Gaja Alternative Asset Management IPO Day 2: Subscription, GMP and Key Details

Gaja Alternative Asset Management IPO Day 2

The Gaja Alternative Asset Management IPO entered its second day of bidding on Thursday, August 20, 2026.

The mainboard IPO opened on August 19 and will remain open until August 21, 2026.

The IPO price band has been fixed at ₹152–₹160 per share, with a lot size of 93 shares.

IPO Subscription Status

The issue received a notable response on the first day of bidding.

According to NSE data, the IPO was subscribed 86% on Day 1, with investors placing bids for around 2.16 crore shares against approximately 2.53 crore shares available.

The category-wise subscription was

• Retail: 1.20x
• NII: 1.06x
• QIB: 0.09x
• Overall: 0.86x

Subscription figures can change during the remaining bidding period.

Gaja IPO GMP

The reported grey market premium (GMP) for the Gaja Alternative Asset Management IPO stood at around ₹23 on August 20.

Based on the upper price band of ₹160, the reported GMP indicated an unofficial estimated price of around ₹183, representing approximately 14.37% above the upper issue price.

GMP is an unofficial market indicator and does not guarantee the actual listing price.

Anchor Investor Allocation

Gaja Alternative Asset Management raised approximately ₹165 crore from anchor investors before the IPO opened.

The company allotted nearly 1.03 crore equity shares at ₹160 per share.

Nippon India Mutual Fund and Invesco Mutual Fund were among the largest participants, committing ₹30 crore each. HDFC Life, SBI Life and other institutional investors also participated.

IPO Details

IPO dates: August 19–21, 2026

Price band: ₹152–₹160 per share

Lot size: 93 shares

Fresh issue: ₹450 crore

Offer for Sale: Up to ₹100 crore

Total issue size: Up to ₹550 crore

Listing: BSE and NSE

Use of IPO Proceeds

The fresh issue proceeds are planned to be used primarily for sponsor commitments to certain existing and new funds and repayment of a bridge loan.

Around ₹372 crore is expected to be utilised for these purposes, while the remaining amount will be allocated towards general corporate purposes.

Business Overview

Gaja Alternative Asset Management operates in India's alternative asset-management industry.

The company focuses on alternative investment strategies and serves institutional investors, high-net-worth individuals and other sophisticated investors.

The broader alternative investment industry in India has been expanding as investors increasingly explore investment products beyond traditional asset classes.

Analyst Observations

Brokerages have highlighted the company's exposure to India's growing alternative asset-management industry and its management-fee economics.

Anand Rathi noted that the company provides focused exposure to India's alternative asset-management market. At the upper price band, the company is valued at approximately 27.5x FY26 P/E and 2.1x FY26 P/B, according to the brokerage.

Analysts have also highlighted risks including earnings concentration and dependence on the performance and exits of private-equity investments.

Key IPO Timeline

IPO closes: August 21, 2026

Basis of allotment: August 24, 2026

Refunds: August 25, 2026

Share credit: August 25, 2026

Expected listing: August 26, 2026

The shares are proposed to be listed on both the BSE and NSE.

What to Watch

Market participants tracking the IPO can monitor

• Overall subscription momentum
• Retail and NII participation
• QIB participation
• Changes in reported GMP
• IPO valuation
• Alternative asset-management industry growth
• Earnings concentration
• Utilisation of IPO proceeds

Key Takeaways

Gaja Alternative Asset Management IPO received 86% subscription on Day 1.

The reported GMP stood at around ₹23 on August 20.

The IPO price band is ₹152–₹160, with a 93-share lot size.

The issue includes a ₹450 crore fresh issue and an OFS of up to ₹100 crore.

Anchor investors contributed approximately ₹165 crore ahead of the IPO opening.

The reported GMP and subscription data are market indicators and should not be interpreted as trading instructions.

Disclaimer

This article is published solely for educational and informational purposes.

TrendRipperX is not registered with the Securities and Exchange Board of India (SEBI) as an Investment Adviser or Research Analyst.

The information presented is based on publicly available information and market data.

Nothing in this article should be interpreted as a buy, sell, hold, entry, exit, target or stop-loss recommendation from TrendRipperX.

Grey-market premium figures are unofficial and can change rapidly. Readers should conduct their own independent research and consult a SEBI-registered financial professional before making any investment decision.