Gaja Capital IPO: Files Updated Draft Papers for Rs 656 Cr

New Delhi, Dec 5 (PTI) Gaja Alternative Asset Management Ltd, which operates under the brand Gaja Capital, has filed updated draft papers with markets regulator Sebi to raise a little over Rs 656 crore through an initial public offering (IPO).

This IPO would mark the first public listing of a standalone, Indian-origin private equity firm managing alternative assets.

According to the updated draft red herring prospectus (UDRHP) filed on Thursday, the company's maiden public offering comprises a fresh issue of equity shares aggregating up to Rs 549.2 crore and an offer for sale (OFS) of Rs 107 crore by promoters and shareholders.

Funds raised through fresh issues would be utilised for payment of debt, seed new funds and general corporate purposes.

Gaja Capital, in June, successfully raised Rs 125 crore in a pre-IPO funding round, valuing the firm at Rs 1,625 crore.

Founded in 2004, Gaja Capital is one of India's leading private equity and alternative asset management firms, focused on providing growth capital to entrepreneurs. The firm has invested across key sectors such as education, consumer, and financial services.

In January 2025, the company transitioned from a private limited company to a public limited company and was renamed Gaja Alternative Asset Management Ltd.

Globally, major private equity firms such as Blackstone, KKR, Apollo Global Management, Carlyle Group, and TPG have gone public and diversified into other asset classes beyond private equity.

In India, asset management companies like HDFC, Nippon, UTI, and Aditya Birla, which also manage alternative funds as part of their broader portfolios, are already listed on the stock exchanges.

Gaja has built a strong investment portfolio over the years, with investments in companies such as Teamlease, Lighthouse Learning, RBL Bank, John Distilleries, Xpressbees, Ei, Leadsquared, and Signzy.

The market for alternative investments in India is expanding rapidly. As of March 31, 2025, assets under management (AUM) in this segment stood at Rs 13.5 lakh crore. Further, this figure will grow at a compound annual rate of 31-33 per cent to reach Rs 53-56 lakh crore by March 2030, according to industry reports.

Gaja Capital filed draft papers in June with Sebi for an IPO through a confidential pre-filing route and had received the market regulator's approval in October. Following this, the company filed an updated DRHP before filing an RHP.

The company opted for the confidential pre-filing route, which allowed it to withhold public disclosure of IPO details until later stages.

JM Financial and IIFL Capital Services are the book running lead managers to the issue.