IPO · Professional & Local Services

Gaja Capital files for ₹656.2 crore IPO

By Startup Enthusiast · 13 August 2026

What they do

Gaja Capital manages India-focused alternative investment funds including AIFs and offshore funds

The IPO includes a fresh issue of ₹450 crore and an offer for sale of up to ₹100 crore

It will be the first standalone Indian private equity firm to list on stock exchanges

Gaja Capital is launching an IPO with a fresh issue of ₹450 crore and an offer for sale of up to ₹100 crore.
The price band is set at ₹152 to ₹160 per equity share, with a face value of ₹5.
The IPO opens on 19 August 2026 and closes on 21 August 2026.
Anchor investor allocation will happen on 18 August 2026.
Allotment will be finalised on 24 August 2026, with refunds and demat credit on 25 August 2026.
Listing on BSE and NSE is scheduled for 26 August 2026.
The lot size is 93 equity shares, with 50% reserved for QIBs, 15% for NIIs, and 35% for retail investors.
Post-listing market capitalisation at the upper price band is estimated at ₹2,256.16 crore.

Gaja Capital is the first standalone Indian private equity firm to list on exchanges.
The alternatives industry in India is growing at 29% annually, expected to continue at 26%.
LP demand for institutionalisation of fund managers is driving transparency on compensation, succession, and governance.

Gaja Capital is an investment manager for India-focused funds, including Category I and Category II AIFs, and advises offshore funds.
It has been in alternative asset management for over two decades.
Revenue comes from management fees, sponsor gains, and carried interest; over half of FY26 revenue was from performance fees.
The average MOIC (multiple on invested capital) across its funds is 3.3 times.
Fund 3 and Fund 4 are in the first quartile of their categories per CRISIL.
Current commitments generating income are approximately ₹3,500 crore.
Planned Fund V is ₹2,500 crore and a secondaries fund is ₹1,250 crore (SEBI approved).
If raised, total commitments could nearly double to ~₹7,250 crore.
Historical sponsor commitment averages ~6.5% of fund corpus; latest fund at 8.5%; target ~10%.

Gaja Capital plans to increase focus on deeptech and AI, with coverage in this area growing 50% vs 25% overall.
Key deeptech areas include intelligent manufacturing, defence, and quantum technologies.
The company aims to raise Fund V of ₹2,500 crore and a secondaries fund of ₹1,250 crore.

JM Financial (lead) — Merchant banker for the IPO.
IIFL Financial Services (lead) — Merchant banker for the IPO.
HDFC Life Insurance (existing) — Public shareholder holding stake in the company.
SBI Life Insurance (existing) — Public shareholder holding stake in the company.
Wealthwave Capital (existing) — Public shareholder holding stake in the company.