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Gaja Alternative Asset Management shares debut at 16% premium

The stock opened up sharply from its ₹160 issue price, trading around ₹180.9 on the NSE and ₹179.6 on the BSE at about 10:10 AM.

Reported · Written up by our desk · Emerging Markets

Gaja Alternative Asset Management began trading on the NSE and BSE on Wednesday, 26 August, with shares listing at a 16% premium to its IPO issue price of ₹160. The stock listed at ₹185.20 on the BSE and at ₹185 on the NSE.

After the debut, the shares moved in a wide range, hitting highs and lows of ₹191.35 and ₹179.20 on the BSE, and ₹191.65 and ₹179.30 on the NSE. By about 10:10 AM, the shares were trading around ₹180.90 on the NSE, up 13% from the issue price, and around ₹179.60 on the BSE, up 12.25%.

LiveMint Markets said the listing was supported by the IPO grey market premium, with the GMP reported at ₹19 on Wednesday morning, signaling a potential listing level around ₹179 per share. The article also noted that the company’s IPO was subscribed nearly 33 times and priced within a ₹152 to ₹160 price band.

The IPO included a fresh issue of 2.81 crore shares to raise ₹450 crore, plus an offer for sale of 62.50 lakh shares aggregating ₹100 crore. According to the RHP, net proceeds from the fresh issue are intended to sponsor commitments to certain existing and new funds, repay a bridge loan, and fund general corporate purposes.

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