Gaja Alternative Asset Management Prices First Standalone Private Equity IPO
Gaja Alternative Asset Management is pricing its initial public offering at a 27.5x earnings multiple, marking the first standalone private equity listing in India and offering investors exposure to a rapidly expanding alternative asset sector.
Gaja Alternative Asset Management is pricing its initial public offering at a price-to-earnings multiple of 27.5 times. This marks a milestone as the first standalone private equity firm to list on Indian exchanges.
The company has demonstrated robust financial growth leading up to the listing. Revenue climbed to ₹158 crore in fiscal year 2026, up from ₹104 crore in FY24, while net profit nearly doubled to ₹82 crore over the same period.
Operational efficiency has improved significantly, driving the net margin to 52 percent in FY26 from 43 percent in FY24. The cost-to-income ratio tightened to 44.6 percent in FY26, down from 52.3 percent in FY25, reflecting clear operating leverage.
Gaja Capital generates revenue through management fees, sponsor commitments, and carried interest. Carried interest alone accounted for nearly 48 percent of total income in FY26, meaning any future weakness in investment performance could directly pressure the firm’s profitability.
The firm’s investment track record shows solid returns across its portfolio. Across its three funds, the multiple on invested capital has ranged from 1.7 times to 3.8 times, while return on equity improved to 16.5 percent in FY26 from 14.5 percent in FY24.
The IPO arrives as India’s alternative investment sector experiences substantial expansion. Industry analyst Crisil projects that assets under management in this space will grow at 25 to 27 percent annually, reaching between ₹41 lakh crore and ₹44 lakh crore by March 2030.
Valuing the company presents a unique challenge for market participants due to the absence of direct listed peers. However, the 27.5x P/E multiple sits comfortably within the 25 to 40 times range typically commanded by listed asset management companies in the region.
The firm targets the mid-market segment with deal sizes between ₹50 crore and ₹250 crore across sectors like digital technology, financial services, and energy. Its limited partner base is globally diversified, spanning 20 countries including the US, Europe, the Middle East, and India.
Management has aligned its interests with external investors through direct capital allocation. As of March 31, 2026, the company committed approximately ₹274 crore of its own capital to its funds, representing 6.4 percent of their total size.
