Gaja Alternative Asset Management IPO Day 3 Subscription Status: Issue Subscribed 3.52x, IPO Closes Today

Mumbai, August 21: The Gaja Alternative Asset Management IPO is heading into the final hours of bidding with demand firmly above the shares on offer. The ₹550 crore issue was subscribed 3.52 times as of 10:24 AM on Friday, with non-institutional investors (NIIs) leading the book and retail participation also remaining strong. The IPO closes for subscription today, August 21.

The issue had received bids for 8,47,02,540 shares against 2,40,62,500 shares offered to investors, according to the latest subscription data. The total value of bids stood at ₹1,355.24 crore, while the number of applications reached 4,75,529.

The Gaja Alternative Asset Management IPO is a combination of 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 price band has been fixed at ₹152 to ₹160 per share, with the issue price set at ₹160 per share.

The company had already raised ₹165 crore from anchor investors ahead of the public issue. The anchor portion comprised 1,03,12,500 shares.

Gaja Alternative Asset Management IPO Subscription Status Day 3 (As Of 10:24 AM)

According to the latest subscription data, the IPO has received the following subscriptions:

• Overall: 3.52x
• Retail Investors: 4.09x
• NII: 6.74x
• bNII (> ₹10L): 6.04x
• sNII (< ₹10L): 8.13x
• QIB (Ex-Anchor): 0.11x
• Total Applications: 4,75,529

The NII portion has seen the strongest response among the main investor categories, with subscription reaching 6.74 times the shares reserved for the segment. Demand was particularly high from smaller non-institutional investors, whose portion was subscribed 8.13 times.

Retail investors have also shown healthy participation on the final day. Their reserved portion was subscribed 4.09 times, with bids coming in for 4,92,26,760 shares against 1,20,31,250 shares on offer.

The bNII category stood at 6.04 times subscription, while the QIB portion excluding anchor investors was at 0.11 times. With the issue already comfortably oversubscribed, the remaining bidding hours today will determine where the final subscription numbers settle.

Day-Wise Subscription Trend

Investor interest in the issue has built up steadily since the opening day, with the overall subscription moving from below one time on Day 1 to 3.52 times on the final day.

The subscription pace picked up sharply after the first day. The overall book moved from 0.90 times on Day 1 to 2.56 times on Day 2 before reaching 3.52 times in the latest Day 3 update.

NII demand has also accelerated through the issue period, climbing from 1.12 times on the opening day to 4.14 times on Day 2 and 6.74 times on the final day. Retail subscription followed a similar trend, rising from 1.27 times on Day 1 to 4.09 times by the latest update.

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 (93 shares)
• Listing Exchange: BSE, NSE
• Issue Type: Bookbuilding IPO

Key Dates

• IPO Opens: August 19, 2026
• IPO Closes: August 21, 2026
• 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 independent alternative asset management company focused on India-oriented investment opportunities. The company manages and advises funds across Category I and Category II AIFs, along with offshore funds investing in India.

Its investment approach covers areas including education, energy and environment, financial services, consumer businesses and digital technology, with a focus on the mid-market segment.

The company has built its business across multiple fund cycles through the Gaja Capital Funds, including Fund II, Fund III and Fund IV. It has also developed long-term relationships with investors spread across more than 20 countries.

As of March 31, 2026, the company had committed approximately ₹274 crore as sponsor commitment, representing 6.41% of the overall size of the Gaja Capital Funds. Its income comes from management fees, carried interest and gains linked to sponsor commitments.

Gaja Capital follows an invest-and-build approach, working with portfolio companies on areas such as product, sales, human resources and financial management. The company had 37 personnel as of March 31, 2026.

Conclusion

The Gaja Alternative Asset Management IPO has maintained a strong response on the final day of bidding, with the ₹550 crore issue subscribed 3.52 times as of 10:24 AM. NIIs have led the demand at 6.74 times, while the retail portion has reached 4.09 times subscription.

The IPO closes today, August 21, so investors have only the remaining bidding hours to place their applications. The basis of allotment is expected on August 24, followed by refunds and demat credit on August 25. The shares are scheduled to make their tentative debut on BSE and NSE on August 26.

Source:

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