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Learn about the company’s updated Draft Red Herring Prospectus filing, financial performance, business model, and issue structure.
Gaja Alternative Asset Management Limited has submitted its Updated Draft Red Herring Prospectus (UDRHP) as part of its plan to raise capital through an initial public offering. The filing highlights the company’s financial growth, fund management operations, and details of the proposed issue structure. As the first standalone Indian private equity firm preparing for a public listing, the DRHP outlines its business model, sources of revenue, fund performance indicators, and the intended utilisation of IPO proceeds. All information presented here reflects publicly available disclosures and reported data.
The company filed its Updated DRHP with SEBI on 4 December 2025, following a confidential draft submission made earlier in June 2025. The filing outlines the offer structure, financial statements, operational performance, and governance details required for the IPO process.
The UDRHP specifies the following components of the proposed issue:
| Particulars | Details |
|---|---|
Total Issue Size |
~₹656.2 Crores |
Fresh Issue Component |
₹549.2 Crores |
Offer for Sale (OFS) |
₹107 Crores |
Pre-IPO Placement |
₹125 Crores raised; potential for additional ₹109.8 Crores |
Face Value |
₹5 per share |
The figures summarise the issue components outlined in public sources and the UDRHP filing.
Gaja Alternative Asset Management Limited operates under the brand Gaja Capital, one of India’s established private equity investment firms. The company acts as an investment manager for domestic Category I and Category II Alternative Investment Funds (AIFs) and also advises offshore funds.
The company generates income through:
Management Fees from AIFs
Carried Interest from fund performance
Sponsor Commitment Income across current and future funds
Its operations focus on fund management, investment advisory, and long-term value creation through structured equity investments in growth-oriented companies.
The promoters include Gopal Jain, Ranjit Jayant Shah, and Imran Jafar, supported by a team with extensive experience in private equity and fund management.
The proceeds from the Fresh Issue are proposed to be used for:
₹387 Crores towards sponsor commitments in existing and upcoming funds
₹24.9 Crores allocated for repayment of certain bridge loans
Balance funds earmarked for general corporate purposes
These objectives aim to strengthen the firm’s capital position and support ongoing fund commitments.
The company’s financial data reflects both half-yearly and annual performance indicators.
| Financial Metric | Period | Value |
|---|---|---|
Revenue |
H1 FY26 (Sept 2025) |
₹99.3 |
Net Profit |
H1 FY26 (Sept 2025) |
₹60.2 |
Revenue |
FY25 (Mar 2025) |
₹122 |
Net Profit |
FY25 (Mar 2025) |
₹59.5 |
Net Worth |
Sept 2025 |
₹574 |
These figures indicate consistent growth in revenue and profitability across reporting periods.
Book Running Lead Managers (BRLMs):
– JM Financial Limited
– IIFL Capital Services
Promoters:
– Gopal Jain
– Ranjit Jayant Shah
– Imran Jafar
Selling Shareholders under OFS include:
– Ranjit Jayant Shah (jointly with Mona Ranjit Shah)
– Manish Sabharwal
– Abhinav Jain
– Suparna Kumar
– Chhanda Banerji
These roles are specifically outlined in the UDRHP and related filings.
| Milestone / Stage | Date (or Status) | Details |
|---|---|---|
Confidential DRHP filed with SEBI |
30th June 2025 |
Confidential DRHP filed with SEBI for IPO process start |
SEBI approval for the IPO (confidential route) |
Late October 2025 |
SEBI granted approval via confidential filing route |
Updated DRHP filed with SEBI |
4th December 2025 |
Updated DRHP filed indicating ~₹656 crore IPO |
IPO Opening Date |
Not yet announced |
Final dates awaited from company / merchant bankers |
IPO Closing Date |
To be announced |
Closing date will be in public RHP filing |
Listing on BSE/NSE (tentative) |
To be announced |
Listing expected on both exchanges once allotment and listing formalities complete |
Note: Investors should refer to official filings for final IPO dates to learn more about Gaja Alternative Asset Management Limited IPO listing details and price, and listing timelines.
Keep yourself updated : Check Upcoming IPO
This content is for informational purposes only and the same should not be construed as investment advice. Bajaj Finserv Direct Limited shall not be liable or responsible for any investment decision that you may take based on this content.
Sources
Economic Times — Gaja Alternative Asset Management files updated draft papers, eyes Rs 656 cr via IPO https://m.economictimes.com/markets/ipos/fpos/gaja-alternative-asset-management-files-updated-draft-papers-eyes-rs-656-cr-via-ipo/articleshow/125789561.cms
SEBI — Gaja Alternative Asset Management Limited
https://www.sebi.gov.in/filings/public-issues/dec-2025/gaja-alternative-asset-management-limited_98194.html
Livemint — Gaja Capital files for a ₹656 crore IPO — a first for a PE in India https://www.livemint.com/market/gaja-capital-ipo-updated-drhp-private-equity-new-funds-11764927016731.html
Moneycontrol — Private equity firm Gaja Capital files Updated DRHP with SEBI for Rs 656-crore IPO
https://www.moneycontrol.com/news/business/ipo/private-equity-firm-gaja-capital-files-updated-drhp-with-sebi-for-rs-656-crore-ipo-13712638.html
The Hindu BusinessLine — Gaja Alternative Asset Management files updated DRHP to raise ₹656 cr via IPO https://www.thehindubusinessline.com/markets/gaja-alternative-asset-management-files-updated-drhp-to-raise-656-cr-via-ipo/article70362487.ece
The Updated DRHP was filed on 4 December 2025, following an initial confidential draft submitted earlier in June 2025. This updated document provides revised financial details, risk factors, and IPO terms for regulatory review.
The public offering is expected to raise approximately ₹656.2 crores, as detailed in the updated draft. This amount reflects the combined size of the fresh issue and the offer for sale.
Out of the total planned issue, ₹549.2 crores is earmarked as a fresh issue of shares, while ₹107 crores represents an offer for sale by existing shareholders. This structure helps the company raise new capital while enabling partial exits for current investors.
According to the updated filing, the proceeds will support sponsor commitments to various funds, repayment of bridge loans, and general corporate purposes. These allocations are intended to strengthen the firm’s capital position and operational flexibility.
This offering is notable because it represents the first time a standalone Indian private equity firm is seeking to list publicly. The move highlights the sector’s growing maturity and opens a new path for private equity platforms to access public capital markets.
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