Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management IPO is a mainboard IPO raising ₹550 Cr at ₹152 – ₹160 a share. It listed on 26 Aug 2026 at ₹185, +15.6% against its issue price of ₹160, and trades at ₹120 today (−24.7% since issue). It was subscribed 31× in total.
31.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. stated in prospectus. Checked: exchange issue size Rs550 Cr vs derived Rs550 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 41% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| 360 One WAM Limited | 40.01× | 12.37% | ₹29.19 |
| Aditya Birla Sun Life AMC Limited | 30.28× | 24.13% | ₹33.68 |
| Anand Rathi Wealth Limited | 91.5× | 39.64% | ₹47.17 |
| HDFC Asset Management Company Limited | 37.82× | 30.97% | ₹66.5 |
| ICICI Prudential Asset Management Company Limited | 45.38× | 79.07% | ₹66.73 |
| Nippon Life India Asset Management Limited | 49.57× | 32.83% | ₹23.63 |
| Nuvama Wealth Management Limited | 30.44× | 25.26% | ₹56.06 |
| SBI Funds Management Limited | 37.8× | 51.44% | ₹15.04 |
| UTI Asset Management Company Limited | 28.84× | 8.97% | ₹31.41 |
| This issue | 22.3× | 13.13% | ₹7.17 |
derived: cut-off price Rs160 / stated EPS Rs7.17 (FY2026 (year ended March 31, 2026) diluted EPS, restated consolidated, adjusted for bonus issue and split from face value ₹10 to ₹5). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.