Gaja Alternative Asset Management listing price: stock lists at 16% premium on NSE and BSE

Mumbai | 26 August 2026 

Shares of Gaja Alternative Asset Management listed on the National Stock Exchange (NSE) at ₹185.00, a premium of 15.63% over the issue price of ₹160. On the BSE, the stock listed at ₹185.20, a premium of 15.75%. The listing marks the debut of India’s first listed alternative asset management company on the exchanges. 

What was the Gaja Alternative Asset Management IPO listing price? 

Gaja Alternative Asset Management debuted on the exchanges at a premium to its ₹160 issue price, opening higher on both counters and giving investors a listing gain on day one of trading. 

• NSE listing price: ₹185.00 (15.63% premium) 

• BSE listing price: ₹185.20 (15.75% premium) 

• Issue price: ₹160 per share (top of the ₹152-160 price band) 

• Day’s high: ₹191.65 on NSE, ₹191.35 on BSE 

• Following an intraday gain of as much as 20%, the company’s market capitalisation touched ₹24.87 billion (around $260.66 million) 

What was the GMP before the listing? 

The grey market premium (GMP) for Gaja Alternative Asset Management was last quoted at ₹18.50, implying an estimated listing price of ₹178.50-179 against the ₹160 issue price. The stock’s actual listing on both exchanges came in above this estimate. 

GMP is an unofficial, informal indicator and does not guarantee the actual listing price or future performance of the stock. 

How was the subscription response? 

The Gaja Alternative Asset Management IPO saw strong demand through its three-day bidding period, closing with broad-based participation from institutional and non-institutional investors. 

• Overall subscription: 32.98 times 

• Qualified institutional buyers (QIB, ex-anchor): 45.87 times 

• Non-institutional investors (NII): 65.63 times 

• Retail investors: 11.61 times 

What are the key IPO details? 

The IPO raised ₹550 crore through a mix of a fresh issue and an offer for sale, at a price band of ₹152-160 per share. 

How has the stock traded since listing? 

Gaja Alternative Asset Management shares pulled back from the day’s early highs through the morning session, trading below their listing price but still comfortably above the issue price. 

As of 1:37 pm on 26 August 2026, the stock traded at ₹174.14 on the NSE (up 8.84% over the issue price) and ₹173.90 on the BSE (up 8.69%). This is down about 5.87% (NSE) and 6.10% (BSE) from the respective listing prices, and off the day’s highs of ₹191.65 and ₹191.35, against day lows of ₹170.55 and ₹170.60. 

About Gaja Alternative Asset Management 

Gaja Alternative Asset Management is a private equity firm incorporated in April 1999, focused on alternative asset management and mid-market investments.  

Its portfolio includes investments in Fractal Analytics and HCLTech-backed Sarvam AI. The company plans to use the IPO proceeds primarily to invest in existing and new funds. The listing gives retail investors indirect access to a segment earlier available only to institutional and wealthy investors. 

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