Gaja Alternative Asset Management Limited IPO — the disclosed details

This page restates the publicly disclosed details of the Gaja Alternative Asset Management Limited IPO, taken from the Red Herring Prospectus dated 12 August 2026 and the price band advertisement of the same date. It is a record of what has been filed, nothing more. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.

What institutional desks read first — the filed ratios

These are the company’s own “Basis for the Offer Price” disclosures, as printed in the price band advertisement dated 12 August 2026 and the RHP, restated as filed — this is not a valuation, and no view is offered on any of these figures.

Ratio, as filed	Value
Basic and diluted EPS (face value Rs 5)	Fiscal 2026: Rs 7.17 · Fiscal 2025: Rs 5.71 · Fiscal 2024: Rs 4.28 · Weighted average: Rs 6.20
P/E on Fiscal 2026 basic and diluted EPS	21.20 times at the Rs 152 floor price · 22.32 times at the Rs 160 cap price
Return on Net Worth (RoNW)	Fiscal 2026: 13.13% · Fiscal 2025: 15.31% · Fiscal 2024: 13.41% · Weighted average: 13.90%
NAV per Equity Share	Rs 53.73 as of 31 March 2026 (Rs 37.33 as of 31 March 2025; Rs 31.85 as of 31 March 2024). After the Offer: Rs 74.15 at the floor price and Rs 74.92 at the cap price
Industry peer group P/E, as filed	Highest: 91.50 (Anand Rathi Wealth Limited, adjusted for its bonus issue) · Lowest: 28.84 (UTI Asset Management Company Limited) · Average: 43.52
Return on Equity	Fiscal 2026: 16.47% · Fiscal 2025: 17.19% · Fiscal 2024: 14.45%
PAT Margin (of total income)	Fiscal 2026: 51.94% · Fiscal 2025: 50.24% · Fiscal 2024: 43.04%
Cost-to-income ratio	Fiscal 2026: 44.61% · Fiscal 2025: 52.28% · Fiscal 2024: 47.12%

Per the advertisement’s own note, the peer P/E figures are computed on the peers’ NSE closing prices as of 11 August 2026. Neither the RHP nor the price band advertisement states an EV/EBITDA multiple or a price-to-revenue multiple anywhere, and nothing on this page is computed by this site except the minimum investment and the float arithmetic, both of which are labelled as such where they appear.

What the company does

Gaja Alternative Asset Management Limited, which operates under the brand Gaja Capital, describes itself in the RHP as “an experienced, independent and home-grown alternative asset management company” with over two decades of experience. The RHP states that as an independent alternative asset management company it is not sponsored or owned by any financial institution, corporate group or global firm. It is the investment manager to India-focused funds, including Category II and Category I alternative investment funds, and also acts as adviser to offshore funds that provide capital to companies in India. It operates subsidiaries in the Cayman Islands and Mauritius.

The RHP defines three income streams: Management Fee, Carried Interest and Income from Sponsor Commitment. Management Fee was 38.07%, 46.65% and 72.96% of total income in Fiscals 2026, 2025 and 2024 respectively. As of 31 March 2026 the RHP records 298 Limited Partners, of which 139 were located in India and 159 outside India, and a Sponsor Commitment of approximately Rs 2,740 million, being 6.41% of the total size of the Gaja Capital Funds. The company states it currently maintains an 8.45% Sponsor Commitment to its latest fund, Fund IV.

One disclosure in the RHP is worth reading in full before anything else on this page: after Allotment, subscribers will be shareholders of the asset management company and not investors in the funds it manages or advises, and shall not receive returns, distributions or profits arising from the performance of those funds except to the extent of dividends declared by the company from its own profits.

The company was incorporated on 9 April 1999 in New Delhi as View Advisors Private Limited. It was renamed Gaja Advisors Private Limited by special resolution dated 18 May 2006, with a fresh certificate of incorporation dated 8 June 2006; renamed Gaja Alternative Asset Management Private Limited by special resolution dated 25 May 2022, with a fresh certificate dated 5 July 2022; and converted into a public limited company by special resolution dated 9 December 2024, taking its present name under a fresh certificate of incorporation dated 1 January 2025. The promoters named on the RHP cover are Mr. Gopal Jain, Mr. Ranjit Jayant Shah, Mr. Imran Jafar, Ms. Chitra Jain and Ms. Mona Ranjit Shah. The registered office is at Kanchenjunga Building, 18 Barakhamba Road, Connaught Place, New Delhi, and the corporate office is at One World Center, Lower Parel, Mumbai. The CIN is U67190DL1999PLC099260.

