Gaja Alternative Asset Management prepares for its initial public offering with revised disclosures and strategic allocations, aiming to raise Rs550 crore and attract a diverse investor base in India’s growing alternative asset sector.
Gaja Alternative Asset Management is preparing to open its initial public offering on 19 August, with the issue scheduled to close on 21 August and a listing pencilled in for 26 August on the NSE and BSE. Zee Business said the book-built issue is worth Rs550 crore, while other market trackers have previously put the total at about Rs656 crore, reflecting a shift in the company’s disclosure as the offer moved towards launch. The gap also appears in the split between the fresh issue and the sale of existing shares.
According to Zee Business, the offer includes a fresh issue of 2.81 crore shares worth Rs450 crore and an offer for sale of 0.63 crore shares worth Rs100 crore. InvestorGain and IPOWatch, however, had earlier reported a larger proposed fundraising structure, with a bigger fresh issue and a slightly different secondary sale component. That suggests the final prospectus contains updated terms compared with earlier market summaries.
The price band has been fixed at Rs152-Rs160 per share, with a lot size of 93 shares. At the top end of the range, retail investors would need to put up at least Rs14,880 for one lot, according to Zee Business. The issue allocation is set to follow the usual Indian market pattern, with up to 50% reserved for qualified institutional buyers, at least 35% for retail investors and at least 15% for non-institutional investors.
JM Financial and IIFL Capital Services are the book-running lead managers, and MUFG Intime India is the registrar, Zee Business reported. Earlier market summaries also named JM Financial and IIFL as the bankers for the transaction, supporting the company’s stated syndicate for the offer.
Gaja Alternative Asset Management, which operates under the Gaja Capital brand, focuses on India-linked alternative investment funds and offshore money invested into India. The company says it manages Category I and Category II alternative investment funds, while its investment themes span education, energy and environment, financial services, consumer, and digital technology. According to the company’s materials, it has worked across several fund cycles and had committed about Rs274 crore as sponsor commitment as of 31 March 2026, equal to 6.41% of the total size of the Gaja Capital funds. Earlier filings and market reports also described the business as a private equity and alternative asset manager with revenue from management fees, carried interest and sponsor returns.
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