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Listed
Capital Markets
Gaja Alternative Asset Management Limited IPO
₹550 Cr · Fresh Issue & OFS · Capital Markets
Price Band
₹152 – ₹160
Lot: 107 shares (₹17,120)
GMP (Grey Market)
₹14 (+10.07%)
Est. listing ₹174
Issue Size
₹550 Cr
Fresh Issue & OFS
Market Cap
₹2256.16 Cr
At upper band
P/E Ratio
27.5x
P/S: 16.6x
Listing Date
26 Aug 2026
BSE & NSE
IPO Timeline
✓
Opens
19 Aug 2026
✓
Closes
21 Aug 2026
✓
Allotment
24 Aug 2026
✓
Refund
25 Aug 2026
✓
Listing
26 Aug 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 1.2× sector midpoint with exceptional 51.9% net margins and 35.3% PAT CAGR, meeting Subscribe criteria. Key risk is post-issue promoter dilution to 54.23% and execution dependency on sponsor commitments to alternative funds.
Listing Performance
Issue Price
₹160
Allotment price
Listing Price
₹185.2
+15.75% on listing day
Current Price (CMP)
₹152.85
-4.5% vs issue
Listed On
26 Aug 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Exceptional profitability and margin expansion
Net profit margin of 51.9% is exceptional for a capital markets business, indicating strong pricing power and operational leverage. PAT grew 35.3% over two years (FY-2 ₹44.7 Cr to FY0 ₹82.0 Cr), significantly outpacing revenue growth of 23.2%, demonstrating improving operational efficiency.
✓ Strength
Strong revenue growth and market traction
Revenue CAGR of 23.2% over two years (₹104.0 Cr to ₹157.8 Cr) reflects consistent business expansion in alternative asset management. The 32.98× subscription indicates strong institutional and retail confidence in the business model and growth trajectory.
⚠ Risk
Promoter dilution post-listing
Promoter holding declines from 71.03% pre-issue to 54.23% post-issue, a 16.8 percentage point drop that reduces founder control below the 60% threshold typically preferred by investors. This dilution may signal reduced founder conviction or governance concerns.
⚠ Risk
Execution risk on sponsor commitments
Primary use of proceeds is investing towards sponsor commitments to existing and new funds, which depends on market conditions and fund performance. Failure to deploy capital effectively or underperformance of sponsored funds could impact returns and reputation.
₹ Valuation
Valuation at sector midpoint with margin premium
P/E of 27.5× is 1.2× the niche/unlisted sector midpoint of 23×, placing it at the upper end of the Subscribe range. However, the 51.9% NPM justifies a modest premium; the P/S of 16.6× is reasonable given the high-margin profile and strong growth.
👁 Watch
Monitor fund performance and AUM growth
Post-listing, track the company's ability to deploy capital into new funds and the performance of sponsored funds, as these directly drive revenue and margins. Any significant underperformance or delays in sponsor commitments could pressure valuations.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Gaja Alternative Asset Management Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹135.53 Cr
Net Profit
₹81.96 Cr
Industry
Capital Markets
Issue Type
Fresh Issue & OFS
Promoters
MR. GOPAL JAIN, MR. RANJIT JAYANT SHAH, MR. IMRAN JAFAR, MS. CHITRA JAIN AND MS. MONA RANJIT SHAH
Lead Managers
JM Financial and IIFL Capital
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 1.2× sector midpoint with exceptional 51.9% net margins and 35.3% PAT CAGR, meeting Subscribe criteria. Key risk is post-issue promoter dilution to 54.23% and execution dependency on sponsor commitments to alternative funds.
The current grey market premium (GMP) is ₹14, which is 10.07% above the upper band price of ₹160. This implies an estimated listing price of around ₹174. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 107 shares. At the upper band price of ₹160, the minimum investment per retail application is ₹17,120. You can apply for up to 13 lots (₹222,560) under the retail category (up to ₹2 lakh).
The IPO opens on 19 Aug 2026. It closes on 21 Aug 2026. Allotment is expected on 24 Aug 2026. Refunds initiate on 25 Aug 2026. Listing on BSE and NSE is on 26 Aug 2026.
The lead managers for the IPO are JM Financial and IIFL Capital. Check the SEBI filing for the registrar details.
The IPO listed on 26 Aug 2026 at ₹185.2 against an issue price of ₹160 (+15.75% on listing day). The current market price (CMP) is approximately ₹152.85 (+-4.5% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 21 Aug 2026. The minimum investment is ₹17,120 for one lot (107 shares). The company trades at 1.2× sector midpoint with exceptional 51.9% net margins and 35.3% PAT CAGR, meeting Subscribe criteria. Key risk is post-issue promoter dilution to 54.23% and execution dependency on sponsor commitments to alternative funds.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 21 Aug 2026. The IPO is priced at a P/E of 27.5x. Market cap at issue price is ₹2256.16 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 107 shares at ₹160 each, costing ₹17,120 per application. The issue closes on 21 Aug 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Gaja Alternative Asset Management Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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