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Gaja Alternative IPO GMP slips to +14 ahead of Aug. 26 listing
The IPO, priced at ₹152–₹160, is set to list on both NSE and BSE on 26 August after subscription reached 16.57x by day 3.
Gaja Alternative Asset Management, which operates under the Gaja Capital brand, is set to debut on 26 August after opening for public subscription on 19 August and closing on 21 August, according to LiveMint Markets.
The IPO price band is ₹152 to ₹160 per equity share. With the current grey market premium at +14, analysts estimate a possible listing price of ₹174, which would imply an 8.75% premium over the ₹160 upper end of the offer.
Subscription momentum has also been detailed by LiveMint Markets, with overall demand at 16.57x on day 3. The retail portion is subscribed 8.18x, the NII portion is booked 44.37x, and QIBs have received 10.39 times bids, based on BSE data.
The deal includes a fresh issue of ₹450 crore and an offer for sale of up to ₹100 crore by existing shareholders, including promoters. LiveMint Markets also noted that the company plans to use ₹372 crore from the fresh proceeds for sponsor commitments to certain existing and new funds and repayment of a bridge loan, with the remainder for general corporate purposes.