Gaja Alternative Asset Management IPO
Gaja Alternative Asset Management Limited (GAJA) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 26 August 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +1.7% (likely range -2% to +13%), day's high +9.3%, chance of a gain 82%. Actual: +15.6% at the open, +19.8% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 72,36,840 | 31,53,82,716 | 43.6x | |
| NII (HNI) total | 54,27,632 | 33,84,17,979 | 62.4x | |
| Big NII (above ₹10 lakh) | 36,18,422 | 26,13,36,138 | 72.2x | |
| Small NII (₹2-10 lakh) | 18,09,210 | 7,70,81,841 | 42.6x | |
| Retail | 1,26,64,474 | 13,97,59,656 | 11.0x | |
| Total | 2,53,28,946 | 79,35,60,351 | 31.3x |
Bids on NSE and BSE together, as published by NSE, as of 21 Aug 2026, 07:00 PM. Shares offered exclude the anchor portion. 15% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Gaja Alternative Asset Management's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| India PesticidesJun 2021 | 42.9x | 51.9x | 11.3x | 29.0x | ₹817 Cr | +18.2% | +24.3% |
| IRM ENERGY LIMITEDOct 2023 | 44.7x | 48.3x | 9.29x | 27.1x | ₹545 Cr | -5.5% | -4.2% |
| Gem AromaticsAug 2025 | 55.3x | 45.1x | 10.3x | 30.3x | ₹450 Cr | +2.5% | +7.6% |
| Shankara Building ProductsMar 2017 | 51.6x | 90.7x | 15.3x | 41.9x | ₹349 Cr | +20.7% | +38.3% |
| Excelsoft TechnologiesNov 2025 | 47.6x | 102x | 15.6x | 43.2x | ₹526 Cr | +12.5% | +18.8% |
| RailTel Corporation of IndiaFeb 2021 | 65.1x | 73.3x | 16.8x | 42.4x | ₹820 Cr | +16.0% | +36.0% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| IIFL Capital Services | 94 | +19.3% | 71% |
Offer documents (NSE)
Frequently asked
What is the Gaja Alternative Asset Management IPO price band and lot size? ₹152–160 per share, with a lot of 93 shares, so the smallest retail bid is ₹14,880.
How many times has it been subscribed? 31.3x overall: QIB 43.6x, NII 62.4x, retail 11.0x.
How did it list? It opened at ₹185, +15.6% against the issue price of ₹160, and closed its first day +5.4%.
