Shares of Gaja Alternative Asset Management Ltd. made a strong debut on the Indian stock market on Wednesday, listing at nearly 16% premium to their issue price. The stock opened at Rs 185 apiece on the NSE which is a 15.63% premium from the IPO price of Rs 160. On the BSE, it began trading at Rs 185.20 per share which marks a 15.75% premium.
At the upper limit of the price band, the company will have a market capitalisation of around Rs 2,256 crore.
The initial public offering of Gaja Alternative Asset Management Ltd was subscribed 31.33 times on the last day of bidding on Friday. The Rs 550-crore IPO received bids for 79,35,33,846 shares against 2,53,28,946 shares on offer, as per data available with the NSE.
The category reserved for non-institutional investors received 62.35 times subscription. The portion for qualified institutional buyers (QIBs) was subscribed 43.58 times, and retail investors received 11.03 times subscription.
Gaja Alternative Asset Management Ltd, which operates under the Gaja Capital brand had previously raised Rs 165 crore from anchor investors. Nippon India Mutual Fund and Invesco Mutual Fund led the anchor book with investments of Rs 30 crore each. HDFC Life and SBI Life were among the other institutional investors.
The public issue comprises a fresh issuance of equity shares aggregating up to Rs 450 crore, and an offer-for-sale (OFS) of shares worth up to Rs 100 crore.
Proceeds from the fresh issue will be used for repayment of debt, seeding new funds and general corporate purposes.
About The Company
Gaja Capital, founded in 2004, is a private equity and alternative asset management firm focused on providing growth capital to entrepreneurs. The firm has invested across sectors including education, consumer and financial services.
Its investment portfolio includes companies such as TeamLease, Lighthouse Learning, RBL Bank, John Distilleries, Xpressbees, Educational Initiatives, LeadSquared and Signzy. In January 2025, the company converted from a private limited entity into a public limited company. It was renamed Gaja Alternative Asset Management Ltd.
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