New Delhi: Gaja Alternative Asset Management Ltd, which operates under the brand Gaja Capital, has filed confidential draft papers with markets regulator Sebi for an initial public offering (IPO).

In a public announcement on Monday, the company stated that it has submitted the pre-filed 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 clarified that the filing of the pre-filed DRHP does not necessarily indicate that the company will go public.

According to people familiar with the development, the proceeds from the IPO will provide capital for the fund managers to seed new funds and expand distribution capabilities both in India and abroad. The capital will also be used to diversify into new fund management strategies.

In addition to funding growth plans, the IPO is expected to offer listing benefits and enhance the visibility of the Gaja Capital brand in the market.

Founded in 2004, Gaja Capital is one of India's leading private equity and alternative asset management firms, focused on providing growth capital to entrepreneurs. The firm has invested across key sectors such as education, consumer, and financial services.

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

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

This IPO would mark the first public listing of a standalone, Indian-origin private equity firm managing alternative assets.

Globally, major private equity firms such as Blackstone, KKR, Apollo Global Management, Carlyle Group, and TPG have gone public and diversified into other asset classes beyond private equity. In India, asset management companies like HDFC, Nippon, UTI, and Aditya Birla, which also manage alternative funds as part of their broader portfolios, are already listed on the stock exchanges.

The market for alternative investments in India is expanding rapidly. As of March 31, 2025, assets under management (AUM) in this segment stood at Rs 13.5 lakh crore. Further, this figure will grow at a compound annual rate of 31-33 per cent to reach Rs 53-56 lakh crore by March 2030, according to industry reports.

Gaja has built a strong investment portfolio over the years, with investments in companies such as Teamlease, Lighthouse Learning, RBL Bank, John Distilleries, Xpressbees, Ei, Leadsquared, and Signzy.

Gaja Alternative Asset Management has opted for the confidential pre-filing route, which allows it to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages. This route is gaining traction among Indian firms aiming for flexibility in their IPO plans.

In recent months, commerce enablement platform Shiprocket, Tata Capital, edtech unicorn PhysicsWallah and Imagine Marketing, the parent company of wearables brand boAt, also chose confidential filings. In 2024, food delivery giant Swiggy and retail chain Vishal Mega Mart floated their IPOs following similar filings.

Market experts note that the confidential pre-filing route offers companies greater flexibility and reduces the pressure to go public quickly. Unlike the traditional route, which requires companies to launch their IPOs within 12 months of receiving Sebi's approval, the pre-filing route extends this window to 18 months from the receipt of final comments.

Additionally, firms can modify the primary issue size by up to 50 per cent until the updated DRHP stage. 

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