This is India's first private-equity firm to get IPO approval
What's the story
Gaja Capital, a leading private equity firm in India, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The move marks a major milestone as it will be the first-ever IPO by an Indian homegrown private equity firm. The draft papers were submitted through a confidential route.
Financials
Gaja Capital raised ₹125cr in pre-IPO placement
In June, Gaja Capital raised ₹125 crore in a pre-IPO placement from investors such as HDFC Life, SBI Life, Akash Bhanshali, and Jagdish Master. The move valued the company at around ₹1,625 crore. Founded in 2004, Gaja Capital is one of India's leading mid-market private equity investors with a portfolio that includes Fractal Analytics, People Home Finance, and RBL Bank among others.
Governance
Gaja Capital's board includes former SEBI chairman
Earlier this year, Gaja Capital appointed former SEBI chairman UK Sinha as its non-executive chairman. The company's executive board comprises founders Gopal Jain, Ranjit Shah, and Imran Jafar. Other non-executive board members include Shailesh Haribhakti, Prithvi Haldea, Manish Sabharwal, Arindam Bhattacharya, and Shital Mehra.
Market impact
Proposed listing marks major development in alternative investment space
The proposed listing of Gaja Capital would be a major development in India's alternative investment space. It highlights the increasing scale and sophistication of the domestic private equity industry. JM Financial and IIFL Securities are advising Gaja on its proposed IPO, further strengthening its position in the market.