Gaja Alternative Asset Management IPO Day 3 Final Subscription Status: 31.33x Subscribed; GMP at ₹18
Gaja Alternative Asset Management IPO Day 3 final subscription status closed at 31.33x overall on 21 August 2026, with Non-Institutional Investors (NIIs) leading at 62.35x. Qualified Institutional Buyers (QIBs) reached 43.58x, while retail demand stood at 11.04x. The ₹550 crore IPO is now closed. The latest Grey Market Premium (GMP) is around ₹18, indicating an unofficial price of ₹178.
| Metric | Final update |
| Bidding day | Day 3 Final |
| Data status | Final after bidding closed on 21 August 2026 |
| Overall subscription | 31.33x |
| QIB subscription | 43.58x |
| NII subscription | 62.35x |
| Retail subscription | 11.04x |
| Current GMP | ₹18 |
| GMP percentage | 11.3% |
| Indicative price | ₹178 |
| Closing date | 21 August 2026 |
Gaja Alternative Asset Management IPO Day 3 Final Subscription Status
The final bidding data shows that Gaja Alternative Asset Management received bids for about 79.35 crore shares against roughly 2.53 crore shares available, resulting in 31.33x overall subscription.
| Investor category | Day 3 Final subscription |
| Qualified Institutional Buyers (QIBs) | 43.58x |
| Non-Institutional Investors (NIIs) | 62.35x |
| Retail Individual Investors | 11.04x |
| Overall | 31.33x |
NIIs recorded the highest final multiple at 62.35x. QIB participation, which had remained limited during the first two bidding days, rose sharply on Closing Day to 43.58x. Retail investors subscribed their reserved portion 11.04 times.
The final pattern was therefore much broader than the early bidding suggested, with all three main investor categories finishing comfortably above 1x.
Subscription multiples measure the quantity of shares bid for relative to shares reserved in each category. They do not represent the number of unique applicants, and a higher multiple in one category should be viewed alongside the size of that category’s allocation.
Final Day-wise Subscription Trend
The IPO saw most of its demand arrive on the final day. Using the same NSE-linked reporting basis, overall subscription moved from 0.86x on Day 1 to 2.44x on Day 2, before closing at 31.33x.
| Bidding stage | Overall subscription | Key development |
| Day 1 close | 0.86x | Retail and NII demand led |
| Day 2 close | 2.44x | Overall issue crossed 2x |
| Day 3 Final | 31.33x | QIB and NII demand accelerated sharply |
The jump from 2.44x to 31.33x shows how heavily the final outcome depended on Closing Day bids. QIB demand was particularly important to the broader final response, while NIIs finished with the highest category multiple.
Gaja Alternative Asset Management IPO GMP Today and Estimated Listing Price
The latest GMP reading adopted for this update is ₹18 per share as of evening (6:30 p.m. to 8:30 p.m. IST) on 21 August 2026. Another credible tracker showed about ₹17, so grey-market readings are not perfectly aligned.
At the upper price band of ₹160:
Indicative price = ₹160 + ₹18 = ₹178
GMP percentage = ₹18 ÷ ₹160 × 100 = 11.3%
| GMP observation | Reading | Direction |
| Latest adopted reading | ₹18 | Lower |
| Other current tracker | Around ₹17 | Similar range |
| Previous available reading on 20 August | Around ₹25 | Higher |
The current premium is below levels seen earlier in the bidding period, when readings had reached roughly ₹25 to ₹30.
GMP is unofficial, unregulated, and can change quickly before listing. It is not published by the Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), or BSE Limited (BSE), and it does not guarantee a ₹178 listing price or any listing gain.
What Stands Out in Today’s Bidding
Two developments stand out. First, the final overall subscription of 31.33x was driven by a sharp Closing Day acceleration after the issue had been subscribed only 2.44x at the end of Day 2. Second, demand became broad-based, with NII, QIB, and retail categories all finishing substantially oversubscribed.
The main counter-signal is the GMP. While official subscription climbed sharply, the unofficial premium declined from earlier levels to around ₹18. This subscription-GMP divergence shows why the two measures should not be treated as interchangeable.
High subscription does not prove that an IPO is fairly valued, that the underlying business is high quality, or that the shares will deliver positive returns after listing.
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 |
At the upper price band, the minimum retail application was 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
With bidding complete, the basis of allotment is expected on 24 August 2026. Refund initiation or fund unblocking and credit of shares are expected on 25 August, followed by the proposed NSE and BSE listing on 26 August 2026. GMP may continue to move before the listing date.
Frequently Asked Questions (FAQs)
Q: How many times was the Gaja Alternative Asset Management IPO subscribed finally?
A: The IPO closed at 31.33x overall subscription on Day 3. NIIs were subscribed 62.35x, QIBs 43.58x, and retail investors 11.04x based on verified post-close data.
Q: What is the Gaja Alternative Asset Management IPO GMP today?
A: The latest GMP adopted in this update is around ₹18 per share as of evening (6:30 p.m. to 8:30 p.m. IST) on 21 August 2026. Another tracker showed about ₹17, highlighting that GMP figures can differ.
Q: What listing price does the current Gaja Alternative IPO GMP indicate?
A: Adding the ₹18 GMP to the ₹160 upper price band gives an indicative listing price of ₹178 per share, which is about 11.3% above the upper issue price. This is not a guaranteed listing price.
Q: Does 31.33x subscription guarantee a premium listing?
A: No. Subscription measures bidding demand relative to shares offered, while GMP reflects unofficial grey-market sentiment. Neither guarantees a premium listing, fair valuation, business quality, or future investment returns.
Q: What is the expected Gaja Alternative Asset Management IPO allotment date?
A: The basis of allotment is expected to be finalised on 24 August 2026. Shares are expected to be credited on 25 August, with the stock scheduled to list on NSE and BSE on 26 August 2026.
Disclaimer
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