{"id":52885,"date":"2026-08-17T10:49:29","date_gmt":"2026-08-17T05:19:29","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=52885"},"modified":"2026-08-17T10:49:29","modified_gmt":"2026-08-17T05:19:29","slug":"gaja-alternative-asset-management-ipo","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/gaja-alternative-asset-management-ipo\/","title":{"rendered":"Gaja Alternative Asset Management IPO"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"52885\" class=\"elementor elementor-52885\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b704ddf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b704ddf\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column 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td::before {\n        content: attr(data-label);\n        font-weight: 700;\n        color: #64748b;\n        text-align: left;\n      }\n    }\n  <\/style>\n<\/head>\n<body>\n\n<div class=\"cmr-article-wrapper\">\n\n  <!-- \u2500\u2500 IPO AT A GLANCE \u2500\u2500 -->\n  <div class=\"cmr-glance-title\">IPO at a Glance<\/div>\n  \n  <div class=\"cmr-glance-grid\">\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Price Band<\/div>\n      <div class=\"cmr-g-value\">\u20b9152 to \u20b9160<\/div>\n      <div class=\"cmr-g-sub\">Face Value \u20b95 \/ share<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item cmr-highlight\">\n      <div class=\"cmr-g-label\">Issue Opens<\/div>\n      <div class=\"cmr-g-value\">Aug 19<\/div>\n      <div class=\"cmr-g-sub\">Closes Aug 21, 2026<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lot Size<\/div>\n      <div class=\"cmr-g-value\">93 Shares<\/div>\n      <div class=\"cmr-g-sub\">Min Investment: \u20b914,880<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Total Size<\/div>\n      <div class=\"cmr-g-value\">\u20b9550 Cr<\/div>\n      <div class=\"cmr-g-sub\">Fresh + OFS<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Listing At<\/div>\n      <div class=\"cmr-g-value\">BSE &amp; NSE<\/div>\n      <div class=\"cmr-g-sub\">Tentative: Aug 26, 2026<\/div>\n    <\/div>\n\n    <div class=\"cmr-glance-item\">\n      <div class=\"cmr-g-label\">Lead Manager<\/div>\n      <div class=\"cmr-g-value\" style=\"font-size: 14px; font-weight: 600; color: #006666;\">JM Financial Ltd.<\/div>\n      <div class=\"cmr-g-sub\">Registrar: MUFG Intime India<\/div>\n    <\/div>\n  <\/div>\n\n  <!-- \u2500\u2500 ABOUT THE COMPANY \u2500\u2500 -->\n  <h2>About the Company: Independent Home-Grown Alternative Asset Manager<\/h2>\n  <p>\n    Incorporated in <strong>April 1999<\/strong>, Gaja Alternative Asset Management Limited is an independent, home-grown alternative asset management company with over two decades of experience managing and advising India-focused funds, including Category I and Category II Alternative Investment Funds (AIFs) as well as offshore funds investing in India.\n  <\/p>\n  <p>\n    The company focuses on mid-market alternative investments across sectors such as education, energy &amp; environment, financial services, consumer products, and digital technology. Gaja Capital has established a multi-cycle track record through Gaja Capital Funds (Fund II, Fund III, and Fund IV), supported by institutional relationships with investors across more than 20 countries. As of March 31, 2026, the company had committed approximately \u20b9274 crore as Sponsor Commitment (representing 6.41% of total fund sizes).\n  <\/p>\n  <p>\n    The company generates revenue primarily through management fees, carried interest, and returns on sponsor commitments. As of March 31, 2026, the firm operated with 37 team members across investment, operations, and compliance functions.\n  <\/p>\n\n  <ul class=\"cmr-feature-list\">\n    <li>\n      Over 20 years of established track record in India-focused private equity and alternative asset management.\n    <\/li>\n    <li>\n      High alignment of interest through substantial Sponsor Commitments across fund vintages.\n    <\/li>\n    <li>\n      Differentiated invest-and-collaborate approach driving strategic value creation across mid-market portfolio companies.\n    <\/li>\n    <li>\n      Long-standing global LP relationships spanning institutional investors across 20+ countries.\n    <\/li>\n  <\/ul>\n\n  <p>\n    The company&#8217;s promoters are <strong>Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain, and Mona Ranjit Shah<\/strong>.\n  <\/p>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 FINANCIALS \u2500\u2500 -->\n  <h2>Financial Trends &amp; Performance<\/h2>\n  <p>\n    Gaja Alternative Asset Management Ltd.&#8217;s total income grew by 28% while profit after tax (PAT) rose by 32% between the financial years ending March 31, 2026, and March 31, 2025.\n  <\/p>\n\n  <div class=\"table-container\">\n    <table class=\"fin-table\">\n      <thead>\n        <tr>\n          <th>Period Ended<\/th>\n          <th>31 Mar 2026<\/th>\n          <th>31 Mar 2025<\/th>\n          <th>31 Mar 2024<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>Total Assets<\/td><td data-label=\"31 Mar 2026\">\u20b9706.49 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b9451.87 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b9388.60 Cr<\/td><\/tr>\n        <tr><td>Total Income<\/td><td data-label=\"31 Mar 2026\">\u20b9157.80 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b9123.31 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b9103.96 Cr<\/td><\/tr>\n        <tr><td>Profit After Tax (PAT)<\/td><td data-label=\"31 Mar 2026\">\u20b981.96 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b961.95 