Gaja Alternative Asset Management

Gaja Alternative Asset Management IPO

IPO Open Now

₹14,136

1.76 xOver-subscribed

Bidding Dates 19 Aug, 26 -21 Aug, 26

Min Investment ₹14,136

Lot Size93

Price Range ₹152 – ₹160

Issue Size ₹550.00 Cr.

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DRHP

IPO Subscription Details

Retail Subscription Details

2.38 x

Non-Institutional Buyers (sHNI)

3.7 x

Non-Institutional Buyers (bHNI)

1.97 x

Qualified Institutional Buyers (QIB)

0.09 x

Total

1.76 x

IPO Timeline

IPO Analysis

Strengths

The company has 20 years of experience in alternative asset management with a consistent track record. The company's differentiated business model focuses on maximizing transmission of economics from funds to the company and informed expense management, with PAT margins improving from 43.04% to 51.94% between Fiscals 2024 to 2026.

The company has completed 28 investments with Prior Investments achieving 5.61x MOIC, Fund II achieving 3.81x MOIC with five fully realized investments, and Fund III with two partial realizations. The company demonstrates versatility in managing investments across different economic cycles.

The company operates in India's fastest growing managed investment products sector with AIF commitments growing at 29.2% CAGR between Fiscals 2019-2026, reaching ₹16.90 trillion as of March 2026. The company is an experienced, independent and home-grown alternative AMC with over two decades of experience.

Risks

The company derives significant income from Management Fee (38.07% in Fiscal 2026), Carried Interest (47.79% in Fiscal 2026), and Income from Sponsor Commitment. Poor performance of funds managed and advised by the company could cause a decline in income and negatively affect performance, cash flows and financial condition.

Carried Interest payments depend on fund performance and realization opportunities, which may be limited. The company received ₹754.11 million (47.79% of total income) in Fiscal 2026 as Carried Interest. The timing and receipt of these payments are unpredictable and contribute to cash flow volatility.

Fair market value of Sponsor Commitments was ₹2,436.23 million in Fiscal 2026. Valuation methodologies can be susceptible to significant subjectivity and derived values may not be realized, potentially resulting in significant losses and Limited Partner confidence issues.

Objectives

The company proposes to invest towards balance Sponsor Commitment to Fund IV constituent funds, Sponsor Commitment to proposed Fund V, and Sponsor Commitment to Secondaries Fund, along with repayment of Bridge Loan Amount.

The company proposes to deploy funds towards fundraising expenses for proposed funds, meeting ongoing corporate contingencies, expenses in ordinary course of business, funding growth opportunities, and establishment of new office locations.

Yearly Financial Results

Annual Financials	Mar 2024	Mar 2025	Mar 2026
Revenue	95.64	122.00	135.53
Expenses	48.98	64.47	70.39
Other Income	8.32	1.31	22.27
Total Revenue	103.96	123.31	157.80
Profit Before Tax	54.98	58.84	87.41
Net Profit	44.74	61.95	81.96

Show % Change

Above figures are in Rs. Crores

Balance Sheet

Balance Sheet	Mar 2024	Mar 2025	Mar 2026
Total Assets	388.60	451.87	706.49
Current Assets	118.09	200.49	322.89
Fixed Assets	270.50	251.38	383.60
Total Equity & Liabilities	388.60	451.87	706.49
Total Liabilities	54.64	58.41	93.14
Current Liabilities	15.18	21.83	49.33
Non Current Liabilities	39.47	36.58	43.80
Total Equity	333.95	393.46	613.35

Show % Change

Above figures are in Rs. Crores

Cash Flow

Cash Flow	Mar 2024	Mar 2025	Mar 2026
Net Cash Flow	9.12	-1.32	27.91
Investing Activities	-6.19	14.20	-108.73
Operating Activities	20.89	-8.75	-14.98
Financing Activities	-5.59	-6.76	151.62

Show % Change

Above figures are in Rs. Crores

About Gaja Alternative Asset Management

Gaja Alternative Asset Management Limited is a well-established alternative asset management company with 20 years of experience, acting as an investment manager to India-focused funds including category II and category I alternative investment funds (AIFs) and as advisors to offshore funds providing capital to companies in India. The company is...more

Website

www.gajacapital.com

Managing DirectorMr. Gopal Jain

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Part of Raise Financial Services

SEBI Stock Broker Registration No: INZ000006031 | Depository Participant (CDSL) ID: IN-DP-289-2016 | SEBI Research Analyst Registration No: INH000023357 Exchange Membership No. : NSE: 90133 | BSE: 6593 | MCX: 56320

Registered Office: Unit No. 2201, 22nd Floor, Gold Medal Avenue, S.V. Road, Beside Patel Petrol Pump, Piramal Nagar, Goregaon West, Mumbai - 400104