Summary of this article
Gaja Alternative Asset Management shares debuted on NSE, BSE.
The Rs 550-crore IPO saw massive 31.33 times subscription.
Proceeds will fund sponsor commitments and general corporate purposes.
Shares of Gaja Alternative Asset Management made their debut on the NSE and the BSE on August 26. On the BSE, the stock listed at Rs 185.2 per share, up 15.75 per cent from the upper end of the price band of Rs 160 apiece on the exchanges. On the NSE, the stock was listed at Rs 185 per share, up by 15.62 per cent over the issue price.
Gaja Alternative Asset Management IPO: Listing Day Gain
Applicants who were successfully allotted a minimum of one lot or 93 shares would have made a profit of around Rs 2,343.6 [(Rs 185.2 - Rs 160) x 93] after the stock listed on the exchanges. The asset management company's market capitalisation stood at Rs 2611.51 crore after listing, and 4.54 lakh shares of the company changed hands.
Gaja Alternative Asset Management IPO: Offer Size
The initial public offering (IPO) was a book-built issue worth Rs 550 crore and consisted of a fresh issue of 28.1 million shares worth Rs 450 crore and an offer for sale (OFS) of 6.25 million shares amounting to Rs 100 crore. The price band was fixed at Rs 152-160 per share. The minimum lot size for retail investors was fixed at 93 shares, aggregating to an investment of Rs 14,880.
Gaja Alternative Asset Management IPO: Subscription
The IPO saw strong demand and was oversubscribed 31.33 times during its subscription period from August 19-21. Investors across categories placed bids for 793.56 million shares compared to the net offer size of 25.32 million shares available after anchor allocations.
The non-institutional investors (NII) booked their quota in the Gaja Alternative Asset Management IPO 62.35 times. Retail investors booked their quota 11.04 times, while the qualified institutional buyers (QIB) quota was subscribed 43.58 times.
Gaja Alternative Asset Management: Promoters
The promoters of the asset management brand, Gopal Jain, Ranjit Jayant Shah, Imran Jafar, Chitra Jain, and Mona Ranjit Shah, diluted a portion of their stakes (specifically Ranjit Jayant Shah, Mona Ranjit Shah, Imran Jafar, Sudesh Jain, and Gopal Jain through the OFS). Following the listing of the stock, the promoter shareholding has reduced to 54.23 per cent from 71.03 per cent prior to the public issue.
Gaja Alternative Asset Management: Listed Peers
Following its market debut, shares of Gaja Alternative Asset Management will trade alongside its peers in the Indian asset management sector. With a focus on alternative investments across sectors such as education, financial services, consumer, and digital technology, Gaja Alternative Asset Management’s performance and valuation will be closely tracked and compared against major listed companies within the same sector such as SBI Funds Management, ICICI Prudential Asset Management Co, and Canara Robeco Asset Management Co.
Gaja Alternative Asset Management IPO: Objective
The company will use the net proceeds from the fresh issue for investing towards sponsor commitments to certain existing funds and new funds, for the repayment of a bridge loan (Rs 372 crore), and for general corporate purposes.
At the time of writing, shares of Gaja Alternative Asset Management were trading at Rs 175.75 apiece on the BSE, down by 5.1 per cent compared to the listing price. On the NSE, the stock traded at Rs 176.40 apiece, down by 4.65 per cent compared to the listing price.
