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Gaja Alternative Asset Management IPO fully subscribed on day 2
The IPO priced at the top of its ₹152 to ₹160 band after anchor investors took ₹165 crore at ₹160 each, and the issue indicated a potential 14.4% grey market premium.
Gaja Alternative Asset Management’s mainboard IPO received a strong response in its second day of bidding, with LiveMint Markets reporting that the issue was fully subscribed on Thursday, 20 August. The subscription period opened on Wednesday, 19 August, and is set to close on Friday, 21 August.
The company’s IPO includes a fresh issue worth ₹450 crore and an offer-for-sale of shares worth up to ₹100 crore by existing shareholders, including promoters. In advance of the public offer, Gaja Alternative Asset Management secured ₹165 crore from anchor investors, with nearly 1.03 crore equity shares allotted at the upper end of the price band, ₹160 per share.
According to NSE subscription data cited by LiveMint Markets, bids totaled 3,20,01,207 shares against 2,53,28,946 shares on offer, representing 1.26 times subscription as of 11:03 am. The retail portion was subscribed 1.75 times, the non-institutional investor quota was subscribed 1.69 times, and the Qualified Institutional Buyers category saw 9% subscription.
The IPO’s grey market premium (GMP) was quoted at ₹23, with an estimated listing price of ₹183 per share based on the upper price band and the prevailing GMP. That implies a premium of 14.4% over the ₹160 issue price, while grey market activity over the prior week was described as ranging from ₹0 to ₹30.