What the money is for

The offer totals up to Rs 5,500.00 million (Rs 550.00 crore) and has two parts. The fresh issue — up to Rs 4,500.00 million — raises new money for the company. The offer for sale — up to Rs 1,000.00 million, or 18.18% of the offer size — is existing shares sold by eight selling shareholders; the company receives no proceeds from it, and that money goes to the selling shareholders. The company states it has not undertaken a pre-IPO placement.

The RHP states the net proceeds of the fresh issue are for:

Object of the fresh issue	Amount, as filed
Investment towards Sponsor Commitments to certain existing and new funds, and repayment of the Bridge Loan Amount	Rs 3,720.00 million from the Net Proceeds
— of which: balance Sponsor Commitment to constituent funds of Fund IV and repayment of the Bridge Loan Amount	Rs 570.00 million — Gaja Capital India Fund 2020 LLP Rs 21.55 million, Gaja Capital India Fund 2021 Rs 353.45 million, Bridge Loan Amount Rs 195.00 million
— of which: Sponsor Commitment to the proposed Fund V	Rs 2,100.00 million
— of which: Sponsor Commitment to the Secondaries Fund	Rs 1,050.00 million
General corporate purposes	Printed as a placeholder in the RHP, to be finalised on determination of the Offer Price; not to exceed 25% of the gross proceeds under Regulation 7(2) of the SEBI ICDR Regulations

The Bridge Loan Amount is an additional loan of Rs 195.00 million the RHP states was availed from ICICI Bank Limited during the three-month period ended 30 June 2026 to fund the Fund IV Sponsor Commitment, applied as Rs 3.65 million into Gaja Capital India Fund 2020 LLP and Rs 191.35 million into Gaja Capital India Fund 2021. Gross proceeds of the fresh issue are up to Rs 4,500.00 million; the RHP leaves the net proceeds as a placeholder pending offer expenses.

The filed deployment schedule for that object (Rs million):

Deployment	Fiscal 2027	Fiscal 2028	Fiscal 2029
Fund IV constituents and Bridge Loan repayment	470.00	100.00	—
Proposed Fund V	420.00	840.00	840.00
Secondaries Fund	525.00	525.00	—
Total	1,415.00	1,465.00	840.00

The eight selling shareholders, with the weighted average cost of acquisition certified by Nangia & Co. LLP, Chartered Accountants, in a certificate dated 12 August 2026:

Selling shareholder	Amount offered, as filed	Weighted average cost of acquisition
Mr. Ranjit Jayant Shah, jointly with Ms. Mona Ranjit Shah (Promoter)	Up to Rs 293.50 million	Rs 0.10 per share
Mr. Imran Jafar (Promoter)	Up to Rs 200.00 million	Rs 7.28 per share
Ms. Sudesh Jain, jointly with Mr. Gopal Jain (Promoter Group)	Up to Rs 100.00 million	Rs 0.00 per share
Mr. Sanjay Hiralal Patel	Up to Rs 187.50 million	Rs 0.12 per share
Mr. Anshuman Goyal	Up to Rs 94.00 million	Rs 0.00 per share
Mr. Abhinav Jain	Up to Rs 50.00 million	Rs 11.66 per share
Mr. Sushane Chopra	Up to Rs 50.00 million	Rs 20.58 per share
Ms. Suparna Kumar	Up to Rs 25.00 million	Rs 0.10 per share
Total	Up to Rs 1,000.00 million	—

Each selling shareholder has severally, and not jointly, authorised its own portion of the offer for sale.

What the RHP flags as risks

These are the company’s own risk factors, from the risk-factor section of the RHP and the price band advertisement, paraphrased without addition:

