Gaja Alternative Asset Management IPO opens Aug 19 at Rs 160 top band

Gaja Alternative Asset Management's initial public offering opens for public subscription on Wednesday, 19 August, with a price band of Rs 152 to Rs 160 per share. The mainboard issue of Rs 550 crore comprises a fresh issue of 2.81 crore shares to raise Rs 450 crore and an offer for sale of 63 lakh shares aggregating Rs 100 crore, Livemint reports.

On Tuesday, the grey market premium stood at Rs 7, signalling the stock could list at Rs 167, a 4.4 per cent premium over the upper price band, according to NDTV Profit and Livemint. The offering closes on Friday, 21 August. Share allotment is expected on Monday, 24 August, and listing on BSE and NSE on Wednesday, 26 August.

Of the net issue, 50 per cent is reserved for qualified institutional buyers, 15 per cent for non-institutional investors, and 35 per cent for retail investors. The minimum investment for retail is Rs 14,880 for one lot of 93 shares. The company, an alternative asset manager, will use fresh proceeds for sponsor commitments to funds, repayment of a bridge loan, and general corporate purposes, Livemint adds.