Gaja Alternative Asset Management Limited, an independent, home-grown alternative asset management company, is set to enter the primary market with a Rs 550 crore initial public offering (IPO) on August 19, 2026. The company has fixed the IPO price band at Rs 152-160 per share.

The three-day issue will open for subscription on August 19 and close on August 21, 2026. It comprises a fresh issue of 2.81 crore shares worth Rs 450 crore and an offer for sale (OFS) of 63 lakh shares aggregating to Rs 100 crore.

The allotment is expected to be finalised on August 24, with the shares scheduled to debut on both the NSE and BSE on August 26, 2026, subject to the proposed timeline.

For retail investors, the IPO lot size has been set at 93 shares. At the upper end of the price band, a minimum application will require an investment of Rs 14,880.

JM Financial Ltd. is the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. is the registrar.

Key objects of the IPO

The company plans to deploy the net proceeds from the fresh issue primarily towards strengthening its investment commitments across its fund portfolio.

Of the proceeds, Rs 372 crore has been earmarked for sponsor commitments to certain existing and proposed funds and repayment of the bridge loan. This includes funding the balance sponsor commitments to Gaja Capital India Fund 2020 LLP and Gaja Capital India Fund 2020, repayment of the bridge loan, and sponsor commitments towards the proposed Fund V and Secondaries Fund.

Gaja Alternative Asset Management financial performance

Gaja Alternative Asset Management reported strong financial growth in FY26, building on the momentum recorded in the previous fiscal year.

The company’s total income increased from Rs 123.31 crore in FY25 to Rs 157.80 crore in FY26, registering a 28% year-on-year growth. The rise indicates a healthy expansion in the company’s income base during the year.

Profitability also improved significantly. Profit After Tax (PAT) rose from Rs 61.95 crore in FY25 to Rs 81.96 crore in FY26, marking a 32% increase. The faster growth in profit compared with income points to stronger earnings momentum and a solid financial performance during FY26.

About Gaja Alternative Asset Management

Incorporated in April 1999, Gaja Alternative Asset Management Limited is an independent, home-grown alternative asset management company with more than two decades of experience in managing and advising India-focused funds. Its portfolio includes Category I and Category II Alternative Investment Funds (AIFs), along with offshore funds investing in India.

The company focuses on alternative investments across sectors including education, energy and environment, financial services, consumer businesses and digital technology. Its investment strategy is primarily focused on the mid-market segment.

Gaja Alternative Asset Management has developed its track record across multiple fund cycles through the Gaja Capital Funds, including Fund II, Fund III and Fund IV. The company has also built long-standing relationships with investors across more than 20 countries.

As of March 31, 2026, the company had committed approximately Rs 274 crore as Sponsor Commitment, representing 6.41% of the total size of the Gaja Capital Funds.

The company generates revenue through management fees, carried interest and gains from sponsor commitments, allowing it to participate in the economic value created by the funds it manages and advises.

Gaja Capital follows an invest-and-collaborate approach, working closely with portfolio companies across key business functions such as product development, sales, human resources and financial management.

As of March 31, 2026, Gaja Alternative Asset Management had a total workforce of 37 personnel, comprising 23 permanent employees and 14 contractual employees.

The upcoming IPO marks an important milestone for the company as it seeks to tap the public markets and strengthen its capital base for future investment commitments.