Bilkul Bazaar | By Rafat Quadri
Ahmedabad
Gaja Alternative Asset Management Limited, operating under the brand name Gaja Capital, will open its Initial Public Offering (IPO) for subscription on August 19, 2026, with the price band fixed at ₹152 to ₹160 per equity share. The issue will close on August 21, while the anchor investor bidding will take place on August 18.
The total issue size is ₹550 crore, comprising a fresh issue of equity shares aggregating up to ₹450 crore and an Offer for Sale (OFS) of up to ₹100 crore. The equity shares are proposed to be listed on both the BSE and NSE, with NSE acting as the designated stock exchange.
At an interaction with the media in Ahmedabad, Ranjit Jayant Shah, Executive Vice Chairman, Gaja Capital; Imran Jafar, Executive Director, Gaja Capital; Himanshu Shah, Operating Partner, Gaja Capital; and Gaurav Deshmukh of JM Financial, discussed the company’s business model, investment philosophy, growth strategy and the rationale behind the proposed listing.
A 20-Year-Plus Alternative Investment Platform
Gaja Capital is an independent, India-focused alternative asset management platform with a track record spanning multiple investment cycles. The company operates across private equity and alternative investments, acting as an investment manager to India-focused Category I and Category II Alternative Investment Funds (AIFs) and advising offshore funds investing in Indian businesses.
Its investment focus has historically centred on growth-oriented mid-market companies across sectors including education, financial services, consumer and digital technology.
The proposed listing is significant because Gaja Capital is taking an established alternative asset management business to the public markets rather than approaching the market as a new-age start-up.
IPO Proceeds to Strengthen Fund Commitments
The ₹450-crore fresh issue will primarily be used to strengthen the company’s sponsor commitments to existing and upcoming funds.
According to the company’s IPO press release, the proceeds will be deployed towards the balance sponsor commitments to certain constituent funds of Fund IV, repayment of the Bridge Loan Amount, sponsor commitment to the proposed Fund V, sponsor commitment to the Secondaries Fund and general corporate purposes.
The strategy will also strengthen Gaja Capital’s “skin in the game”, with the company committing its own capital alongside investors in the funds it manages.
Ranjit Shah: Gujarat Responsive to Quality Investment Ideas
Speaking about the company’s plans, Ranjit Jayant Shah, Executive Vice Chairman, Gaja Capital, said Gujarat has traditionally been receptive to high-quality and differentiated investment opportunities.
“Gujarat is always very responsive to high-quality and unique investment ideas. I have a lot of experience with Gujarat’s investing people, and the prospects for AIFs and this business model are unique.”
Shah highlighted the company’s experience across investment cycles and its understanding of India’s investment landscape as important strengths as it enters the next phase of growth.
Jafar: “There Is No Precedence to This”
Imran Jafar, Executive Director, Gaja Capital, described the proposed IPO as a landmark for India’s alternative investment industry, pointing to the company’s long operating history and institutional capabilities.
“We are India’s alternative asset management platform that is going public, and there is no precedence to this. We are a more than 20-year-old business. We are not just good at what we do and at delivering performance; we have also matched that performance with best-in-class governance and hygiene at the AMC level.”
Jafar stressed that Gaja Capital should not be viewed simply as a young company entering the market. He highlighted its established business, strong balance sheet, internal accruals, high PAT margins, return on equity and visibility of earnings as important differentiators.
Himanshu Shah: Focus on Creating Long-Term Value
Himanshu Shah, Operating Partner, Gaja Capital, highlighted the firm’s active engagement with portfolio companies beyond providing capital.
The company’s “invest-and-collaborate” approach involves working with portfolio companies on areas including strategy, fundraising, M&A, sales, human resources and financial management.
The objective, he said, is to help businesses strengthen governance, financial discipline and sustainable growth while creating long-term value.
Gaurav Deshmukh Highlights the IPO Opportunity
Gaurav Deshmukh of JM Financial, one of the book-running lead managers to the issue, was also part of the Ahmedabad media interaction.
JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers to the IPO.
The proposed listing provides investors an opportunity to participate in an alternative asset management platform whose earnings are derived from a combination of management fees, sponsor investments and performance-linked income.
Alternative Investment Market Expanding
The IPO comes as India’s alternative investment ecosystem continues to expand, creating opportunities for established fund managers with experience in private markets.
Gaja Capital’s strategy is focused particularly on India’s mid-market companies, where the company believes there remains significant scope for growth and value creation.
Its investment model combines capital deployment with active participation in portfolio companies, with the objective of helping businesses scale and improve their operational and financial capabilities.
Strong Profitability Track Record
Gaja Alternative Asset Management has remained profitable in recent years. Financial information based on its IPO disclosures shows revenue of about ₹122 crore and profit after tax of ₹61.95 crore in FY25. For the six months ended September 2025, revenue stood at approximately ₹99.3 crore, while PAT was around ₹62.1 crore.
The company’s revenue profile is differentiated by its exposure to management fees, sponsor investments and carried interest, giving it both recurring and performance-linked income streams.
Minimum Investment of ₹14,880
Investors can bid for a minimum of 93 equity shares and thereafter in multiples of five shares. At the upper price band of ₹160, the minimum application amount will be ₹14,880.
The issue will follow the book-building process. Not more than 50% of the offer will be available for allocation to Qualified Institutional Buyers, while not less than 15% will be available to Non-Institutional Bidders and not less than 35% to Retail Individual Bidders, subject to applicable SEBI regulations.
A Landmark Listing for Alternative Asset Management
The proposed IPO marks an important milestone for Gaja Capital as it seeks to create a listed platform for an established alternative asset management business.
For the company, the listing is aimed not merely at raising capital but at strengthening sponsor commitments, supporting the launch of new fund strategies and positioning Gaja Capital to participate in the next phase of India’s alternative investment growth.
The IPO will open on August 19 and close on August 21, 2026, with the shares proposed to be listed on the BSE and NSE.
Gaja Capital IPO — Short Snapshot
- Issue Size: ₹550 crore
- Fresh Issue: ₹450 crore
- OFS: ₹100 crore
- Price Band: ₹152–₹160 per share
- IPO Dates: August 19–21, 2026
- Minimum Bid: 93 shares
- Minimum Investment: ₹14,880 at the upper band
- Listing: BSE & NSE
- Business: Alternative asset management / private equity
- IPO Proceeds: Sponsor commitments to existing and upcoming funds, repayment of bridge loan and general corporate purposes
- FY25 Revenue: ~₹122 crore
- FY25 PAT: ~₹61.95 crore
- Key Highlight: A more than 20-year-old alternative asset management platform making its public-market debut.
(Rafat Quadri, Editor BILKULBAZAAR can be reached at editorbilkul@gmail.com)
Disclaimer: This article is for information purpose only and is not investment advice. Please read the IPO documents carefully before investing.
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