Gaja Alternative Asset Management IPO Day 2: Retail, NII surge 75%+, check subscription status

2 min read Updated on 19 Aug 2026, 12:21 PM

Reviewed by

Ritika DScanX News Team

AI Summary

Gaja Alternative Asset Management IPO subscription rose to 0.33x on Day 2, driven by a 75%+ jump in NII and Retail bids. QIB participation remains zero. The company reported FY 2026 PAT of ₹81.96 crores.

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

Gaja Alternative Asset Management’s initial public offering gained momentum on its second day of trading on 19-08-2026, with total subscription surging by 83.3% to reach 0.33x. While the Qualified Institutional Buyer (QIB) category remained inactive, individual investors drove the action, with both Retail and Non-Institutional Buyers (NII) posting double-digit percentage jumps in intraday bids.

Subscription Status

The issue is currently subscribed 0.33x overall. The standout moves of the day came from the NII and Retail segments. NII (bHNI) jumped +75.0% from 0.32x to 0.56x, while Retail surged +78.6% from 0.28x to 0.50x. This activity pushed the total subscription multiple up by 0.15x points since the morning snapshot.

Category	Subscription Multiple
QIB	0.00x
NII (bHNI)	0.56x
NII (sHNI)	0.27x
Retail	0.50x
Total	0.33x

Intra-day Timeline (19-08-2026)

Time (IST)	QIB	NII (bHNI)	Retail	Total
05:45	0.00x	0.32x	0.28x	0.18x
06:45	0.00x	0.56x	0.50x	0.33x

Subscription Progression

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	0.00x	0.56x	0.27x	0.50x	0.33x

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 for India-focused funds, including Category I and II Alternative Investment Funds (AIFs). The company focuses on sectors such as EEE, financial services, consumer, and digital technology. It is led by promoters Mr. Gopal Jain (MD), Mr. Upendra Kumar Sinha (CEO), and Mr. Ranjit Jayant Shah (CFO).

Financial Highlights

The company has shown consistent growth in revenue and profit over the last three years.

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

Revenue grew from ₹95.64 crores in FY 2024 to ₹135.53 crores in FY 2026, while PAT increased from ₹44.74 crores to ₹81.96 crores in the same period.

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: ₹ lakhs (amount not specified in crores)

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: Fair market value of Sponsor Commitments involves subjective valuation methodologies that may not be realized.

Offer Details

Price Band: ₹152.00000 - ₹160.00000
Issue Size: 14880 - 500000
Min Bid Qty: 93
IPO Open Date: 2026-08-19
IPO Close Date: 2026-08-21

Will the complete absence of Qualified Institutional Buyer (QIB) interest signal a lack of confidence in Gaja's valuation or alternative asset management prospects, potentially impacting post-listing liquidity?

Given the heavy reliance on sponsor commitments (₹372 crores) for the IPO proceeds, how might this capital structure affect Gaja's ability to raise new funds in a tightening credit environment?

How will the inherent volatility of Carried Interest, which constitutes a significant portion of revenue, impact Gaja's earnings stability and stock price performance in its first year of trading?