Summary:
Gaja Alternative Asset Management IPO was subscribed 2.36x on Day 2, led by NII demand at 3.74x and retail subscription at 3.07x. QIB participation remained low at 0.10x, leaving scope for stronger institutional bidding on the final day. The ₹550 crore IPO closes on August 21, with allotment expected on August 24 and listing on August 26.
Gaja Alternative Asset Management, an independent alternative asset management company with over two decades of experience, entered Day 2 of its ₹550 crore mainboard IPO on August 20, 2026. Subscription picked up meaningfully from the opening day, with the issue crossing the full-subscription mark to reach 2.36 times overall as of the update.
Gaja Alternative Asset Management IPO - Day 2 Subscription Status
As of the update on August 20, 2026, the issue received bids for 5,98,72,749 shares against 2,53,28,948 shares on offer, taking overall subscription to 2.36 times. Non-Institutional Investors led demand at 3.74 times, followed by Retail Individual Investors at 3.07 times, while Qualified Institutional Buyers stayed muted at 0.10 times — a pattern typical of Day 2, since institutional bidding usually builds closer to the close of the issue.
Category-wise Breakdown on Day 2
| Category | Shares Offered/Reserved | Shares Bid For | Subscription (x) |
| Qualified Institutional Buyers (QIBs) | 72,38,840 | 7,18,425 | 0.10 |
| — Foreign Institutional Investors | — | 6,26,355 | — |
| — Domestic FIs/Banks/Insurance | — | 7,812 | — |
| — Mutual Funds | — | 6,417 | — |
| — Others | — | 90,675 | — |
| Non-Institutional Investors | 54,27,632 | 2,03,05,806 | 3.74 |
| — NII (bids above ₹10 lakh) | 36,18,422 | 1,07,14,065 | 2.96 |
| — NII (bids ₹2–10 lakh) | 18,09,210 | 95,91,741 | 5.30 |
| Retail Individual Investors (RIIs) | 1,26,64,474 | 3,88,48,518 | 3.07 |
| — Cut-off | — | 3,25,40,886 | — |
| — Price bids | — | 63,07,632 | — |
| Total | 2,53,28,948 | 5,98,72,749 | 2.36 |
What Day 2 Numbers Indicate
Non-Institutional Investors leading demand at 3.74 times, well ahead of QIBs at just 0.10 times, is consistent with the standard mainboard pattern where institutional investors hold back their bids until the final session. Within the NII category, the ₹2–10 lakh bracket (5.30x) outpaced the above-₹10-lakh bracket (2.96x), pointing to strong early participation from smaller HNIs rather than large corporate applicants. Retail subscription crossing 3 times by Day 2 — with the bulk of demand at cut-off price — reflects healthy individual investor appetite in a company with a long-established fund management track record.
Gaja Alternative Asset Management IPO Subscription Status – Day 2 & Day 1
| Day | Date | Subscription (x) |
| Day 1 | August 19, 2026 | To be updated |
| Day 2 | August 20, 2026 | 2.36x |
| Day 3 (Final) | August 21, 2026 | To be updated |
Gaja Alternative Asset Management IPO - Allotment and Listing Date
The basis of allotment for Gaja Alternative Asset Management IPO is expected to be finalised on August 24, 2026. Shares are likely to be credited to demat accounts around the same time, with listing on the BSE and NSE tentatively scheduled for August 26, 2026.
Should You Apply for Gaja Alternative Asset Management IPO?
Incorporated in April 1999, Gaja Alternative Asset Management is an independent alternative asset management company with more than two decades of experience managing and advising India-focused funds, including Category I and Category II AIFs and offshore funds investing in India's mid-market businesses. The company's long operating history and established fund management track record set it apart from many first-generation asset managers coming to market.
Investors considering the issue should weigh the company's vintage and experience in India-focused alternative investing against the inherent cyclicality of asset management revenues, which are closely tied to fund performance, fundraising cycles, and broader market sentiment. As with any IPO, the decision should be based on individual risk appetite, investment horizon, and a review of the RHP rather than subscription numbers alone.
How to Apply for Gaja Alternative Asset Management IPO
Investors can apply for the Gaja Alternative Asset Management IPO through ASBA via their bank's net banking portal, via UPI-based ASBA through their stock broker's trading app, or offline by submitting a physical ASBA form through their broker. The minimum lot size is 93 shares, requiring a minimum investment of approximately ₹14,880 at the upper price band of ₹160.
Gaja Alternative Asset Management IPO Important Dates
| Event | Date |
| Anchor Bid Date | August 18, 2026 |
| IPO Open Date | August 19, 2026 |
| IPO Close Date | August 21, 2026 |
| Allotment Finalisation | August 24, 2026 |
| Listing Date | August 26, 2026 |
| Listing Exchanges | BSE, NSE |
Day 2 & Day 3 Subscription Updates
Subscription built up meaningfully by the Day 2 update, reaching 2.36 times overall on the back of strong retail and NII demand, while institutional bidding remained largely on the sidelines. With one more day of bidding remaining until the issue closes on August 21, subscription figures are expected to rise sharply, particularly in the QIB category, which typically sees the bulk of institutional demand come in during the final hours.
How to Check Gaja Alternative Asset Management IPO Subscription Status
How to check Gaja Alternative Asset Management IPO Subscription Status on NSE website
- Visit the NSE IPO issue information page (nseindia.com).
- Search for "Gaja Alternative Asset Management" or enter the symbol GAJA.
- Select "Consolidated Bid Details" from the dropdown to view category-wise subscription data.
- The page refreshes periodically to show live bidding figures during market hours.
How to check Gaja Alternative Asset Management IPO Subscription Status on BSE website
- Visit the BSE IPO page (bseindia.com).
- Navigate to the "Active IPO" or "IPO Bidding" section.
- Select "Gaja Alternative Asset Management Limited" from the list of active issues.
- View category-wise and overall subscription figures, updated through the bidding window.
How to check Gaja Alternative Asset Management IPO Subscription Status on Ventura?
Ventura clients can track real-time subscription status for the Gaja Alternative Asset Management IPO directly within the IPO section of the Ventura app or web platform, alongside category-wise bid data and allotment updates — without needing to switch between exchange websites.
IPO Subscription History
Previous Day Subscription
Day 1 figures for the Gaja Alternative Asset Management IPO were not yet available in the data pulled for this update; subscription is expected to have built gradually through the opening session, consistent with the typical retail- and NII-led early pattern seen across recent mainboard issues.
Final Subscription Figures
As of the Day 2 update, the Gaja Alternative Asset Management IPO stood at 2.36 times overall subscription, led by Non-Institutional Investors (3.74x) and Retail Individual Investors (3.07x), while QIB demand remained subdued at 0.10 times. Final figures will be updated once bidding concludes on August 21, 2026.
Conclusion
Gaja Alternative Asset Management's IPO gathered solid momentum by Day 2, with overall subscription crossing 2 times on the back of strong NII and retail participation. With one day of bidding left and institutional demand yet to meaningfully kick in, Day 3 numbers will be the key indicator of the issue's final subscription level before it closes on August 21, 2026.
