Gaja Alternative Asset Management IPO Subscribed 31.33 Times; GMP Signals 12% Listing Gain

The AMC’s issue is worth Rs 550 crore, comprising fresh equity worth Rs 450 crore and an offer-for-sale component of Rs 100 crore. Ahead of its opening, the IPO had raised Rs 165 crore via anchor bidding. 

The company had fixed the share price band for its IPO at Rs 152 to Rs 160

Gaja Alternative Asset Management IPO: Oversubscribed 31.33 times

Overall, the IPO achieved an oversubscription of 31.33 times, receiving bids for 79.35 crore shares against its ask of 2.53 crore shares. The NII segment witnessed a strong response, being oversubscribed 62.35 times, while the Qualified Buyers Segment (QIBs) was booked 43.58 times. 

The retail individual investor category was oversubscribed 11.04 times. In total, the Gaja Alternative Asset Management IPO received bids worth Rs 12,696.55 crore, with a total of 14.36 lakh applications.

Gaja Alternative Asset Management IPO: Subscription snapshot

Gaja Alternative Asset Management IPO: GMP around 12%

In the unlisted markets, the AMC’s shares are trading at a premium of 11.88%, translating into an estimated listing price of Rs 179, based on the upper end of the share price band. This suggests gains of Rs 12 per share and Rs 1,767 per lot. 

However, readers must know that GMP does not guarantee gains and is subject to fluctuation. 

Gaja Alternative Asset Management IPO: Subscription timeline

The IPO opened for public bidding on August 19 and closed its bidding window on August 21. Its share allotment is expected to be completed by August 24, and investors will likely be credited their shares and requisite refunds by August 25. The AMC is expected to debut on NSE and BSE on August 25. 

The IPO is being handled by JM Financial, and MUFG Intime India is the registrar to the issue.