• Income depends on the performance of the funds managed and advised. Income is derived from Management Fee, Carried Interest and Income from Sponsor Commitment, and Management Fee was 38.07%, 46.65% and 72.96% of total income in Fiscals 2026, 2025 and 2024. The RHP states poor performance of those funds would cause a decline in income from them and could negatively affect performance, cash flows and financial condition.
• Historical fund returns are not indicative of future results. The RHP records that Prior Investments of Rs 210.93 million made deal-by-deal between 2005 and 2007 were fully realised at an MOIC of 5.61x; that Fund II was formed in 2007; that Fund III was formed in 2015, was deployed by 2020 across ten investments and is in its exit phase with two partial realisations as of 31 March 2026; and that Fund IV was formed in 2021 and had made six investments deploying 62.00% of the fund’s total capital as of 31 March 2026. Future returns may be significantly lower than historical returns.
• The timing and receipt of Carried Interest are uncertain. Carried Interest was Rs 754.11 million (47.79% of total income) in Fiscal 2026, Rs 644.26 million (52.25%) in Fiscal 2025 and Rs 183.95 million (17.69%) in Fiscal 2024. The RHP states a decline in realised or unrealised gains, or an increase in realised or unrealised losses, could adversely affect investment income and increase the volatility of quarterly results.
• Valuations of certain fund assets are subjective. The RHP states valuation methodologies for certain fund assets can be susceptible to significant subjectivity, that derived asset values may not be realised, and that this could result in significant losses for those funds. The fair market value of Sponsor Commitments to the Gaja Capital Funds was Rs 2,436.23 million in Fiscal 2026, Rs 2,015.42 million in Fiscal 2025 and Rs 2,204.75 million in Fiscal 2024. Values of fund assets are determined by IBBI-registered third-party valuers.
• The business depends on raising capital from Limited Partners, and on those Limited Partners honouring capital calls. As of 31 March 2026 the RHP records 298 Limited Partners, of which 139 were located in India and 159 outside India. An inability to raise sufficient capital, or an inability of Limited Partners to honour capital calls, could adversely affect results of operations, financial condition and cash flows.
• Audit qualifications and the accounting audit trail. The auditor’s report on the standalone financial statements for the Fiscals ended 31 March 2026 and 31 March 2025 refers to certain matters of emphasis, and the auditor’s report on the consolidated financial statements for Fiscals 2026, 2025 and 2024 includes adverse remarks relating to the audit trail feature in the accounting software. The RHP states this has since been addressed through an audit trail-enabled accounting system effective 28 August 2025, but gives no assurance that financial information for future periods will not contain such adverse remarks.
• A promoter’s name appears in an RBI defaulters list. The name of promoter Mr. Gopal Jain appears in the RBI list of defaults above Rs 1 crore under Non-Suit Filed Accounts, in connection with his erstwhile nominee and non-executive directorship on the board of Educomp Infrastructure and School Management Limited (appointed 5 April 2008, ceased 5 February 2013). The RHP states he was not associated with that entity at the time of the defaults, and that his name does not appear in the list of Wilful Defaulters, nor, per a search of the public TransUnion CIBIL website, in the list of defaults above Rs 1 crore under Suit Filed Accounts.
• A promoter group member has not consented to be identified. Mr. Johrilal Jain, father of promoter Mr. Gopal Jain and therefore deemed a member of the promoter group, has not consented to be identified as such and has not provided information about himself or his relevant entities. The RHP states repeated correspondence has gone unanswered, that he is not a shareholder and is not involved in the management of the company, and that all disclosures about him are based on and limited to publicly available information.
• Related party transactions. The price band advertisement discloses total related party transactions of Rs 1,621.57 million, Rs 1,402.44 million and Rs 1,101.96 million for Fiscals 2026, 2025 and 2024, being 102.76%, 113.74% and 106.00% of total income. The filed footnote explains the ratio exceeds 100% because the total includes both income and expense transactions.
• Regulation, overseas operations and liquidity. The business is subject to regulation by SEBI, the Ministry of Corporate Affairs, the RBI and other authorities, and to periodic SEBI reviews, information requests, audits and inspections of the funds managed and advised. The company operates subsidiaries in the Cayman Islands and Mauritius, each with distinct legal and regulatory systems. The RHP also flags liquidity risk, as the funds typically invest in unlisted equity and convertible securities that are generally illiquid.

The numbers as filed

Item	As filed
Issue size	Up to Rs 5,500.00 million (Rs 550.00 crore) — up to 34,375,000 equity shares at the Rs 160 cap price, up to 36,184,210 at the Rs 152 floor price
Fresh issue	Up to Rs 4,500.00 million — 28,125,000 shares at the cap price, 29,605,263 at the floor price
Offer for sale	Up to Rs 1,000.00 million — 6,250,000 shares at the cap price, 6,578,947 at the floor price; 18.18% of the offer size
Face value	Rs 5 per equity share
Price band	Rs 152 to Rs 160 per equity share — 30.40 times face value at the floor price, 32.00 times at the cap price
Lot size	93 equity shares, and multiples of 93 thereafter
Minimum investment	Not printed in the primary documents; by arithmetic on the disclosed lot and band, one lot costs Rs 14,136 at the floor price (93 × Rs 152) and Rs 14,880 at the cap price (93 × Rs 160)
Post-offer market capitalisation	Rs 22,561.64 million at the cap price, on 141,010,230 shares; Rs 21,658.55 million at the floor price, on 142,490,493 shares
Pre-offer equity share capital	112,885,230 equity shares held by 36 shareholders, all in dematerialised form

The price band and the lot size are printed in the price band advertisement dated 12 August 2026, a statutory pre-offer document. The RHP itself leaves both as placeholders, to be advertised in all editions of Financial Express in English and Jansatta in Hindi — that is by design, not an omission. The price band was recommended as justified by the committee of independent directors by resolution dated 12 August 2026. The minimum investment is the one computed figure in this table: the advertisement prints the lot and the band but no rupee minimum.

