Gaja Capital is set to become the first standalone Indian private equity firm to list on the exchanges later this month. Its market debut comes as limited partners demand greater transparency from fund managers, putting institutionalization of India’s alternative asset managers higher on the agenda, co-founder and managing director Gopal Jain told Mint in an interview.
Limited partners (LPs)—investors in private equity and venture capital funds—are increasingly scrutinizing how general partners (GPs), who manage these funds, are run, Jain said. Questions around compensation, succession, governance and decision-making are pushing fund managers towards greater institutionalization.
“While India is in still in the early stages, there is certainly a demand from LPs for institutionalization of fund managers. The next step of institutionalization is going public and this is a proven playbook globally,” Jain said.
“There is a need for more data on how general partners are paid, succession planning strategies, governance and oversight, who the key decision maker is.. institutionalization is the need of the hour… and listed alternatives stand to benefit from a wider access and this will become more mainstream across the industry,” Jain said.
Going public
Gaja Alternative Asset Management, which operates commercially as Gaja Capital, has set the price band for its initial public offering (IPO) at ₹152-160 per equity share, with a face value of ₹5.
The IPO comprises a fresh issue of ₹450 crore and an offer-for-sale (OFS) of up to ₹100 crore by existing shareholders, including promoters, according to the latest documents.
The issue will open for subscription on 19 August, and close on 21 August. The allocation to anchor investors is scheduled for Tuesday, 18 August.
The company has reduced the size of both components from ₹549.2 crore for the fresh issue and ₹107 crore for the OFS. Its total IPO size stood at ₹656.2 crore when it announced the issue in its updated draft red herring prospectus filed in December 2025.
“We have approached the price band with an open and transparent mindset and with a margin of safety. Globally, this is a well-established and developed playbook and we are following that. There are no direct comparisons in India so our nearest peers domestically are the AMCs (asset management companies),” Jain said.
At the upper end of the price band, Gaja Alternative Asset Management is expected to have a post-listing market capitalization of ₹2,256.16 crore.
The company plans to use ₹372 crore of the net proceeds from the fresh issue for sponsor commitments to certain existing and new funds and repayment of a bridge loan. The balance will be used for general corporate purposes.
JM Financial and IIFL Financial Services have been appointed as bankers for the listing.
With more than two decades of experience in alternative asset management, Gaja Capital serves as investment manager for India-focused funds, including Category I and Category II alternative investment funds (AIFs). It also advises offshore funds investing in Indian businesses.
Earlier this week, Jain told Mint that the firm is spending more time evaluating deeptech and artificial intelligence opportunities alongside its core areas of consumer brands, financial services, tech-enabled services and enterprise technology.
Scaling up
Gaja is also expanding its fund platforms. It plans to raise a ₹2,500-crore fifth fund, larger than its earlier flagship funds: Fund II at ₹902.4 crore, Fund III at ₹1,598 crore and Fund IV at ₹1,775 crore. It is also raising a ₹1,250-crore secondaries vehicle, according to the filing.
The expansion comes as the firm enters the public markets with a stronger financial profile. Profit rose 33.8% year-on-year to ₹79.6 crore in FY26, from ₹59.5 crore in FY25, according to the company’s red herring prospectus. Revenue from operations increased 11% to ₹135.5 crore from ₹122 crore, while total income rose 28% to ₹157.8 crore.
Gaja had raised ₹125 crore from a pre-IPO round last year from SBI Life, HDFC Life, Enam and stock-market investor Jagdish Master at a valuation of ₹1,625 crore. The shares were purchased at ₹144 apiece.
As of the latest shareholding pattern, promoters own 71.03% of Gaja Capital, while public shareholders own the remaining 28.97%. The public shareholder base includes HDFC Life Insurance, SBI Life Insurance and Wealthwave Capital.