Gaja Alternative Asset Management’s ₹550-crore IPO is in its second day of bidding after seeing 0.90 times subscription on Day 1. The price band is set at ₹152-160 per share, with the grey market premium hinting at a potential 14% listing gain. Investors are evaluating the business model, which faces risks like revenue volatility and regulatory exposure in overseas markets.
Gaja Alternative Asset Management is moving into the second day of its initial public offering (IPO), which opened on August 19, 2026. The company is looking to raise ₹550 crore through a mix of a fresh share issue and an offer for sale. The issue is priced between ₹152 and ₹160 per share.
Market data from the first day of bidding showed the IPO reaching a 0.90 times subscription. The issue remains open for subscription until August 21, 2026. While the grey market—an unofficial trading platform—is currently showing a premium of approximately ₹23, suggesting a potential 14% listing gain, investors should remember that these premiums are speculative and can change based on market conditions.
From a financial perspective, the company reported a net profit of ₹79.7 crore for the fiscal year ending March 2026, marking a 33.8% increase over the previous year. Revenue for the same period stood at ₹135.5 crore, reflecting an 11.1% growth. Before the public issue opened, the company raised ₹165 crore from anchor investors, including institutions like Nippon Life India, Invesco, HDFC Life, and SBI Life.
Investors evaluating this IPO may want to consider specific business risks. The company’s revenue is dependent on fundraising cycles, management fees, and carried interest, which can lead to income volatility. Additionally, the asset manager has operational exposure in jurisdictions like the Cayman Islands and Mauritius, bringing in international regulatory and compliance risks. The company has also recorded an increase in borrowing levels in recent fiscal years, which is a factor for investors to monitor alongside the fund's performance valuations.
The IPO funds, specifically the ₹450 crore from the fresh issue, are intended for sponsor commitments to funds and the repayment of loans, with the balance earmarked for general corporate purposes. The final outcome of the issue will be determined by the total subscription numbers at the close of bidding on August 21. The shares are scheduled to be listed on the BSE and NSE on August 26, 2026.