Gaja Alternative Asset up 20% on stock market debut to o $261m valuation
India-based alternative asset manager Gaja Alternative Asset Management surged as much as 20% in its stock market debut on Wednesday, giving the private equity firm a valuation of about $261m, according to a report by Reuters.
India-based alternative asset manager Gaja Alternative Asset Management experienced a 20% surge in its stock market debut on Wednesday, according to Reuters. The private equity firm achieved a valuation of around $261 million. Gaja's shares opened at INR185 on the National Stock Exchange of India, reflecting a 15.6% premium over the INR160 IPO price.
Throughout the trading session, the stock peaked at INR191.65. This IPO marks Gaja's first stock market debut and represents the first listing for a pure-play alternative asset management company in India. The flotation enables retail investors to gain indirect exposure to an asset class traditionally favored by institutional and high-net-worth investors.
Joining the ranks of other publicly traded alternative asset managers like Blackstone and KKR, Gaja's listing signifies the growth of India's private markets industry. The firm has invested across various sectors, including technology and consumer businesses, with portfolio companies like Fractal Analytics and Sarvam AI, backed by HCLTech.
Gaja plans to deploy the majority of IPO proceeds into its existing funds and new investment vehicles. Strong demand for the offering was evident, with subscriptions at 31.3 times overall, and institutional buyers placing bids equivalent to 43.6 times the shares available. Non-institutional investors also heavily oversubscribed their allocation, bidding for 62.4 times the shares on offer.
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