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Gaja Alternative Asset Management Ltd made its stock market debut on August 26 at a premium of nearly 16% over its issue price of INR 160 per share. The shares opened at INR 185.20 on the BSE and INR 185 on the NSE, valuing the company at INR 2,481.07 crore. The company’s INR 550-crore initial public offering was subscribed 31.33 times on the final day of bidding. The issue comprised a fresh share sale of INR 450 crore and an offer for sale of up to INR 100 crore, with proceeds from the fresh issue earmarked for debt repayment, seeding new funds and general corporate purposes.
Gaja Alternative Asset Management Ltd made its debut on Indian stock exchanges on August 26, with its shares listing at a premium of more than 15% over the IPO issue price. The stock opened at INR 185.20 on the BSE, representing a 15.75% gain over the issue price of INR 160, while it began trading at INR 185 on the NSE, a premium of 15.62%.
Following the listing, the company had a market valuation of INR 2,481.07 crore. The listing came after strong investor participation in the initial public offering, which was subscribed 31.33 times on the final day of bidding on August 21.
The IPO was offered in a price band of INR 152–160 per equity share and had a total size of INR 550 crore. The issue comprised a fresh issuance of equity shares worth up to INR 450 crore and an offer for sale of shares worth up to INR 100 crore.
Gaja Alternative Asset Management plans to use the proceeds from the fresh issue for repayment of debt, seeding new funds and meeting general corporate requirements. The deployment of capital towards new fund seeding is expected to support the firm's investment management activities as it expands its alternative asset management platform.
The company traces its origins to 2004 and operates as a private equity and alternative asset management firm providing growth capital to entrepreneurs. Its investment activities have covered sectors including education, consumer businesses and financial services.
Its portfolio has included investments in companies such as TeamLease, Lighthouse Learning, RBL Bank, John Distilleries, Xpressbees, Educational Initiatives, LeadSquared and Signzy. The firm's investment approach has focused on backing businesses across sectors with growth capital.
The company underwent a corporate restructuring in January 2025, when it was converted from a private limited company into a public limited entity. Following the conversion, it was renamed Gaja Alternative Asset Management Ltd.
The listing provides the company with a public market platform following the completion of its IPO process. The strong subscription level recorded during the offering preceded the premium listing on both the BSE and NSE.
With the fresh capital raised through the public issue, the company will focus on reducing debt, supporting the launch and seeding of new funds, and funding its broader corporate requirements. The listing also marks a new phase for the alternative asset manager as a publicly traded company.
Source PTI
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