Mumbai: The Rs 550-crore initial public offering (IPO) of Gaja Alternative Asset Management will open for subscription on Wednesday, August 19.
The company operates its alternative investment business under the Gaja Capital brand. Investors can place their bids until Friday, August 21.
The IPO price band has been fixed with an upper price of Rs 160 per equity share. Further details, including the minimum lot size, should be checked in the company’s official offer documents before applying.
Rs 165 crore raised from anchors
Before the public issue opened, Gaja Capital raised Rs 165 crore from anchor investors. The shares were allotted to these investors at Rs 160 each, the upper end of the IPO price band.
The anchor book received strong support from domestic institutional investors, particularly mutual funds and life insurance companies.
Mutual funds accounted for 65.15 percent of the total anchor allocation. Life insurance companies received another 16.66 percent.
Together, these two categories represented around 82 percent of the anchor book, showing strong participation from long-term domestic investors.
Major institutional investors
Nippon India Mutual Fund and Invesco Mutual Fund invested Rs 30 crore each in the anchor round.
HDFC Life Insurance and SBI Life Insurance were also among the major institutional investors that participated in the allocation.
Several well-known individual investors joined the anchor book through their investment companies and funds.
Akash Bhansali participated through Winro Commercial (India), while Mukul Agarwal invested through Sanshi Fund I. Ashish Kacholia joined the anchor round through Bengal Finance.
Bhansali had also invested in Gaja Capital’s pre-IPO funding round conducted last year.
What investors should consider?
Strong anchor participation may improve confidence around the issue, but it does not guarantee listing gains or future returns.
Investors should carefully study the company’s business model, financial performance, risks, valuation and use of IPO proceeds before deciding whether to subscribe. They should also consider their personal risk capacity and investment goals.
