Gaja Alternative IPO opens with 19% GMP

Gaja Alternative Asset Management has launched a Rs 550 crore IPO today, Wednesday, with an initial market price premium of 19%. The three-day issue closes on August 21, 2026, offering shares at a price band of Rs 152-160 each. The public issue comprises 2.81 crore shares worth Rs 450 crore and an offer for sale of 63 lakh shares totaling Rs 100 crore.

Retail investors can apply for a minimum of 93 shares at Rs 14,880 at the top price. The company aims to utilize the net proceeds for strengthening its investment commitments and meeting sponsor commitments, including the repayment of a bridge loan. Gaja Alternative Asset Management, established in 1999, boasts over two decades of experience in managing India-focused funds and alternative investments across sectors like education, energy, and digital technology.

The IPO's valuation at Rs 27.5x FY26 P/E and 2.1x FY26 P/B suggests a post-issue market cap of around Rs 22,562 million, despite concerns of moderate near-to-medium term valuations.