Demand & Pricing Gaja Alternative Asset Management’s IPO, priced between Rs 152 and Rs 160 per share, attracted a record 31.33× demand by 21 August. NIIs dominated the bid book, subscribing 62.35×, while retail investors were at 11.03×. The offer comprised a ₹450 cr fresh issue and a ₹100 cr offer‑for‑sale (OFS) by promoters.
Listing & Grey‑Market Premium On 24 August, the grey‑market premium (GMP) stood at Rs 17 above the upper band, implying an estimated listing price of roughly Rs 177. This translates to a potential 10.6 % premium over the Rs 160 ceiling, though the GMP is an unofficial gauge and may shift before the actual listing on 26 August.
Use of Proceeds & Anchor Book From the ₹550 cr net proceeds, ₹372 cr will fund sponsor commitments to existing and new AIFs, with the balance earmarked for general corporate purposes. Prior to the public issue, Gaja raised ₹165 cr from anchor investors, allocating 1.03 cr shares to 15 institutional buyers at the upper band. Domestic mutual funds and insurance companies also secured significant stakes, underscoring robust institutional confidence.