From the Restated Consolidated Financial Statements in the RHP (Rs million unless stated):

	FY2024	FY2025	FY2026
Revenue from operations	956.40	1,219.99	1,355.31
Other income	83.20	13.08	222.66
Total income	1,039.60	1,233.07	1,577.97
Total expenses	489.81	644.70	703.88
Profit before tax	549.79	588.37	874.09
Profit for the year	447.42	619.51	819.59
Total comprehensive income	455.81	645.13	995.12
Basic and diluted EPS (face value Rs 5)	Rs 4.28	Rs 5.71	Rs 7.17
Net worth	3,318.77	3,889.67	6,065.15
Total borrowings	35.14	40.02	415.56
Cash and cash equivalents	237.00	252.82	710.74
Total assets	3,885.96	4,518.72	7,064.85

The income streams the RHP names sit in two different lines of that statement, and the RHP is explicit about which is which (Rs million):

Income stream, as filed	FY2024	FY2025	FY2026
Management Fee (in revenue from operations)	758.54	575.23	600.80
Carried Interest (in revenue from operations)	183.95	644.26	754.11
Other revenue from operations	13.91	0.50	0.40
Income from Sponsor Commitment (in other income)	69.32	—	167.43
Remaining other income	13.88	13.08	55.23

The RHP labels the sponsor line “fair value change in investment i.e., Income from Sponsor Commitment/investments in funds” and files it within other income, not within revenue from operations. Its own income-stream table totals the three named streams at Rs 1,522.34 million, Rs 1,219.49 million and Rs 1,011.81 million for Fiscals 2026, 2025 and 2024, being 96.48%, 98.90% and 97.32% of total income; every percentage the RHP quotes for these streams is a percentage of total income, not of revenue from operations. The RHP footnotes that Income from Sponsor Commitment was nil in Fiscal 2025 primarily on account of a fair value loss. For eligibility purposes the RHP states an average restated operating profit for Fiscals 2026, 2025 and 2024 of Rs 584.63 million.

Every figure above is taken from the RHP dated 12 August 2026 and the price band advertisement of the same date, both fetched from the issuer’s own investor-relations pages, with the RHP re-verified byte-for-byte against the copy hosted on the book running lead manager’s offer-document server. No figure on this page rests on a secondary source.

Who can actually sell on listing day

On listing day, most of the Gaja Alternative Asset Management Limited share register is not allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.

The RHP’s capital structure chapter states four locked buckets:

Who	Locked for, per this RHP
Minimum promoters’ contribution: at least 20% of the fully diluted post-Offer equity share capital held by the promoters, under Regulations 14 and 16(1)(a) of the SEBI ICDR Regulations	Eighteen months from the date of Allotment
Promoters’ shareholding in excess of that 20%	Six months from the date of Allotment
The entire remaining pre-Offer equity share capital, under Regulations 16(b) and 17(1), except shares held by VCFs, AIFs of Category I or II, or FVCIs, which are instead locked for at least six months from their own date of purchase	Six months from the date of Allotment
Anchor investors, if any are allotted	50% of the anchor shares for 90 days, and the remaining 50% for 30 days, from the date of Allotment

The count at the Rs 160 cap price, now that the anchor book is final:

Step	Shares	% of post-issue capital
Fresh issue	28,125,000	19.95%
Offer for Sale	6,250,000	4.43%
Total offer	34,375,000	24.38%
Less: anchor allotment, locked 30/90 days	−10,312,500	−7.31%
= Sellable on listing day	24,062,500	17.06%
Locked or not offered — the rest of the register	116,947,730	82.94%
Post-issue capital	141,010,230	100.00%

Anchor allocation was finalised at Rs 160 per share (the cap price) on Tuesday, 18 August 2026, one working day before the offer opened, to 20 anchor investors, per secondary reporting citing a notice filed with BSE.

The offer share counts and the post-issue capital are the figures the price band advertisement itself prints at the cap price, and the table above assumes full subscription. The minimum promoters’ contribution table in the RHP is printed entirely as placeholders and marked to be completed before the Prospectus is filed with the Registrar of Companies, so the specific locked share counts and their expiry dates are not on record yet; the shareholding pattern shows no shares currently locked in, pledged or encumbered.

