IPO Listed — 26 Aug 2026
Listing Price: ₹185
Gaja Alternative Asset Management IPO GMP History | Listing Price ₹185 & Kostak Rate
Gaja Alternative Asset Management IPO has been listed on August 26, 2026 at a listing price of ₹185, against the issue price of ₹160 — a gain of ₹25 (+15.63%). The GMP peaked at ₹30 on 18 August 2026 and reached a low of ₹7 on 17 August 2026. The day-wise GMP trend below shows how grey market sentiment evolved from subscription to listing.
Gaja Alternative Asset Management IPO raised ₹550 Cr. through its IPO at a price band of ₹152 to ₹160 per share, with a lot size of 93 shares. The IPO was open for subscription from 19 Aug 2026 to 21 Aug 2026.
Table of Contents
- Gaja Alternative Asset Management IPO GMP Today
- Gaja Alternative Asset Management IPO GMP Trend History
- Gaja Alternative Asset Management IPO Dates
- Actual Listing Price
- Is Gaja Alternative Asset Management IPO GMP Reliable?
- Kostak Rate Explained
- About Gaja Alternative Asset Management IPO
- Frequently Asked Questions
GMP Trend Chart
Day-wise GMP Trend
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| 26 Aug 2026 | ₹ 18.5 | 11.56% | ₹ 0 | ₹ 0 | |
| 25 Aug 2026 | ₹ 18.5 | 11.56% | ₹ 0 | ₹ 0 | |
| 24 Aug 2026 | ₹ 15.5 | 9.69% | ₹ 0 | ₹ 0 | |
| 23 Aug 2026 | ₹ 17 | 10.62% | ₹ 0 | ₹ 0 | |
| 22 Aug 2026 | ₹ 17 | 10.62% | ₹ 0 | ₹ 0 | |
| 21 Aug 2026 | ₹ 19 | 11.88% | ₹ 0 | ₹ 0 | |
| 20 Aug 2026 | ₹ 18 | 11.25% | ₹ 0 | ₹ 0 | |
| 19 Aug 2026 | ₹ 23 | 14.37% | ₹ 0 | ₹ 0 | |
| 18 Aug 2026 | ₹ 30 | 18.75% | ₹ 0 | ₹ 0 | |
| 17 Aug 2026 | ₹ 7 | 4.38% | ₹ 0 | ₹ 0 |
Gaja Alternative Asset Management IPO Dates
| Event | Date |
|---|---|
| Open Date | 19 Aug, 2026 |
| Close Date | 21 Aug, 2026 |
| Allotment Date | 24 Aug, 2026 |
| Refund Date | 25 Aug, 2026 |
| Credit to Demat | 25 Aug, 2026 |
| Listing Date | 26 Aug, 2026 |
Gaja Alternative Asset Management IPO Actual Listing Price
| Basis | Value |
|---|---|
| Issue Price | ₹160 |
| GMP-Based Estimate (Pre-Listing) | ₹178 (+11.3%) |
| Actual Listing Price | ₹185 (+15.63%) |
| Listing Gain / Loss | +₹25 per share |
| Listing Date | 26 Aug, 2026 |
Is Gaja Alternative Asset Management IPO GMP Reliable?
Grey market premium for Gaja Alternative Asset Management IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- Cross-check before acting: Review the Gaja Alternative Asset Management IPO full review for a fundamentals-based assessment before making any grey market trades.
Gaja Alternative Asset Management IPO IPO Kostak Rate Explained
The Kostak rate for Gaja Alternative Asset Management IPO was not active during the subscription period, as no grey market premium was established. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price was not active for this IPO. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About Gaja Alternative Asset Management IPO
The company invests mainly in mid sized companies in areas such as education, energy and environment, financial services, consumer products and digital technology. It runs the Gaja Capital Funds, which include Fund II, Fund III and Fund IV, and has investors from more than 20 countries.
The company earns in three ways, through management fees on the money it manages, through carried interest which is a share of the profit when a fund does well, and through gains on its own money invested in those funds. As on 31 March 2026 it had put in about Rs 274 crore of its own money as sponsor commitment, which is 6.41% of the total size of the Gaja Capital Funds. It follows an invest and collaborate approach and works with its portfolio companies on product, sales, hiring and finance. As on 31 March 2026 it had 37 people, including 23 permanent and 14 contract employees.
Strengths & Risks
Strengths
- ✓ Growth has been steady for three years. Total income went from Rs 103.96 crore in FY2024 to Rs 123.31 crore in FY2025 and Rs 157.80 crore in FY2026.
- ✓ Profit has also grown every year, from Rs 44.74 crore in FY2024 to Rs 61.95 crore in FY2025 and Rs 81.96 crore in FY2026.
- ✓ The business is highly profitable. Profit after tax of Rs 81.96 crore on total income of Rs 157.80 crore means more than half of the income comes down as profit.
- ✓ The balance sheet is strong. Net worth was Rs 606.52 crore against borrowing of only Rs 41.56 crore as on 31 March 2026.
- ✓ The company has put its own money in its funds. The sponsor commitment of about Rs 274 crore is 6.41% of the fund size, so its interest is aligned with the investors.
- ✓ It has a long record of over 25 years and has run multiple fund cycles through Fund II, Fund III and Fund IV.
- ✓ Investors come from more than 20 countries, so the money source is spread out and not dependent on one market.
- ✓ Out of the Rs 550 crore issue, Rs 450 crore is fresh money coming to the company.
Risks
- ⚠ This issue is priced high on earnings. At the upper band of Rs 160 the post issue P/E is about 27.54 times on an EPS of Rs 5.81.
- ⚠ A part of the income is carried interest and gain on own investment. This income comes only when a fund sells an investment at a profit, so it is lumpy and does not come every year in the same amount.
- ⚠ The team is very small, with only 37 people of which 14 are on contract. The business depends heavily on a few key fund managers.
- ⚠ Borrowing rose sharply in one year, from Rs 4.00 crore to Rs 41.56 crore.
- ⚠ This is a cyclical business. If markets fall, new fund raising becomes slow and exits get delayed, which directly reduces both fees and carried interest.
- ⚠ The business is fully dependent on SEBI AIF rules. Any change in regulation on fees, structure or taxation will affect earnings.
- ⚠ Rs 100 crore of the Rs 550 crore issue is an offer for sale and that money goes to the selling shareholders.
- ⚠ The company manages a limited number of funds, so the performance of one weak fund can affect its reputation and its ability to raise the next fund.
Frequently Asked Questions about Gaja Alternative Asset Management IPO
What is the GMP of Gaja Alternative Asset Management IPO?
The current Grey Market Premium (GMP) of Gaja Alternative Asset Management IPO is ₹ 18.5.
What is the Kostak Price of Gaja Alternative Asset Management IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for Gaja Alternative Asset Management IPO is currently not available.
What is the Subject to Sauda Price of Gaja Alternative Asset Management IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is currently not available.
What was the actual listing price of Gaja Alternative Asset Management IPO?
Gaja Alternative Asset Management IPO listed on August 26, 2026 at ₹185, against the issue price of ₹160 — a gain of +15.63%.
How did the GMP of Gaja Alternative Asset Management IPO trend before listing?
The GMP of Gaja Alternative Asset Management IPO was stable in its final days before listing. The GMP peaked at ₹30 on 18 August 2026. View the day-wise table above for the complete GMP history.
Explore Gaja Alternative Asset Management IPO Further
For a complete picture before making your investment decision, explore these resources:
