Gaja Alternative Asset Management Raises ₹165 Crore From Anchor Investors, Secures Funding Ahead Of IPO Launch

Gaja Alternative Asset Management Ltd, also known as Gaja Capital, successfully raised ₹165 crore from anchor investors prior to its IPO launch on Wednesday. The company offered approximately 1.03 crore equity shares to these anchor investors at Rs 160 each, marking the top price in their range. Nippon India Mutual Fund and Invesco Mutual Fund were at the forefront, each contributing Rs 30 crore to the anchor book.

HDFC Life and SBI Life were among other institutional participants. Notable individual investors included Akash Bhansali from Winro Commercial (India) Ltd, Mukul Agarwal from Sanshi Fund I, and Ashish Kacholia from Bengal Finance. Bhansali had previously invested in Gaja's pre-IPO round last year. Subsequently, Gaja's ₹550-crore IPO will commence public subscription on August 19 and conclude on August 21, with a price band spanning Rs 152-160 per share.

At the upper end of this band, the firm could achieve a market capitalization of around ₹2,256 crore. The IPO consists of a fresh issue of up to Rs 450 crore in equity shares and an offer for sale (OFS) of shares totaling up to Rs 100 crore. Due to a reduction in the IPO size from the originally planned amount of over ₹656 crore, the proceeds from this fresh issue will be utilized for debt repayment, new funding, and general corporate purposes.

Gaja Capital, established in 2004, is a private equity and alternative asset management firm specializing in providing growth capital to entrepreneurs. The firm has invested in various sectors, including education, consumer, and financial services.