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 ₹155 today (−2.9% 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
Read from the 504-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 479 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
our Promoters, Mr. Gopal Jain and Mr. Imran Jafar, along with our Subsidiary, Gaja Trustee Company Private Limited and others, are currently involved in criminal proceedings in relation to a FIR bearing number 0150 under sections 403, 405, 415, 418, 420 and 120-B of the Indian Penal Code, 1860
our Non-Executive Chairman, Mr. Upendra Kumar Sinha has interests as a director in (i) Aavishkaar Venture Management Services Private Limited ('Aavishkaar'); and (ii) Nippon Life India Asset Management Limited ('Nippon'), which are engaged in businesses similar to ours
Gaja Advisors Ltd. (Mauritius) has received an assessment order... raising an outstanding demand of USD 153,563 (₹14.54 million)... has filed an appeal against the assessment order and has deposited 10% of the demand under protest
As of March 31, 2026, our top 10 Limited Partners contributed approximately 63.42% of our total commitments in Fund IV. This makes us reliant on a limited number of Limited Partners and exposes us to concentration risks, which could impact the performance and stability of the funds managed and advised by us.
our total income during Fiscals 2026, 2025, and 2024 included Management Fee from the funds managed and advised by us and was 38.07%, 46.65% and 72.96% of our total income, respectively
the Company has used accounting software for maintaining their books of account which has a feature of recording audit trail (edit log) facility. The facility has operated throughout the year for all the relevant transactions recorded in the software except for the period from April 01, 2025 to August 27, 2025 where the feature was not enabled
The name of one of our Promoters, Mr. Gopal Jain, appears in the RBI list of "defaults above Rs. 1 crore under Non-Suit Filed Accounts" in connection with his erstwhile nominee directorship on another entity's board of directors
Mr. Johrilal Jain, has not provided his consent to be identified as a member of our Promoter Group and has not provided any information... The Exemption Application was rejected by the SEBI by way of its letter dated September 23, 2025
Related party transactions as a percentage of total income (%)* 102.76% 113.74% 106.00%
as of March 31, 2026, we had committed approximately ₹2,740 million, i.e., 6.41% of the total size of Gaja Capital Funds, as Sponsor Commitment... Such higher proportion of Sponsor Commitment has exposed us in past and continues to expose us to a higher risk of losing all or part of our investments
our Company has filed a private placement memorandum application with the SEBI on June 10, 2026 and other requisite approvals and registrations, as may be required under the applicable law, would be obtained in due course. If we are unable to obtain such approvals and registrations in a timely manner, or at all, we may have to vary the objects of the Offer
Net cash flow from/(used in) operating activities (149.82) (87.54) 208.91... Our negative cash flows in operating activities in Fiscal 2026 were primarily attributable to increase in other financial assets and other bank balances of ₹651.75 million
Overseas Income as a percentage of total income (%) 65.31 73.45 51.73... we hold various overseas assets, the value of which we are required to convert into Indian rupees... exposing us to foreign currency translation risks
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹2.8 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 1 | 1 | — |
| Subsidiaries | 1 | 3 | 1 | ₹2.8 Cr |
| Directors | 2 | 0 | 1 | — |
| Promoters | 2 | 0 | 2 | — |
| Group companies | 1 | 0 | 1 | — |
Gaja Trustee Company Pvt Ltd + GPE (India) Ltd + GPE JV1 Ltd vs SEPC Ltd & Twarit Consultancy Pvt Ltd – Singapore SIAC arbitration on non-payment of ₹2,000 mn share purchase consideration; Arbitral Award of ~₹1,949.52 mn plus 7.25% p.a. interest from Jul 21, 2017; enforcement pending before Madras High Court
FIR No. 0150 (Udyog Vihar, Gurugram, Jul 9, 2022): Harjeet Singh (on behalf of Educomp Learning Pvt Ltd) vs Mr. Gopal Jain (MD/CEO & Promoter), Mr. Imran Jafar (Executive Director & Promoter), Gaja Trustee Company, GPE (India) Ltd & others – allegations of fraud and criminal conspiracy in sale/transfer of EuroKids International shareholding; quashing petitions pending before Punjab & Haryana High Court
Nihit Chandrashekhar Mor vs CL Educate Ltd, its promoters/directors including Mr. Gopal Jain (erstwhile nominee director) & others – complaint dated Mar 7, 2015 before CJM Yavatmal under IPC sections 500/501/502 read with IT Act s.66A alleging defamation; further investigation ordered Jul 25, 2017; pending
NCLT/NCLAT insolvency matter against Carnation Auto India Pvt Ltd (Corporate Debtor) – Mr. Ranjit Jayant Shah (Executive Director & Promoter) impleaded as respondent in avoidance-application; NCLAT by order dated Aug 8, 2023 deleted his name from respondent array
Regulatory notice dated Jun 11, 2025 to Ms. Chitra Jain (Promoter) under sections 152 & 154 of Maharashtra Co-operative Societies Act, 1960 from Co-operative Minister, Maharashtra, in capacity as committee member of Usha Kiran CHS Ltd; writ petition filed Nov 11, 2025 before Bombay High Court; pending
Tax table explicitly disclosed in Section VIII (p383): Direct tax – Company 1 case (Nil amount), Subsidiaries 2 cases (₹26.17 mn = ₹2.617 cr), Promoters/Directors Nil; Indirect tax – Subsidiaries 1 case (₹1.34 mn = ₹0.134 cr), others Nil. Tax grand total ₹27.51 mn = ₹2.751 cr (10 mn = 1 crore conversion). Criminal/regulatory/civil counts and the Singapore arbitration award are derived from the narrative subsections (Sections I–VII, p377–382); FIR No. 0150 is counted across subsidiaries, directors, promoters and group companies as the same matter implicates parties in each category. The ₹2,000 mn figure for the Singapore arbitration is the underlying share-purchase consideration claimed; the Arbitral Award jointly and severally grants ₹1,001.19 mn + ₹689.96 mn + ₹258.37 mn (~₹1,949.52 mn = ~₹194.95 cr) plus 7.25% p.a. simple interest from Jul 21, 2017 and costs of SGD 372,754.79 + ₹35.41 mn + SGD 42,557.16. No consolidated grand total across criminal/civil/regulatory matters is stated in the prospectus.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
