#GajaCapitalIPO #PrivateEquity #AIFIndia #IndianMarkets #CapitalMarkets #SEBI #FirstPEListing #AlternativeInvestments #IPOAlert
Mumbai, India — Gaja Alternative Asset Management Limited, operating under the brand name Gaja Capital, a prominent homegrown private equity firm, has taken a decisive step towards becoming the first standalone Indian-origin PE firm to list publicly. The company filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) on December 4, 2025, to raise up to ₹656.2 crore through an Initial Public Offering (IPO).
This public filing follows SEBI’s approval of the firm’s initial confidential DRHP, which it had utilized under the market regulator’s pre-filing route in June 2025. The move mirrors the global trend where major private equity players like Blackstone and KKR have successfully listed, signaling the maturation and institutionalization of India’s alternative investment market.
💰 Issue Structure and Financial Strength
The total IPO size of ₹656.2 crore is split into two components:
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Fresh Issue: Aggregating up to ₹549.2 crore, which will infuse primary capital into the company. Gaja Capital may also consider a Pre-IPO placement of up to ₹109.8 crore, which would be part of this fresh issue component.
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Offer for Sale (OFS): Aggregating up to ₹107 crore, allowing existing shareholders, including promoters Gopal Jain, Ranjit Jayant Shah, and Imran Jafar, to partially monetize their holdings.
The company, which focuses on providing growth capital to entrepreneurs in high-growth sectors like education, consumer, and financial services, demonstrated strong financial metrics:
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Profit (FY25): Rose sharply by 33.7% to ₹59.5 crore, up from ₹44.5 crore in the previous fiscal year.
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Revenue (FY25): Soared by 27.6% to ₹122 crore.
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H1 FY26 Performance: For the six months ended September 2025, the company reported a robust profit of ₹60.2 crore on revenue of ₹99.3 crore.
Gaja Capital derives its income primarily from three streams: management fees, carried interest, and income from sponsor commitments.
🎯 Strategic Use of Proceeds
The funds raised through the fresh issue component are earmarked for strategic growth and financial consolidation, reflecting the firm’s long-term vision:
| Allocation Area | Amount (Fresh Issue Proceeds) | Rationale |
| Sponsor Commitments | ₹387 crore | Investing towards sponsor commitments to certain existing funds (including Fund IV – Gaja Capital India Fund 2020) and new funds, along with repayment of a bridge loan. |
| Debt Repayment | ₹24.9 crore | Repaying certain specified debts, enhancing balance sheet strength. |
| General Corporate Purposes | Remainder | To be used for general corporate needs and strategic flexibility. |
By listing, Gaja Capital, which manages various Category I and Category II Alternative Investment Funds (AIFs) and advises offshore funds, aims to institutionalize its own structure, enabling it to better capitalize on India’s rapidly expanding private markets. Industry reports project that India’s alternative investments AUM could grow by an estimated 31-33% annually to reach ₹53-56 lakh crore by 2030.
The IPO is being managed by merchant bankers JM Financial and IIFL Capital Services.
Keywords: Gaja Capital IPO, Private Equity, Gaja Alternative Asset Management, UDRHP, SEBI, Alternative Investment Funds (AIFs), OFS, Sponsor Commitment, Gopal Jain, Indian PE Listing.
#GajaCapitalIPO #PrivateEquity #AIFIndia #IndianMarkets #CapitalMarkets #SEBI #FirstPEListing #AlternativeInvestments #IPOAlert