The company has an outstanding employee stock option scheme, but the RHP states no options had vested or been exercised as of its date, and the vesting period is three years — so no option share reaches the register in time for listing, and none is counted above. The lock-in clock runs from the date of Allotment, which the RHP indicates on or about Tuesday, 25 August 2026. The RHP also records two mechanics worth knowing: locked-in promoter shares may be pledged with scheduled commercial banks, public financial institutions, systemically important NBFCs or housing finance companies as collateral, with the lock-in continuing even if the pledge is invoked; and locked-in shares may be transferred among the promoters and promoter group, or to a new promoter, with the lock-in continuing in the transferee’s hands for the remaining period.

Figures are from the RHP’s capital structure chapter — the lock-in paragraphs and the shareholding pattern on printed pages 97 to 100 — the price band advertisement’s own share table, and, for the anchor allotment, secondary reporting citing the BSE anchor allocation notice, as of 30 August 2026.

Dates and mechanics

Event	Date
Anchor investor bidding	Tuesday, 18 August 2026 (anchor investors only; the RHP states participation may be considered, not that it will occur)
Bid/offer opens	Wednesday, 19 August 2026
Bid/offer closes	Friday, 21 August 2026 (UPI mandate end time 5.00 p.m.)
Basis of allotment finalised with NSE	Monday, 24 August 2026 (on or about)
Allotment and credit of shares to demat accounts; unblocking of ASBA funds	Tuesday, 25 August 2026 (on or about)
Commencement of trading	Wednesday, 26 August 2026 (on or about)

Everything after the close is indicative — the RHP expresses every post-close date as “on or about”, and no primary document fixes a firm listing date. Where unblocking is delayed beyond two working days from the bid/offer closing date for cancelled, withdrawn or deleted ASBA forms, the RHP states the bidder is compensated at Rs 100 per day or 15% per annum of the bid amount, whichever is higher.

The offer is being made through the book building process. The buckets, as filed:

Bucket	Share of the offer, as filed
Qualified Institutional Buyers	Not more than 50.00% of the offer, of which the company, in consultation with the book running lead managers, may allocate up to 60% to anchor investors on a discretionary basis
Anchor investor sub-reservation	40% of the anchor investor portion is reserved as 33.33% for domestic mutual funds and 6.67% for life insurance companies and pension funds
Mutual funds within the net QIB portion	Up to 5.00%, with any unsubscribed mutual fund portion available to other QIBs
Non-Institutional Bidders	Not less than 15.00% of the offer — one-third for applications above Rs 200,000 and up to Rs 1,000,000, two-thirds for applications above Rs 1,000,000, with unsubscribed amounts movable between the two sub-categories
Retail Individual Bidders	Not less than 35.00% of the offer
Employee reservation	None — the offer structure table lists no employee reservation portion

Every bidder other than an anchor investor bids through ASBA or the UPI mechanism, per the RHP; anchor investors are not permitted to participate through ASBA. Any under-subscription or non-allocation in the anchor investor portion is added back to the net QIB portion.

This is a mainboard offer, proposed to be listed on the main board platforms of BSE Limited and the National Stock Exchange of India Limited, with NSE as the designated stock exchange. In-principle approvals from both exchanges are dated 26 September 2025. The RHP cites its eligibility in two places with slightly different wording: the Terms of the Offer chapter states the offer is made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1), while the Offer Structure chapter states it is made in accordance with Rule 19(2)(b) of the SCRR and Regulation 32(1) of the SEBI ICDR Regulations.

Book running lead managers: JM Financial Limited (SEBI registration INM000010361; contact person Prachee Dhuri; gaja.ipo@jmfl.com) and IIFL Capital Services Limited, formerly IIFL Securities Limited (SEBI registration INM000010940; contact persons Mansi Sampat and Pawan Kumar Jain). The price band advertisement discloses their own track record as required: the two managers handled 74 public issues in the past three years, of which 24 closed below the offer price on listing date — JM Financial 27 issues with 11 below, IIFL Capital 30 with 10 below, and 17 issues common to both with 3 below.

Registrar: MUFG Intime India Private Limited, formerly Link Intime India Private Limited, C-101 Embassy 247, LBS Marg, Vikhroli (West), Mumbai 400 083 (contact person Shanti Gopalkrishnan; email gajaalternative.ipo@in.mpms.mufg.com). Company secretary and compliance officer: Ms. Ishu Jain (compliance@gajacapital.com).

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Information as of 15 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.

This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.