Gaja Capital makes a firm debut on the exchanges. The stock was listed at Rs 185.20 on the BSE, which is a premium of 15.75% to the issue price.
The company had kept the issue price at Rs 160 per equity share.
The company raised Rs 550 crores via a combination of 2.81 crore fresh shares amounting to Rs 450 crores and an offer for sale of 62.50 lakh shares aggregating to Rs 100 crores.
The IPO bidding started from August 19 and ended on August 21. The allotment for IPO shares was finalised on August 24.
Gaja Capital IPO: Lot size
A retail applicant had to apply for a minimum of one lot that contained 93 shares. The minimum amount of investment required by an individual investor was Rs 14,880 as per the upper price band.
Gaja Capital IPO: BRLM and registrar
JM Financial was the book-running lead manager for the IPO, and MUFG Intime India was the registrar of the issue.
Gaja Capital IPO: Expert’s take
The company offers pure-play exposure to India’s high-growth alternative asset management market. However, its relatively concentrated earnings profile and dependence on the performance and exits of Indian mid-market private equity investments warrant a conservative valuation outlook in the near to medium term, while the long-term growth prospects remain encouraging, said Anand Rathi Research in an IPO note during bidding.
“At the upper price band, the company is valued at 27.5x FY26 P/E and 2.1x FY26 P/B, implying a post-issue market capitalisation of Rs 2,256.2 crore. Accordingly, we recommend a ‘Subscribe – Long Term’ rating for the issue,” said the brokerage house.
About Gaja Alternative Asset Management
Gaja Alternative Asset Management is an independent, home-grown alternative asset management company with over two decades of experience in managing and advising India-focused funds, including Category I and Category II AIFs, as well as offshore funds investing in India.
Incorporated in April 1999, the company focuses on alternative investments across sectors such as education, energy and environment, financial services, consumer and digital technology, with a differentiated investment approach focused on the mid-market segment.
Gaja Alternative Asset Management has built a strong track record through multiple fund cycles, with the Gaja Capital Funds comprising Fund II, Fund III and Fund IV, supported by long-standing relationships with investors across more than 20 countries.