Gaja Alternative Asset Management IPO Day 3 Subscription Status: Issue Subscribed 32.98x, Closes With Strong Demand

Mumbai, August 21: The Gaja Alternative Asset Management IPO ended its three-day bidding window on a strong note, with investors placing bids for far more shares than were available. By the time the issue closed on Friday, the ₹550 crore public offer had been subscribed 32.98 times, according to the latest subscription data.

The response was particularly strong from non-institutional investors, whose portion was subscribed more than 65 times. Qualified institutional buyers also stepped up sharply on the final day, taking their subscription level to 45.87 times. Retail participation, meanwhile, remained healthy at 11.61 times.

In total, investors bid for 79,35,30,777 shares against 2,40,62,500 shares offered in the public issue. The value of bids stood at around ₹12,696.49 crore, while the total number of applications reached 14,35,900.

With the bidding now closed, attention will shift to the allotment process. The basis of allotment is expected on August 24, followed by refunds and demat credit on August 25. The shares are scheduled to list on BSE and NSE on August 26.

Gaja Alternative Asset Management IPO Subscription Status Day 3

The final subscription figures show how sharply demand picked up during the three-day issue period:

• Overall: 32.98x
• Retail Investors: 11.61x
• NII: 65.63x
• bNII (> ₹10L): 76.03x
• sNII (< ₹10L): 44.85x
• QIB (Ex-Anchor): 45.87x
• Total Applications: 14,35,900

The NII category was the standout performer, ending at 65.63 times subscription. Within this segment, the bNII portion was subscribed 76.03 times, while the sNII category saw demand of 44.85 times.

The QIB book also saw a dramatic jump on the final day. After sitting at just 0.10 times on both Day 1 and Day 2, the QIB portion excluding anchor investors closed at 45.87 times.

Retail investors had a steadier run through the issue. Their subscription moved from 1.27 times on Day 1 to 3.30 times on Day 2 before ending at 11.61 times on the final day.

The issue is now closed for subscription, and fresh applications can no longer be placed.

Day-Wise Subscription Trend

The Gaja Alternative Asset Management IPO started at a relatively modest pace, but demand accelerated considerably as the issue progressed.

The jump on the final day was substantial. The overall subscription moved from 2.56 times at the end of Day 2 to nearly 33 times by the close.

The biggest change came from institutional demand. The QIB portion, which had remained at 0.10 times through the first two days, was eventually subscribed 45.87 times.

NII demand was already building before the final session, rising from 1.12 times on Day 1 to 4.14 times on Day 2. It then surged to 65.63 times by the close.

Gaja Alternative Asset Management IPO Details

• Issue Size: ₹550 crore
• Fresh Issue: 2,81,25,000 equity shares aggregating up to ₹450 crore
• Offer For Sale: 62,50,000 equity shares aggregating up to ₹100 crore
• Price Band: ₹152 to ₹160 per share
• Issue Price: ₹160 per share
• Lot Size: 93 shares
• Minimum Retail Investment: ₹14,880
• Listing Exchange: BSE, NSE
• Issue Type: Bookbuilding IPO

The company had also raised ₹165 crore from anchor investors before the IPO opened. The anchor portion consisted of 1,03,12,500 shares.

Key Dates

• IPO Opens: August 19, 2026
• IPO Closes: August 21, 2026
• Status: Closed for subscription
• Tentative Allotment: August 24, 2026
• Refund Initiation: August 25, 2026
• Shares Credited To Demat Accounts: August 25, 2026
• Tentative Listing: August 26, 2026

About Gaja Alternative Asset Management Ltd.

Gaja Alternative Asset Management Limited, incorporated in April 1999, is an India-focused alternative asset management company involved in managing and advising Category I and Category II alternative investment funds, along with offshore funds investing in India.

The company’s investment focus spans sectors such as education, energy and environment, financial services, consumer businesses and digital technology. It primarily looks at opportunities in the mid-market segment.

Gaja Capital has built its platform through several fund cycles, including Fund II, Fund III and Fund IV. Over the years, the company has developed relationships with investors across more than 20 countries.

As of March 31, 2026, the company had committed around ₹274 crore as sponsor commitment, equivalent to 6.41% of the overall size of the Gaja Capital Funds.

Its revenue is generated through management fees, carried interest and gains associated with sponsor commitments. The company’s investment approach also involves working closely with portfolio businesses on areas such as sales, product development, human resources and financial management.

Conclusion

The Gaja Alternative Asset Management IPO has wrapped up its three-day subscription period with a much stronger response than the opening sessions suggested. The ₹550 crore issue finished at 32.98 times subscription, backed by particularly heavy demand from NIIs and QIBs.

The NII portion closed at 65.63 times, while the QIB category excluding anchors reached 45.87 times. Retail investors also put in a solid showing, subscribing 11.61 times their reserved portion.

The IPO is now closed for subscription. Investors who applied will next be watching for the allotment result, which is expected on August 24. Refunds and demat credit are scheduled for August 25, with the shares likely to make their debut on BSE and NSE on August 26.

Source:

• https://www.nseindia.com/market-data/issue-information?symbol=GAJA&series=EQ&type=Active