Gaja Alternative Asset Management Ltd, operating under the brand name Gaja Capital, has submitted draft documents to the Securities and Exchange Board of India (SEBI) for a potential initial public offering (IPO).

On Monday (June 30), the company announced that it has filed a pre-draft red herring prospectus (DRHP) with SEBI and the stock exchanges for the proposed listing of its equity shares on the main board.

However, it emphasised that this submission does not guarantee that the company will proceed with the IPO.

Proceeds utilisation

According to sources familiar with the matter, the IPO proceeds are expected to be used to provide capital for launching new funds and expanding distribution capabilities in India and internationally. The funds will also support diversification into new investment strategies.

Beyond supporting growth plans, the IPO is likely to offer benefits such as increased visibility and brand recognition for Gaja Capital.

Earlier this month, Gaja Capital raised Rs 125 crore in a pre-IPO round, valuing the company at Rs 1,625 crore.

What does Gaja Alternative Asset Management do?

Established in 2004, Gaja Capital is a prominent Indian private equity and alternative asset management firm that provides growth capital to entrepreneurs. The firm has made investments in sectors like education, consumer goods, and financial services.

In January 2025, the company was converted from a private limited to a public limited entity and renamed Gaja Alternative Asset Management Ltd.

If completed, this would be the first public listing of an Indian-origin standalone private equity firm managing alternative assets.

Internationally, major private equity firms like Blackstone, KKR, Apollo Global Management, Carlyle Group, and TPG are already listed and have expanded into various asset classes. In India, listed asset management companies such as HDFC, Nippon, UTI, and Aditya Birla also manage alternative funds as part of their broader operations.