Gaja Alternative Asset Management IPO Day 2 Live: NII jumps 19%, Total at 1.46x

Gaja Alternative Asset Management IPO Day 2 Live: NII jumps 19%, Total at 1.46x - Check details

2 min read Updated on 20 Aug 2026, 12:18 PM

Reviewed by

Ritika DScanX News Team

AI Summary

Gaja Alternative Asset Management IPO is fully subscribed at 1.46x on Day 2. NII (bHNI) led with 2.98x subscription, followed by Retail at 2.02x. The company reported ₹135.53 crore revenue in FY26. Listing is scheduled for 2026-08-26.

*this image is generated using AI for illustrative purposes only.

Gaja Alternative Asset Management’s IPO is racing ahead on Day 2 of its subscription window, with the cumulative multiple ticking up to 1.46x. The issue, priced between ₹152.00000 and ₹160.00000, saw a sharp acceleration in investor interest late in the day, driven primarily by strong participation from Non-Institutional Buyers (bHNI) and Retail investors.

Subscription Status

The momentum picked up pace after 5:45 PM IST, with the NII (bHNI) category jumping +19.2% in a single hour from 2.50x to 2.98x. Retail subscriptions also surged by +16.8%, moving from 1.73x to 2.02x. While QIB interest remains subdued at 0.09x, the robust response from individual investors has kept the issue well above the fully subscribed threshold.

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	18-08-2026	0.00x	0.00x	0.00x	0.00x	0.00x
Day 2	19-08-2026	0.09x	1.57x	0.76x	1.17x	0.83x
Day 3	20-08-2026	0.09x	2.98x	1.45x	2.02x	1.46x

Intra-day timeline on 20-08-2026

Time (IST)	QIB	NII (bHNI)	Retail	Total
05:45	0.09x	2.50x	1.73x	1.25x
06:45	0.09x	2.98x	2.02x	1.46x

About the Company

Gaja Alternative Asset Management Limited is a well-established alternative asset management company with 20 years of experience. Founded in 1999, it acts as an investment manager to India-focused funds, including category II and category I alternative investment funds (AIFs). The company is predominantly held by its leadership team, led by CEO Mr. Upendra Kumar Sinha and MD Mr. Gopal Jain, focusing on sectors like EEE, financial services, consumer, and digital technology.

Financial Highlights

The company has demonstrated robust financial growth over the last three years.

Particulars	FY 2024	FY 2025	FY 2026
Revenue from Operations (₹ crores)	95.64	122.00	135.53
Total Profit (₹ crores)	44.74	61.95	81.96
Total Equity (₹ crores)	333.95	393.46	613.35

Profit after tax grew at a CAGR of 35.34% between Fiscals 2024-2026, reflecting a differentiated business model aimed at driving enterprise value.

Objects of the Issue

Investing towards Sponsor Commitments to existing and new funds and for repayment of Bridge Loan Amount: ₹372.00 crores
General corporate purposes: Not specified amount (lakhs)

Risk Factors

Income Dependency on Fund Performance: Significant income comes from Management Fees and Carried Interest; poor fund performance could negatively affect cash flows.
Unpredictable Carried Interest Cash Flows: Carried Interest payments depend on fund performance and realization opportunities, contributing to cash flow volatility.
Valuation Subjectivity and Asset Value Risk: Fair market value of Sponsor Commitments involves subjective valuation methodologies that may not be realized.

Key Dates

IPO Open Date: 2026-08-19
IPO Close Date: 2026-08-21
Allotment Date: 2026-08-24
Listing Date: 2026-08-26

How might the significant disparity between robust retail participation and negligible QIB interest impact the stock's listing gains and early trading volatility?

Given the heavy reliance on carried interest, how will potential market downturns in the EEE and financial services sectors affect Gaja's revenue stability post-IPO?

What specific strategies will Gaja employ to mitigate the valuation subjectivity risks associated with its sponsor commitments in its upcoming financial disclosures?