Gaja Alternative Asset Management Ltd, operating under the Gaja Capital brand, saw its initial public offering (IPO) oversubscribed 2.52 times by the third day of subscription, according to livemint.com. The IPO opened on August 19 and will close on August 21, with a price band set between ₹152 and ₹160 per share.
The strong demand for the IPO was reflected in the grey market premium (GMP), which stood at +18.5, indicating positive investor sentiment and hinting at a potential 12% listing gain. The subscription process attracted significant interest from retail and institutional investors, contributing to the oversubscription rate reported on the third day.
This IPO comes amid a growing trend of alternative asset management firms tapping public markets to raise capital in India. The oversubscription rate and GMP suggest robust investor appetite for asset management companies, aligning with recent successful listings in the sector. Gaja Capital's move to go public highlights the expanding role of asset managers in India's financial ecosystem.
The IPO subscription will close on August 21, with the listing scheduled for August 26, as per the timeline shared by the company. Investors will closely watch the listing day performance to gauge market reception and validate the grey market premium signals.