Gaja Alternative Asset Management shares open 16% above issue price
Business
Gaja Alternative Asset Management kicked off its IPO journey with a bang. Shares opened at ₹185.20 on BSE and ₹185 on NSE, landing a solid 16% above the issue price of ₹160.
Early trading saw prices swing between ₹179.20 and ₹191.35 on the BSE and between ₹179.30 and ₹191.65 on the NSE, showing strong interest from investors right out of the gate.
Gaja IPO 33x oversubscribed, raises 450cr
The IPO, open from August 19-21, was a hot ticket: oversubscribed nearly 33 times.
Gaja raised ₹450 crore in fresh funds, while another ₹100 crore came via share sales.
The money will go toward backing new and existing funds, paying off a bridge loan, and covering company expenses.
JM Financial Limited and IIFL Capital Services Limited were the book-running lead managers for this offering.