Gaja Alternative Asset Management IPO Day 2 Subscription Status: Issue Subscribed 2.56x

Mumbai, August 20: Gaja Alternative Asset Management IPO saw a marked increase in bidding on the second day of the issue, with non-institutional investors driving a large part of the demand. As of 3:05 PM on August 20, 2026, the ₹550 crore IPO was subscribed 2.56 times. 

The issue opened on August 19 and will close on August 21. It comprises a fresh issue of 2,81,25,000 shares worth ₹450 crore and an offer for sale of 62,50,000 shares aggregating to ₹100 crore. The price band is set at ₹152 to ₹160 per share, with a lot size of 93 shares. 

Gaja Alternative Asset Management IPO Day 2 Subscription Status 

By 3:05 PM on Day 2, investors had bid for 6,16,97,130 shares against 2,40,62,500 shares available for public subscription. The overall subscription stood at 2.56 times. 

The NII portion was subscribed 4.14 times, making it the strongest subscribed main category. Retail investors had put in bids for 3.96 crore shares, taking subscription in the category to 3.29 times. The QIB portion excluding the anchor allocation was at 0.10 times. 

A total of 3,81,119 applications had been received by the reported time. 

Category-wise Gaja Alternative Asset Management IPO Subscription Status 

The NII category recorded the strongest demand, with the sub-category for applications below ₹10 lakh reaching 5.83 times. The NII segment for applications above ₹10 lakh was subscribed 3.29 times. 

Retail subscription also remained firmly above the number of shares reserved for the category. QIB demand, however, was still below the full subscription mark at the Day 2 checkpoint. 

Gaja Alternative Asset Management Day-wise Subscription Summary 

The difference between the first and second days was significant. The IPO ended Day 1 with total subscription of 0.90 times. By 3:05 PM on Day 2, the figure had moved to 2.56 times, helped by a sharp rise in NII and retail bids. 

The Day 2 figures are based on subscription data available as of 3:05 PM on August 20, 2026. 

Gaja Alternative Asset Management IPO Timeline 

Brief Overview Of The IPO 

Gaja Alternative Asset Management IPO is a ₹550 crore book-built issue comprising a fresh issue of 2,81,25,000 shares aggregating to ₹450 crore and an offer for sale of 62,50,000 shares worth ₹100 crore. 

The IPO has a price band of ₹152 to ₹160 per share and a lot size of 93 shares. A retail investor applying for one lot at the upper end of the price band would need ₹14,880. 

The issue allocation provides 50% of the total issue size for QIBs, 15% for NIIs and 35% for retail investors. The QIB allocation includes the anchor investor portion, while the subscription figures above exclude anchor investors. 

About Gaja Alternative Asset Management 

Gaja Alternative Asset Management Limited was incorporated in April 1999 and operates as an alternative asset management company focused on India. Its business includes managing and advising India-focused funds, including Category I and Category II alternative investment funds, as well as offshore funds investing in India. 

The company’s investment focus covers sectors including education, energy and environment, financial services, consumer businesses and digital technology. It follows a mid-market investment approach and has built its operations across several fund cycles. 

The company manages Gaja Capital Funds, including Fund II, Fund III and Fund IV, and has relationships with investors across more than 20 countries. As of March 31, 2026, its sponsor commitment stood at approximately ₹274 crore, representing 6.41% of the total size of the Gaja Capital Funds. 

Gaja Alternative Asset Management generates income through management fees, carried interest and gains from sponsor commitments. The company had 37 personnel as of March 31, 2026. 

JM Financial Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar to the issue. 

Conclusion 

Gaja Alternative Asset Management IPO has gained momentum during the second day of bidding. After starting Day 1 with subscription of 0.90 times, the issue reached 2.56 times by 3:05 PM on August 20. The NII category remained the main source of demand at 4.14 times, while retail subscription stood at 3.29 times. 

The IPO will remain open for subscription through August 21. The basis of allotment is scheduled for August 24, followed by refunds and credit of shares on August 25. The tentative listing is scheduled for August 26, 2026. 

Source: 

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