Gaja Alternative Asset Management Ltd’s initial public offering (IPO) was fully subscribed on the second day of bidding, with the Rs 550-crore public issue receiving bids for 2.44 times the shares on offer by 5 pm on August 20, according to data from the NSE.
The company, which operates under the Gaja Capital brand, received bids for over 6.16 crore (6,16,66,998) equity shares against over 2.53 crore (2,53,28,946) shares available for subscription.
Demand was led by non-institutional investors (NIIs), whose reserved portion was subscribed 3.93 times. The retail investor category also witnessed strong participation, with its quota subscribed 3.13 times.
At the upper price of Rs 160 per share, the premium implies an indicative listing gain of around 14.37%. The IPO opened for subscription on August 19 and will close on August 21. Gaja Alternative Asset Management has set a price band of Rs 152-160 per equity share.
The public offering comprises a fresh issue worth Rs 450 crore and an offer for sale (OFS) of Rs 100 crore by promoters and other selling shareholders.
Of the net proceeds from the fresh issue, the company plans to deploy Rs 372 crore towards sponsor commitments to certain existing and new funds, as well as repayment of a bridge loan. The remaining proceeds will be used for general corporate purposes.
Ahead of the IPO, the company raised Rs 165 crore from anchor investors on August 18 by allotting 1.03 crore shares to 15 institutional investors at Rs 160 apiece.
Domestic mutual funds were allotted 67.18 lakh shares across 13 schemes. Participating fund houses included Nippon Life India, Invesco, JM Financial Mutual Fund, Groww Mutual Fund, Helios Mutual Fund, Trust Mutual Fund and Samco. HDFC Life, SBI Life and Bajaj Life together acquired 17.18 lakh shares worth Rs 27.49 crore.
The firm has invested across sectors such as education, consumer and financial services. Its portfolio includes TeamLease, Lighthouse Learning, RBL Bank, John Distilleries, Xpressbees, Educational Initiatives, LeadSquared and Signzy.
For FY26, Gaja Alternative Asset Management reported a net profit of Rs 79.7 crore, up 33.8% from Rs 59.5 crore in FY25. Revenue rose 11.1% year-on-year to Rs 135.5 crore from Rs 122 crore.