Gaja Alternative Asset Management IPO listing: Shares list at a 16% premium over the issue price

Gaja Alternative Asset Management IPO listing: Gaja Alternative Asset Management shares listed at a 16% premium on the NSE and the BSE. (an AI-generated image for representation purpose)AI Quick ReadGaja Alternative Asset Management IPO listing: Gaja Alternative Asset Management share price listed at a decent premium of 16% on the NSE and the BSE on Wednesday, 26 August. The stock listed at ₹185.20 on the BSE and at ₹185 on the NSE, against its issue price of ₹160.

Soon after its debut, the stock hit highs and lows of ₹191.35 and ₹179.20 on the BSE, and ₹191.65 and ₹179.30 on the NSE. Around 10:10 AM, the stock was at ₹180.90 on the NSE, up 13% from the issue price, and at ₹179.60 on the BSE, up 12.25% from the issue price.

The debut of Gaja Alternative shares was slightly better than expected, as the Gaja Alternative IPO GMP (grey market premium) on Wednesday morning was ₹19, which signalled the stock could list at ₹179 apiece, a 12% premium over the ₹160 IPO price.

Gaja Alternative Asset Management is an alternative asset management company that acts as an investment manager to India-focused funds, including category II and category I alternative investment funds, and also acts as an advisor to offshore funds that provide capital to companies in India.

Its revenue from operations for FY24 was ₹95.64 crore, increasing to ₹122 crore in FY25 and ₹135.53 crore in FY26. Profit attributable to the owners of the company was ₹44.52 crore in FY24, ₹59.53 crore in FY25, and ₹79.66 crore in FY26.

Gaja Alternative Asset Management IPO opened for subscription on Wednesday, 19 August, and concluded on Friday, 21 August, with an overall subscription of nearly 33 times.

With a price band of ₹152 to ₹160 per share, the Gaja Alternative Asset Management IPO was a fresh issue of 2.81 crore shares to raise ₹450 crore, and an offer for sale (OFS) of 62.50 lakh shares, aggregating to ₹100 crore.

As per the RHP, the company will use the net proceeds from the fresh issue of shares to sponsor commitments to certain existing and new funds, repay the bridge loan, and fund general corporate purposes.

JM Financial Limited and IIFL Capital Services Limited are the book-running lead managers, while MUFG Intime India Private Limited is the registrar of the Gaja Alternative Asset Management IPO.

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