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b944.74 Cr<\/td><\/tr>\n        <tr><td>Net Worth<\/td><td data-label=\"31 Mar 2026\">\u20b9606.52 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b9388.97 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b9331.88 Cr<\/td><\/tr>\n        <tr><td>Reserves and Surplus<\/td><td data-label=\"31 Mar 2026\">\u20b9525.33 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b9381.75 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b9325.79 Cr<\/td><\/tr>\n        <tr><td>Total Borrowings<\/td><td data-label=\"31 Mar 2026\">\u20b941.56 Cr<\/td><td data-label=\"31 Mar 2025\">\u20b94.00 Cr<\/td><td data-label=\"31 Mar 2024\">\u20b93.51 Cr<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n  <p class=\"fin-note\">All figures in \u20b9 Crore &nbsp;|&nbsp; Source: Chittorgarh \/ DRHP (Restated Consolidated)<\/p>\n\n  <!-- KPIs -->\n  <h2>Key Performance Indicators &amp; Valuation (FY2026)<\/h2>\n  <div class=\"kpi-grid\">\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">51.94%<\/div>\n      <div class=\"kpi-label\">PAT Margin (FY26)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">16.47%<\/div>\n      <div class=\"kpi-label\">ROE (FY26)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">13.13%<\/div>\n      <div class=\"kpi-label\">RoNW (FY26)<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">\u20b953.73<\/div>\n      <div class=\"kpi-label\">NAV per share<\/div>\n    <\/div>\n    <div class=\"kpi-card\">\n      <div class=\"kpi-value\">0.07<\/div>\n      <div class=\"kpi-label\">Debt \/ Equity<\/div>\n    <\/div>\n   \n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 COMPETITIVE STRENGTHS \u2500\u2500 -->\n  <h2>Competitive Strengths<\/h2>\n  <ul class=\"cmr-feature-list\">\n    <li>\n      <strong>High Profitability &amp; Lean Model:<\/strong> Exceptional PAT margins of 51.94% reflecting the asset-light operating leverage of fund management.\n    <\/li>\n    <li>\n      <strong>Strong Balance Sheet:<\/strong> Negligible gearing with a Debt-to-Equity ratio of 0.07.\n    <\/li>\n    <li>\n      <strong>Multi-Cycle Track Record:<\/strong> Consistent fund performance across multiple market cycles over two decades.\n    <\/li>\n    <li>\n      <strong>Secular Tailwinds:<\/strong> Direct beneficiary of rapid growth in India\u2019s domestic private equity and AIF ecosystem.\n    <\/li>\n  <\/ul>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 ISSUE RESERVATION \u2500\u2500 -->\n  <h2>Issue Reservation<\/h2>\n  <div class=\"table-container\">\n    <table class=\"res-table\">\n      <thead>\n        <tr>\n          <th>Investor Category<\/th>\n          <th>Shares Offered<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr><td>QIB Shares Offered<\/td><td>Not more than 50% of the Net Offer<\/td><\/tr>\n        <tr><td>Retail Shares Offered<\/td><td>Not less than 35% of the Net Offer<\/td><\/tr>\n        <tr><td>NII Shares Offered<\/td><td>Not less than 15% of the Net Offer<\/td><\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <hr class=\"divider\" \/>\n\n  <!-- \u2500\u2500 OBJECTS OF ISSUE \u2500\u2500 -->\n  <h2>IPO Structure &amp; Use of Proceeds<\/h2>\n  <p>\n    The \u20b9550.00 Cr issue comprises a Fresh Issue of \u20b9450.00 Cr (2,81,25,000 shares) and an Offer for Sale of \u20b9100.00 Cr (62,50,000 shares) by selling promoters and individual shareholders. The net fresh proceeds are proposed to be utilized as follows:\n  <\/p>\n\n  <ul class=\"objects-list\">\n    <li>\n      <span class=\"obj-label\">Investing towards Sponsor Commitments across constituent funds of Fund IV, proposed Fund V, Secondaries Fund, and Bridge Loan repayment<\/span>\n      <span class=\"obj-amt\">\u20b9372.00 Cr<\/span>\n    <\/li>\n    <li>\n      <span class=\"obj-label\">General Corporate Purposes<\/span>\n      <span class=\"obj-amt\">Balance<\/span>\n    <\/li>\n  <\/ul>\n\n  <p>\n    Bidding opens on <strong>August 19, 2026<\/strong> and closes on <strong>August 21, 2026<\/strong>. Minimum retail application lot size is fixed at 93 shares (\u20b914,880 based on the upper price band).\n  <\/p>\n\n  <!-- \u2500\u2500 VERDICT \u2500\u2500 -->\n  <div class=\"cmr-verdict-card\">\n    <div class=\"cmr-verdict-title\">The Final Verdict<\/div>\n    <p>\n      Gaja Alternative Asset Management Limited offers public market investors rare direct exposure to an established Indian alternative investment and private equity fund manager.\n    <\/p>\n    <p style=\"margin-top: 12px;\">\n      The company operates with outstanding profitability (PAT margin of 51.94% in FY26) and a clean capital structure. Deploying \u20b9372 Cr of fresh capital directly into Sponsor Commitments for existing and upcoming fund vintages (Fund V and Secondaries) enhances alignment with global investors while scaling assets under management (AUM). Investors seeking exposure to India&#8217;s burgeoning alternative asset management industry can evaluate this issue closely.\n    <\/p>\n  <\/div>\n\n  <!-- \u2500\u2500 CTA \u2500\u2500 -->\n  <div class=\"cta-wrap\">\n    <a class=\"cta-btn\" href=\"https:\/\/novo.flattrade.in\/\" target=\"_blank\" rel=\"noopener\">\n      Apply for Gaja Alternative Asset Management IPO on Flattrade\n    <\/a>\n  <\/div>\n\n  <div class=\"source-note\">Source: Chittorgarh IPO Filings<\/div>\n\n<\/div>\n\n<\/body>\n<\/html>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1d5673e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1d5673e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div 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