Gaja Alternative Asset Management IPO Day 2: GMP at 14% and 86% Subscribed—Is It Time to Invest?

Gaja Alternative Asset Management, an Indian alternative asset management company, is currently witnessing strong investor interest as it entered the second day of its IPO bidding, which is scheduled to close on August 21, 2026. The IPO offers a price band of Rs 152 to Rs 160 per share, with the total public issue size slightly exceeding Rs 550 crore, comprising a fresh issue of 2.81 crore shares alongside an offer for sale (OFS) of 63 lakh shares. As of Day 1, the IPO was subscribed 86 per cent overall, with the retail portion fully subscribed and receiving bids for 1.20 times the reserved shares, indicating robust participation from retail investors.

In the grey market, shares of Gaja Alternative Asset Management are currently trading at a premium of Rs 23, which translates to approximately 14 per cent above the upper price band of Rs 160. This represents a slight decrease from the earlier premium of 19 per cent but still suggests potential for decent listing gains for investors. The estimated listing price based on the current grey market premium is around Rs 183 per share, providing an attractive entry point for those considering investment in the company.

For Indian investors, the Gaja Alternative Asset Management IPO presents an appealing opportunity given the company’s solid financial performance, with a reported 32 per cent year-on-year increase in profit after tax for FY26. However, potential investors should also be cautious of the risks associated with the company’s concentrated earnings profile and its reliance on the performance of mid-market private equity investments. Despite these risks, Anand Rathi Research has suggested a “Subscribe: Long Term” rating for the IPO, emphasizing the company’s established track record, and highlighting the growth prospects in India’s alternative asset management sector.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)