Gaja Alternative Asset Management’s initial public offering is set to open tomorrow, with a muted response in the grey market. The issue is worth Rs. 550 crore and consists of a fresh issue of 2.81 crore shares worth Rs. 450 crore and an offer for sale of 0.63 crore shares worth Rs. 100 crore.
The three-day bidding window will open tomorrow and close on August 21. The allotment of shares will be done on August 24, while the shares are expected to be listed on both BSE and NSE on August 26.
The price band for the IPO is set at Rs. 152 to Rs. 160 per share, and the minimum investment a retail investor can make is Rs. 14,880 for one lot, which is 93 shares.
JM Financial Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar of the issue. Ahead of the issue opening, the Gaja Alternative Asset Management IPO grey market premium is muted at Rs. 5, indicating limited grey-market premium and an estimated listing gain of around 3% at the upper end of the price band.
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Gaja Alternative Asset Management is an independent, founder-led Indian alternative asset management company with more than two decades of experience. Founded in 1999, the company manages India-focused private equity funds and alternative investment funds, with investments across sectors including education, financial services, consumer, and digital technology.
The fresh issue proceeds are proposed to be used towards the company’s sponsor commitments to certain existing and new funds, repayment of a bridge loan, and general corporate purposes.
Investors may subscribe to the IPO, but it depends on their individual risk tolerance. The Capital Market report has given a relatively balanced view, stating investors can expect low risk and low return or moderate risk and moderate to high return.
The issue will open on August 19 and close on August 21. The Gaja Alternative Asset Management IPO allotment is expected to be finalized on August 24, while the shares are tentatively scheduled to list on the NSE and BSE on August 26.
