# Gaja Alternative Asset Management Limited: IPO analysis > Gaja Alternative Asset Management Limited (CIN U67190DL1999PLC099260) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹450 Cr and an offer for sale of ₹100 Cr, priced at ₹152.00 to ₹160.00 per share. In FY26 it reported revenue of ₹136 Cr (+11.1% on FY25) and a net profit of ₹82 Cr. Promoters hold 61.4% before the IPO. Our fact-check of its claims found no medium or high concerns across 39 claims checked. - Page: https://ipo.innerkore.com/company/U67190DL1999PLC099260/gaja-alternative-asset-management-limited/ - CIN: U67190DL1999PLC099260 - Last updated: 24 Aug 2026 ## Key facts - **Company:** Gaja Alternative Asset Management Limited - **CIN:** U67190DL1999PLC099260 - **Filing stage:** RHP - **Latest SEBI filing:** 24 Aug 2026 - **Fresh issue:** ₹450 Cr - **Offer for sale:** ₹100 Cr - **Price band:** ₹152.00 to ₹160.00 per share - **Final offer price:** ₹160.00 per share - **Lot size:** 93 shares - **Bidding opens:** 19 Aug 2026 - **Bidding closes:** 21 Aug 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹136 Cr - **Revenue growth:** +11.1% - **Net profit FY26:** ₹82 Cr - **Revenue CAGR FY24 to FY26:** 19.0% - **Promoter holding (pre-IPO):** 61.4% - **Lead managers:** JM Financial Limited, IIFL Capital Services Limited, IIFL Securities Limited, View Advisors Private Limited, Gaja Advisors Private Limited, Gaja Alternative Asset Management Private Limited, Company was then converted into a public limited - **Registrar:** Pawan Kumar Jain INM000010940 MUFG Intime India Private Limited - **Fact-check flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Valuation** (look closer): 27.5x P/E. At the top of the band, on FY26 profit; 3.7x book value. - **Growth** (look closer): 19% a year. Sales FY24 to FY26; latest year +11.1%. - **Profitability** (looks fine): 60.5% net margin. FY26; operating margin improving. - **Debt** (looks fine): 0.07x equity. ₹41.6 crore borrowed at the end of FY26. - **Profit into cash** (concern): -18% of profit. Operations brought in ₹-15 crore against ₹82 crore of profit in FY26. - **One-off income** (look closer): 25% of profit. Other and one-off income is 25% of pre-tax profit. - **Where the money goes** (looks fine): 18% for sale. 82% is new shares issued by the company. 89% of the new money repays debt. - **Red flags** (looks fine): None serious. 39 claims checked: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 96 | 122 | 136 | | Sales growth | – | 27.6% | 11.1% | | Operating profit | 49 | 61 | 72 | | Operating margin | 51.5% | 49.8% | 53.2% | | Net profit | 45 | 62 | 82 | | Net margin | 46.8% | 50.8% | 60.5% | | Net worth | 334 | 393 | 613 | | Borrowings | 3.5 | 4.0 | 42 | | Return on equity | 13.4% | 15.8% | 13.4% | ## Use of proceeds (fresh issue) - Investing towards our Sponsor Commitments to certain existing and new funds and for repayment: ₹372 crore - Gaja Capital India Fund 2021 (formerly known as Gaja Capital India Fund 2020); and (iii)Bridge Loan Amount# (b) investing towards our Sponsor Commitment to the proposed Fund V; and (c) investing towards our Sponsor Commitment to the Secondaries Fund 2. General corporate purposes(1) (2): ₹44 crore ## Fact-checked claims - **NONE** (LitigationStatus): A notice was received from the Registrar of Companies, NCT of Delhi and Haryana on May 31, 2018, regarding the non-filing of form CRL-1 under Rule 4(i) of the Companies (Restriction on Number of Layers) Rules, 2017, which was followed by a reply and no subsequent communication.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim about the non-filing of form CRL-1 by Gaja Alternative Asset Management Limited. - **NONE** (PromoterBackground): The Board of Directors recommended a final dividend of ₹0.75 per equity share of ₹5 each for Fiscal 2026, aggregating to ₹8.47 Crore based on the paid-up share capital as of March 31, 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the DRHP regarding the final dividend recommendation for Fiscal 2026. - **NONE** (PromoterBackground): The dividend policy was adopted and approved by the Board in a meeting held on February 27, 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the dividend policy adoption date mentioned in the DRHP claim. - **NONE** (PromoterBackground): The Stakeholders’ Relationship Committee was constituted and the terms of reference were approved by the Board pursuant to a resolution dated June 13, 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the constitution and approval of terms of reference for the Stakeholders’ Relationship Committee by the Board on June 13, 2025. - **NONE** (PromoterBackground): The Nomination and Remuneration Committee was constituted by the Board pursuant to resolutions dated June 13, 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the Nomination and Remuneration Committee was constituted by the Board pursuant to resolutions dated June 13, 2025. - **NONE** (PromoterBackground): The Audit Committee was duly constituted by the Board pursuant to resolutions dated June 13, 2025.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the Audit Committee was duly constituted by the Board pursuant to resolutions dated June 13, 2025. - **NONE** (PromoterBackground): The Board has constituted an internal complaints committee under the Sexual Harassment of the Women at the Workplace (Prevention, Prohibition and Redressal), Act 2013.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the Board of Gaja Alternative Asset Management Limited constituted an internal complaints committee under the Sexual Harassment of the Women at the Workplace (Prevention, Prohibition and Redressal), Act 2013. - **NONE** (PromoterBackground): Ms. Mona Ranjit Shah is a Promoter and is a director on the board of RAMS Mercantile Private Limited.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Ms. Mona Ranjit Shah is a Promoter and a director on the board of RAMS Mercantile Private Limited. - **NONE** (PromoterBackground): Mr. Shailesh Vishnubhai Haribhakti is an independent director and has been a director of several listed companies including TVS Motor Company Limited and Swiggy Limited.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Mr. Shailesh Vishnubhai Haribhakti is an independent director and has been a director of TVS Motor Company Limited and Swiggy Limited. - **NONE** (PromoterBackground): Mr. Arindam Kumar Bhattacharya is an independent director who has been associated with the Boston Consulting Group (India) Private Limited (BCG) for over 20 years.. No web search results were found to corroborate, contradict, update, or provide any information regarding the association of Mr. Arindam Kumar Bhattacharya with the Boston Consulting Group (India) Private Limited (BCG) for over 20 years. - **NONE** (SubsidiaryPerformance): Share subscription agreements were executed with HDFC Life Insurance Company Limited (SSA 1), One-Up Financial Consultants Private Limited (SSA 2), Volrado Venture Partners Fund III – BETA (SSA 3), SBI Life Insurance Company Limited (SSA 4), Wealthwave Capital Incorporated VCC Sub-Fund I (SSA 5), Mahua Menon Chakravarty (SSA 6), Manish Misra (SSA 7), and Mohit Karan Gupta (SSA 8).. No current web search results were found to corroborate, contradict, update, or provide any information regarding the list of share subscription agreements mentioned in the DRHP claim. - **NONE** (SubsidiaryPerformance): The company was incorporated on April 9, 1999, in New Delhi, India as ‘View Advisors Private Limited’.. No current web search results were found to corroborate, contradict, or provide any information regarding the incorporation date or name of Gaja Alternative Asset Management Limited. ## Common questions ### How big is the Gaja Alternative Asset Management Limited IPO? Gaja Alternative Asset Management Limited's IPO comprises a fresh issue of ₹450 Cr and an offer for sale of ₹100 Cr, according to its Red Herring Prospectus. The price band was ₹152.00 to ₹160.00 per share and the final offer price was ₹160.00 per share. ### What are Gaja Alternative Asset Management Limited's revenue and profit? Gaja Alternative Asset Management Limited reported revenue from operations of ₹136 Cr in FY26, +11.1% versus FY25. Net profit was ₹82 Cr (FY25: ₹62 Cr). Revenue grew at a compound rate of 19.0% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Gaja Alternative Asset Management Limited? Promoters hold 61.4% of Gaja Alternative Asset Management Limited before the IPO. Largest holders listed: Mr. Gopal Jain* (22.4%); Mr. Gopal Jain (22.4%); Mr. Ranjit Jayant Shah(2)* (18.6%). ### How will Gaja Alternative Asset Management Limited use the IPO money? The fresh-issue proceeds are earmarked for: Investing towards our Sponsor Commitments to certain existing and new funds and for repayment (₹372 Cr); Gaja Capital India Fund 2021 (formerly known as Gaja Capital India Fund 2020); and (iii)Bridge Loan Amount# (b) investing towards our Sponsor Commitment to the proposed Fund V; and (c) investing towards our Sponsor Commitment to the Secondaries Fund 2. General corporate purposes(1) (₹44 Cr). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Gaja Alternative Asset Management Limited's RHP? We fact-checked 39 claims from the filing against the open web: 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Gaja Alternative Asset Management Limited do? The biggest red flag in the Gaja Alternative Asset Management Limited IPO? There is absolutely no public record to confirm or contradict any claims regarding the filing of form CRL-1. This silence surrounding a critical regulatory document raises serious questions about the transparency of this offering. ### Who manages the Gaja Alternative Asset Management Limited IPO? Book running lead managers: JM Financial Limited, IIFL Capital Services Limited, IIFL Securities Limited, View Advisors Private Limited, Gaja Advisors Private Limited, Gaja Alternative Asset Management Private Limited, Company was then converted into a public limited. Registrar to the offer: Pawan Kumar Jain INM000010940 MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Gaja Alternative Asset Management Limited IPO documents? All 1 filing for Gaja Alternative Asset Management Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [GAJA ALTERNATIVE ASSET MANAGEMENT LIMITED - PROSPECTUS](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787551388728.pdf) (Red Herring Prospectus, filed 24 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.