Gaja Capital submits a private offering for initial public offering (IPO)
Mumbai-based private equity firm Gaja Capital is set to make history as it prepares for an initial public offering (IPO), aiming to raise approximately Rs 500 crore[1][3][5]. This move would make Gaja one of the first standalone Indian private equity firms to list on the bourses[1][3][5].
Recently, the company transitioned from a private limited to a public limited entity and has filed confidential draft IPO papers in June 2025[3][5]. Prior to the IPO, Gaja Capital raised Rs 125 crore in a pre-IPO funding round with a valuation of around Rs 1,625 crore[3][5].
The proceeds from the IPO are planned to be used for expanding investments in key sectors such as education, consumer, and financial services, where Gaja already has a strong presence[1][3][5]. The firm's diversified portfolio includes notable investments in companies like Teamlease (HR), RBL Bank (banking), John Distilleries (beverages), Xpressbees (logistics), Lighthouse Learning (education), and technology firms such as Leadsquared and Signzy[1][3][5].
This IPO not only marks a significant milestone for Gaja Capital but also sets a precedent for the Indian private equity sector, aligning it with global peers like Blackstone, KKR, Apollo, Carlyle, and TPG, who have gone public and diversified beyond private equity[1][3][5]. The alternative assets market in India is rapidly expanding, with assets under management (AUM) expected to grow from Rs 13.5 lakh crore as of March 2025 to Rs 53-56 lakh crore by 2030, at a compound annual growth rate of 31-33%[3][5].
The IPO, if approved, is expected to enhance Gaja Capital’s visibility and attract investment interest from both institutional and retail investors keen on exposure to India’s alternative asset space[1][3][5]. Notably, Nisus Finance, a Mumbai-based alternative investment management firm, went public in December 2024.
Furthermore, the focus of Gaja Capital's investments from this fund will be on technology and tech-enabled businesses, with a significant focus on categories such as SaaS, AI, software products, and advanced analytics[2].
It is worth noting that Gaja Capital's second fund raised $180 million and closed in 2009, while the third fund closed in 2016 with $240 million in capital commitments[1][3]. The firm raised a total of around $400 million for its fourth fund, including the co-investment pool of LPs, as reported in December 2023[1]. The IPO is for Gaja Alternative Asset Management Ltd[4].
In April this year, the draft papers of EAAA Alternatives, an alternative investment subsidiary of Edelweiss Financial Services, were returned by SEBI[1]. EAAA had filed draft papers for an initial public offering (IPO) of Rs 1,500 crore in December last year[1].
JM Financial has been appointed as the banker for the IPO[1]. However, the details of the IPO have not been disclosed by the PE firm[1].
Sources:
1. Livemint.com, "Gaja Capital files for IPO, aims to raise Rs 500 crore", June 2025. 2. YourStory.com, "Gaja Capital to focus on tech and tech-enabled businesses", July 2025. 3. Economic Times.com, "Gaja Capital raises Rs 125 crore in pre-IPO round", June 2025. 4. Business Standard.com, "Gaja Capital files for IPO", June 2025. 5. BloombergQuint.com, "Gaja Capital IPO: What you need to know", June 2025.
Gaja Capital's planned IPO, aiming to raise approximately Rs 500 crore, signifies a significant expansion in their business as they delve into the realm of investing, aligning them with global peers in finance. The proceeds from this IPO will be invested in various sectors such as education, consumer, and financial services, while also focusing on technology and tech-enabled businesses.
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