Gaja Alternative Asset Management IPO received 31.33 times overall subscription on the closing day of bidding, indicating strong demand for the ₹550-crore public issue.
The non-institutional investors (NIIs) portion was subscribed 62.35 times, while the retail portion was subscribed 11.04 times. The qualified institutional buyers (QIBs) portion was subscribed 43.58 times.
IPO details
The ₹550 crore IPO has a price band fixed at ₹152-160 per equity share. The public issue comprises a fresh issuance of equity shares aggregating up to ₹450 crore and an offer-for-sale (OFS) of shares worth up to ₹100 crore.
At the upper limit of the price band, the company will have a market capitalisation of around ₹2,256 crore.
Proceeds from the fresh issue will be used for repayment of debt, seeding new funds and general corporate purposes.
Gaja Alternative Asset Management Ltd, which operates under the Gaja Capital brand, on Tuesday raised ₹165 crore from anchor investors. Nippon India Mutual Fund and Invesco Mutual Fund led the anchor book with investments of ₹30 crore each. HDFC Life and SBI Life were among the other institutional investors.
In January 2025, the company converted from a private limited entity into a public limited company. It was renamed Gaja Alternative Asset Management Ltd.
Shares are proposed to be listed on both the BSE and NSE on August 26.