Gaja Alternative Asset Management shares make a decent market debut; stock lists at 16% premium

Shares of Gaja Alternative Asset Management made a strong stock market debut on Wednesday, August 26 after the stock was listed at Rs 185.20 on BSE Ltd, a premium of 15.75 per cent over the issue price of Rs 160 apeice. Similarly, the stock settled with a premium of 15.63 per cent over the given issue price at Rs 185 on NSE.

As of the listing price, investors made a profit close to Rs 2,350 per lot allotted to them. Listing of Gaja Alternative Asset Management has been slightly above the expectations. Ahead of its debut,  the company was commanding a grey market premium of Rs 18-20, suggesting nearly 11-12 per cent listing gains for the investors.

The IPO of Gaja Alternative Asset Management was sold in the price band of Rs 152-160 apiece between August 19-21. The company sold the issue with a lot size or 93 equity shares and its multiples thereafter. It raised a total of Rs 550 crore via IPO, with issue being overall subscription of 31.33 times, fetching more than 14.36 lakh applications and bids worth Rs 12,700 crore.

On an individual basis, the portion reserved for non-institutional investors (NIIs) saw subscription of 62.35 times, while the portion for qualified institutional bidders (QIBs) was subscribed more than 43.58 times. The allocation for retail investors was subscribed 11.04 times during the three-day subscription period.

Incorporated in 1999, Mumbai-based Gaja Alternative Asset Management is an independent, home-grown alternative AMC with over two decades of experience in managing and advising India-focused funds, including Category I and Category II AIFs, as well as offshore funds investing in India. It focuses on alternative investments across various sectors.

Brokerage firms were mostly positive on the issue, suggesting it for a long-term bet. JM Financial Ltd and IIFL Capital Services served as the book running lead managers for the Gaja Capital IPO and MUFG India Intime was appointed as the registrar of the issue.