Gaja Alternative Asset Management IPO Day 2 Subscription Status: 2.00x Subscribed; GMP at ₹23
Gaja Alternative Asset Management’s IPO reached 2.00x overall subscription on Day 2, with Non-Institutional Investors (NIIs) leading at 2.93x, followed by retail investors at 2.70x. Qualified Institutional Buyers (QIBs) remained at 0.10x. The Grey Market Premium (GMP) stood at ₹23 as of the afternoon (2:00 p.m. to 3:30 p.m. IST) on 20 August 2026. The ₹550 crore issue closes on 21 August.
| Metric | Latest update |
| Bidding day | Day 2 |
| Data status | As of afternoon (2:00 p.m. to 3:30 p.m. IST) on 20 August 2026 |
| Overall subscription | 2.00x |
| QIB subscription | 0.10x |
| NII subscription | 2.93x |
| Retail subscription | 2.70x |
| Current GMP | ₹23 |
| GMP percentage | 14.4% |
| Indicative price | ₹183 |
| Closing date | 21 August 2026 |
Gaja Alternative Asset Management IPO Day 2 Subscription Status
Investors had bid for about 5.08 crore shares against 2.53 crore shares available for public subscription, taking the overall book to 2.00x by the latest verified Day 2 update.
| Investor category | Day 2 |
| Qualified Institutional Buyers (QIBs) | 0.10x |
| Non-Institutional Investors (NIIs) | 2.93x |
| Retail Individual Investors | 2.70x |
| Overall | 2.00x |
NII demand was the strongest at 2.93x, narrowly ahead of retail at 2.70x. QIB participation remained substantially lower at 0.10x. This means the current oversubscription is being driven mainly by non-institutional and retail bids rather than broad demand across all investor categories.
Subscription multiples represent the quantity of shares bid for relative to shares reserved in each category. They do not represent the number of unique applicants.
How Subscription Changed From Day 1
The IPO’s overall subscription increased from 0.85x at the end of Day 1 to 2.00x by the latest Day 2 update, an absolute rise of 1.15 times.
| Bidding stage | Overall subscription |
| Day 1 close | 0.85x |
| Day 2 latest | 2.00x |
| Change | +1.15x |
The main visible drivers on Day 2 are NII and retail participation, with both categories now approaching or exceeding three times subscription. QIB demand, however, remains at 0.10x.
Institutional participation in Indian IPOs often builds later in the bidding window, particularly on the final day. That historical pattern should not be treated as a prediction that QIB demand will necessarily increase in this issue.
Gaja Alternative Asset Management IPO GMP Today and Estimated Listing Price
The latest available GMP is ₹23 per share, compared with a previous available reading of ₹24 earlier on 20 August. That represents a ₹1 decline.
At the upper price band of ₹160:
Indicative price = ₹160 + ₹23 = ₹183
GMP percentage = ₹23 ÷ ₹160 × 100 = 14.4%
| GMP observation | Premium | Movement |
| Afternoon on 20 August 2026 | ₹23 | Down ₹1 |
| Previous available reading | ₹24 | Reference |
Some less recently refreshed GMP trackers showed materially lower readings, so grey-market data is not fully aligned across platforms. The ₹23 figure is used here because it accompanies the more recent Day 2 market update.
GMP is unofficial, unregulated, and not published by the Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), or BSE Limited (BSE). It can change quickly and does not guarantee a ₹183 listing price or any listing gain.
What Stands Out in Today’s Bidding
The clearest Day 2 signal is the acceleration in overall demand from 0.85x at the Day 1 close to 2.00x. NII subscription at 2.93x and retail at 2.70x show that these two segments are currently carrying most of the demand.
The main limitation is the 0.10x QIB subscription, which means demand is not yet broad-based across categories. At the same time, GMP has eased slightly even as subscriptions have risen. This divergence is not unusual because subscription data measures bids in the official offer, while GMP reflects unofficial grey-market sentiment.
Neither high subscription nor positive GMP establishes fair valuation, business quality, or future returns.
IPO Details Retail Investors Need
| IPO detail | Information |
| Price band | ₹152 to ₹160 per share |
| Lot size | 93 shares |
| Minimum retail investment | ₹14,880 |
| 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 | NSE and BSE |
The minimum retail application at the upper price band is 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, earning income through management fees, carried interest, and returns on sponsor commitments. Revenue from operations increased to about ₹135.53 crore in FY26 from ₹122 crore in FY25, while profit after tax rose to about ₹81.96 crore from ₹61.95 crore.
Of the fresh issue proceeds, ₹372 crore is proposed for sponsor commitments to funds and repayment of a bridge loan. A material consideration is that earnings can depend on fund performance, fundraising cycles, and investment exits.
What Happens Next
The IPO enters its Closing Day on 21 August 2026. Investors tracking the issue can watch whether overall subscription accelerates further, whether QIB participation broadens the demand mix, whether NII and retail bidding continues to rise, and whether the GMP holds near current levels or changes direction before bidding closes.
Frequently Asked Questions (FAQs)
Q: How many times is the Gaja Alternative Asset Management IPO subscribed on Day 2?
A: The IPO was subscribed 2.00x overall as of the afternoon (2:00 p.m. to 3:30 p.m. IST) on 20 August 2026. NII demand stood at 2.93x, retail at 2.70x, and QIB subscription at 0.10x.
Q: How did Gaja Alternative Asset Management IPO demand change from Day 1 to Day 2?
A: Overall subscription increased from 0.85x at the Day 1 close to 2.00x by the latest Day 2 update, an absolute increase of 1.15 times. NII and retail demand are the main drivers visible in the Day 2 figures.
Q: What is the Gaja Alternative Asset Management IPO GMP today?
A: The latest GMP used in this update is ₹23 per share as of the afternoon (2:00 p.m. to 3:30 p.m. IST) on 20 August 2026, down ₹1 from a previously available ₹24 reading.
Q: What listing price does the current GMP indicate?
A: Adding the ₹23 GMP to the ₹160 upper price band gives an indicative price of ₹183 per share, about 14.4% above the upper issue price. GMP is unofficial and does not guarantee the actual listing price.
Q: Does 2.00x IPO subscription guarantee a premium listing?
A: No. Subscription shows demand relative to shares offered, while GMP reflects unofficial market sentiment. Neither guarantees a premium listing, fair valuation, business quality, or future returns.
Disclaimer
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