Gaja Alternative Asset Management, which operates under the brand Gaja Capital, has filed Updated DRHP-1 with SEBI. It will be first private equity firm to raise funds from the capital market
The company, which operates under the brand Gaja Capital, plans to raise ₹656 crore through initial public offering. The issue comprises of a fresh equity shares of ₹549 crore and an offer for sale of ₹107 crore by selling shareholders. The face value of each equity share is ₹5.
The company plans to use the net proceeds for fulfilling sponsor commitments to certain existing funds, new funds and for repayment of the Bridge Loan Amount.
Gaja Alternative Asset Management is a well-established alternative asset management company, with 20 years of experience. It acts as an investment manager to India focused funds, including category II and category I alternative investment funds and also act as advisors to offshore funds, which provide capital to companies in India.
The company’s funds II, III and IV are of ₹902 crore, ₹1,598 crore and ₹1,775 crore, respectively, in terms of capital commitments, as of September-end. Accordingly, based on these historical trends, and as approved by the Board, Fund V is proposed to be Rs 2,500 crore, in terms of capital commitments.
The size of the Secondaries Fund (in terms of capital commitments) is proposed to be ₹1,250 crore.
The company reported a profit after tax of ₹62 crore in 6-month ended September. With a profit margin of 56 per cent for the same period. The company’s total net worth stood at ₹574 crore as of September-end.
The company has raised ₹125 crore in pre-IPO fund-raising round from HDFC Life, SBI Life, Volrado, One Up and Others, at a valuation of ₹1,625 crore as per industry sources.
JM Financial and IIFL Capital Services are the book running lead managers to the issue.
The company may consider a pre-IPO placement aggregating up to ₹110 crore prior to filing of the Red Herring Prospectus with the RoC, it said.
Published on December 5, 2025
