- Gaja Alternative Asset Management's IPO was subscribed 31.33 times on the last day of bidding.
- The stock started trading at Rs 185.20 on the BSE, up 15.75% from the issue price of Rs 160.
- During the day, it surged 19.59% to Rs 191.35.
- The stock finally ended at Rs 168.70 on the BSE, up 5.43%.
- On the NSE, it listed at Rs 185, up 15.62%, and ended at Rs 168.67, up 5.41%.
- UK Sinha, former SEBI chairman, commented that the listing could give AIF managers more firepower to invest.
- The Rs 550-crore IPO had a price band of Rs 152-160 per equity share.
- The public issue had a fresh issuance of equity shares aggregating up to Rs 450 crore, and an offer-for-sale (OFS) of shares worth up to Rs 100 crore.
- Proceeds from the fresh issue will be used for repayment of debt, seeding new funds and general corporate purposes.
- Founded in 2004, Gaja Capital is a private equity and alternative asset management firm focused on providing growth capital to entrepreneurs.
- Gaja has invested across sectors, including education, consumer and financial services.
- Its investment portfolio includes companies such as TeamLease, Lighthouse Learning, RBL Bank, and others.
Gaja Alternative Asset Management Ltd made a strong market debut on Wednesday, with shares closing at ₹168.70, a rise of 5.43% from the issue price of ₹160. The stock initially opened at ₹185.20, reflecting a 15.75% increase, and peaked at ₹191.35 during the day.124
The ₹550-crore IPO was notably oversubscribed 31.33 times, indicating robust investor interest. The fresh issuance of equity shares, amounting to ₹450 crore, is earmarked for debt repayment, seeding new funds, and general corporate purposes. Gaja Capital, founded in 2004, focuses on providing growth capital across various sectors, including education and financial services.101112
UK Sinha, former chairman of SEBI, emphasized that this listing could empower Alternative Investment Fund (AIF) managers, providing them with the necessary firepower to invest in the innovation economy. He stated, “This is a very far-sighted move... it will give a serious boost to the start-up ecosystem.” Sinha also noted that the listing enhances transparency and institutionalizes alternative asset management companies, allowing them to raise institutional capital for further investments.7
The listing is seen as a significant step forward for the AIF sector, which has evolved since the introduction of regulations by SEBI in 2012. Sinha remarked, “Listing should ideally make any company more transparent to investors.” The successful debut of Gaja is expected to encourage more AIFs to consider listing, thereby enhancing their investment capabilities.
“The ₹550-crore IPO was subscribed 31.33 times, with the stock listing at a 15.75% premium on the BSE. Sinha, a former SEBI chairman, believes the listing will encourage more AIFs to go public, boosting the startup ecosystem.”
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