**Gaja Capital Plans ₹500-600 Crore IPO to Strengthen Market Position**
Gaja Capital, co-founded by Gopal Jain, is set to raise ₹500-600 crore through an initial public offering (IPO), positioning itself as the first standalone Indian private equity firm to enter the public markets. The firm has engaged JM Financial and IIFL Securities as merchant bankers for the upcoming IPO, with plans to file a draft red herring prospectus in the coming months and a target launch by June 2025. This IPO is expected to involve the issuance of fresh shares.
In January, Gaja Capital transitioned from a private limited company to a public limited company, a necessary step for going public, as private entities are limited to 200 investors. The firm has rebranded itself as Gaja Alternative Asset Management Ltd, previously known as Gaja Alternative Asset Management Pvt Ltd.
The IPO is anticipated to enhance Gaja Capital’s scale, expand its global distribution networks, and adapt to the evolving landscape of global limited partners. Additionally, it aims to diversify its business, strengthen its brand, and attract top talent. Unlike most private equity firms structured as limited liability partnerships, Gaja was established as an asset management company with the intention of eventually listing publicly, allowing it to accumulate profits and management fees over two decades.
Several public asset management companies, including HDFC, Nippon, UTI, and Aditya Birla, already have alternative funds in their portfolios. Last year, Edelweiss’ EAAA initiated its public listing process. Other firms with private equity divisions, such as Nuvama and 360One, are also publicly listed. Globally, major private equity firms like Blackstone, KKR, Apollo Global Management, Carlyle Group, and TPG have successfully gone public, enabling them to diversify into various asset classes beyond private equity.