Gaja Alternative Asset Management IPO opens for subscription

Gaja Alternative Asset Management has opened its ₹550 crore initial public offering (IPO) for subscription from August 19 to August 21, 2026. The offering consists of a ₹450 crore fresh issue and an offer for sale (OFS) of ₹100 crore. The price band is set between ₹152 and ₹160 per share.

As of the second day of bidding, the issue has reached 86 percent subscription. Retail investors and Non-Institutional Investors (NII) showed strong early interest, with the retail portion being fully subscribed on the first day. Qualified Institutional Buyer (QIB) participation was lower at approximately 9 percent at the end of the first day.

The grey market premium (GMP) has fluctuated between ₹23 and ₹25, suggesting a potential listing gain of approximately 14 to 15 percent over the upper price band. Share allotment is expected on August 24, with a proposed listing on the NSE and BSE on August 26, 2026. Brokerage opinions are mixed, with SBI Securities and Deven Choksey Research recommending subscription, while Swastika maintains a neutral stance.