Gaja Capital, a homegrown private equity (PE) platform, has filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹656 crore through an initial public offering (IPO). This move positions Gaja Capital as potentially the first Indian private equity firm to seek a public listing. SEBI had previously approved Gaja Capital's confidential DRHP in October 2025.
The IPO will consist of a fresh issue of shares worth ₹549.2 crore and an offer for sale (OFS) of ₹107 crore by existing shareholders, including promoters Gopal Jain, Ranjit Jayant Shah, and Imran Jafar. The company may also consider a pre-IPO placement aggregating up to ₹109.8 crore as part of the fresh issue component.
The net proceeds from the fresh issue will be used to meet Gaja Alternative Asset Management's sponsor commitments for its current and upcoming funds. A portion of the proceeds will also be used to repay outstanding borrowings, with the remaining ₹24.9 crore earmarked for general corporate purposes.
Gaja Capital had used the confidential pre-filing route for its IPO documents in June. In that same month, the firm also secured ₹125 crore in a pre-IPO placement from HDFC Life Insurance Co., SBI Life Insurance Co., Akash Bhanshali, and Jagdish Master, valuing the firm at approximately ₹1,625 crore.
JM Financial and IIFL Capital Services are the book-running lead managers for the IPO.
According to a person aware of the firm's strategy, the IPO is aimed at making the platform more institution-friendly and enabling broader access to alternative assets as domestic capital deepens. The IPO is also expected to bolster the firm's balance sheet substantially.
Gaja Capital is simultaneously scaling its fund platforms, with plans for a ₹2,500-crore fifth fund. The firm is also raising a ₹1,250-crore secondaries vehicle.
Gaja Capital, founded in 2004, is focused on providing growth capital to entrepreneurs. The firm has invested across key sectors such as education, consumer, and financial services, with investments in companies such as Teamlease, Xpressbees, and LeadSquared.
For the six-month period ending September 2025, Gaja Capital reported a profit of ₹60.2 crore on revenue of ₹99.3 crore. During the financial year ending March 2025, profit surged 33.7% to ₹59.5 crore from ₹44.5 crore, while revenue climbed 27.6% to ₹122 crore from ₹95.6 crore.
Gaja Capital's move mirrors a growing trend in Asia, where private investment firms are exploring public listings to deepen their capital base and enhance transparency. India's alternative assets market is expected to grow five times to USD 2 trillion (INR 1,69,76,000 crore) by 2034.
