Gaja Alternative Asset Management IPO Day 1 Subscription Status: 0.90x Subscribed; GMP at ₹24

Gaja Alternative Asset Management’s IPO ended Day 1 with 0.90x overall subscription, with retail investors leading at 1.27x, followed by Non-Institutional Investors (NIIs) at 1.12x. Qualified Institutional Buyers (QIBs) subscribed 0.10x. The latest Grey Market Premium (GMP) reading adopted here is ₹24, while another tracker showed ₹30. The ₹550 crore issue remains open until 21 August 2026.

Metric	Latest update
Bidding day	Day 1
Subscription data	Early evening (5:00 p.m. to 6:30 p.m. IST) on 19 August 2026
Overall subscription	0.90x
QIB subscription	0.10x
NII subscription	1.12x
Retail subscription	1.27x
Current GMP	₹24
GMP update	Evening (6:30 p.m. to 8:30 p.m. IST) on 19 August 2026
GMP percentage	15.0%
Indicative price	₹184
Closing date	21 August 2026

Gaja Alternative Asset Management IPO Day 1 Subscription Status

The IPO received bids for about 2.17 crore shares against roughly 2.41 crore shares available to the public, taking the overall Day 1 subscription to 0.90x. Retail demand was the strongest among the public categories, while NII bidding also crossed the shares reserved for that segment.

Investor category	Day 1 subscription
Qualified Institutional Buyers (QIBs)	0.10x
Non-Institutional Investors (NIIs)	1.12x
Retail Individual Investors	1.27x
Overall	0.90x

Retail investors bid for about 1.52 crore shares against 1.20 crore shares reserved for them. NIIs reached 1.12x, while QIB participation remained at 0.10x on the opening day. Institutional bids often build later in the bidding period, but Day 1 data alone does not establish how QIB demand will develop over the next two sessions.

Subscription multiples measure the quantity of shares bid for relative to the shares available in each category. They should not be read as the number of unique applicants.

What the Day 1 Subscription Numbers Indicate So Far

The opening response was not evenly distributed across categories. Retail and NII portions were already fully subscribed by the end of Day 1, whereas the QIB category remained well below 1x.

This makes retail participation the clearest Day 1 demand signal. However, category allocation matters when comparing multiples. Retail investors had about 1.20 crore shares available, versus roughly 68.75 lakh shares in the QIB portion excluding anchors. A higher multiple in one category does not automatically mean stronger overall conviction across all investor groups.

Gaja Alternative Asset Management IPO GMP Today and Estimated Listing Price

The latest available GMP reading adopted for this update is ₹24 per share, down from an available ₹30 reading on 18 August. At the upper IPO price of ₹160, that implies:

Indicative price = ₹160 + ₹24 = ₹184

GMP percentage = ₹24 ÷ ₹160 × 100 = 15.0%

One other GMP tracker was still showing ₹30 on 19 August, so current grey-market readings are not fully aligned. The ₹24 figure is used because it was the more recently updated reading available during research.

GMP is an unofficial and unregulated market indicator. It can change quickly and does not guarantee the IPO’s actual listing price or any listing gain.

What Stands Out in Today’s Bidding

Two signals stand out. First, both retail and NII portions crossed 1x on the opening day, while the overall issue stopped just short of full subscription. Second, the QIB category remained at 0.10x, making Day 1 demand concentrated rather than broad-based across all categories.

There are also important limitations. Subscription data reflects bids, not unique investors, and it does not establish whether the IPO is fairly valued or whether the company will deliver strong long-term returns. Meanwhile, GMP eased from the previous available ₹30 reading to ₹24 on the tracker used here even as retail and NII demand crossed 1x. Subscription and GMP can diverge because they measure different market signals.

IPO Details Retail Investors Need

IPO detail	Information
Price band	₹152 to ₹160 per share
Lot size	93 shares
Minimum retail investment	₹14,880
Total issue size	₹550 crore
Fresh issue	₹450 crore
Offer for Sale (OFS)	₹100 crore
Issue type	Mainboard book-built IPO
Closing date	21 August 2026
Expected listing date	26 August 2026
Exchange	BSE and NSE

The minimum investment is calculated at the upper price band: 93 shares × ₹160 = ₹14,880.

Brief Company and Financial Context

Gaja Alternative Asset Management operates under the Gaja Capital brand and manages or advises India-focused alternative investment funds, including Category I and Category II Alternative Investment Funds (AIFs), as well as offshore funds. Its income streams include management fees, carried interest, and returns from sponsor commitments.

For FY26, revenue from operations increased to about ₹135.5 crore, while total income reached about ₹157.8 crore. Profit after tax rose to roughly ₹79.6 crore, compared with about ₹59.5 crore in FY25. Of the fresh issue proceeds, ₹372 crore is proposed for sponsor commitments to existing and new funds and repayment of a bridge loan. A key consideration is that earnings can depend on fund performance, while the business is also exposed to regulatory changes affecting alternative investments.

What Happens Next

Day 2 bidding takes place on 20 August 2026, with the IPO scheduled to close on 21 August 2026. Investors tracking subscription trends can watch whether overall demand moves decisively above 1x, whether QIB participation increases, whether NII and retail demand continues to build, and whether the GMP stabilises or changes direction.

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