Gaja Capital, a private equity and alternatives firm focusing on Indian mid-market businesses, is set to launch an IPO aiming to raise up to ₹656.2 crore to support fund commitments and growth plans amid steady revenue growth and expanding assets.
Gaja Alternative Asset Management is preparing to tap India’s primary market with an initial public offering that could value the private equity and alternatives firm as it expands its footprint in growth capital investing. The company, which operates under the Gaja Capital brand, manages India-focused Category I and Category II alternative investment funds and also advises offshore vehicles investing in Indian companies, according to the materials circulated ahead of the issue.
The proposed offering comprises a fresh issue of ₹450 crore and an offer for sale of ₹100 crore, taking the total size to ₹550 crore. Separate IPO trackers have also said the company is working towards a larger issue size of about ₹656.2 crore, although key details such as the final price band, lot size and subscription window had not been announced in those summaries. The shares are expected to list on both the BSE and NSE, with JM Financial and IIFL Capital Services acting as lead managers and MUFG Intime India as registrar.
Gaja Capital focuses on mid-market businesses in sectors including education, financial services, consumer companies and digital technology, using what it describes as an invest-and-collaborate approach. The firm says its revenues come mainly from management fees, carried interest and sponsor commitments across existing and proposed funds. As of September 30, 2025, one of the IPO summaries said the company employed 38 people, including permanent and contractual staff.
The company’s financial performance has shown steady growth in recent years. Its revenue rose from ₹103.96 crore in the year ended March 2024 to ₹123.31 crore in March 2025 and ₹157.8 crore in March 2026, while profit after tax increased from ₹44.74 crore to ₹61.95 crore and then ₹81.96 crore over the same period. Total assets climbed from ₹388.6 crore to ₹451.87 crore and then ₹706.49 crore. Proceeds from the fresh issue are set to be used mainly for sponsor commitments to existing and new funds and for bridge loan repayment, with the balance earmarked for general corporate purposes. The risks highlighted in the issue material include dependence on fund performance, volatility in carried interest income and the uncertainty that comes with a first-time listing.
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