Private Equity Firm Gaja Capital Files Updated DRHP with SEBI for IPO, Plans to Raise ₹656 Crore

India-based private equity firm Gaja Capital has filed an updated Draft Red Herring Prospectus (DRHP) with SEBI to raise up to ₹656.2 crore through its initial public offering. The filing follows SEBI's approval of its confidential DRHP earlier in October 2025. 

IPO Details: Fresh Issue and Offer-for-Sale Breakdown 

According to the updated filing dated December 4, 2025, the IPO intends to raise ₹656.2 crore. Of this, ₹549.2 crore will be raised through a fresh issue of shares, while ₹107 crore will be raised via an offer-for-sale (OFS) by existing shareholders, including promoters.  

Promoters Gopal Jain, Ranjit Jayant Shah, and Imran Jafar are among those participating in the offer-for-sale. The company may also consider a pre-IPO placement aggregating up to ₹109.8 crore as part of the fresh issue component. 

Use of Proceeds from the IPO 

The updated DRHP indicates that ₹387 crore from the fresh issue will be allocated towards sponsor commitments for existing and new funds, as well as for repaying a bridge loan.  

Additionally, ₹24.9 crore will be used for repaying certain debt, with the remainder directed towards general corporate purposes. 

Company Operations and Financial Performance 

Gaja Capital functions as an investment manager to India-focused Category I and II alternative investment funds (AIFs) and advises offshore funds investing in Indian companies. The firm earns through management fees, carried interest, and income from sponsor commitments. 

For the 6-month period ending September 2025, Gaja Capital reported a profit of ₹60.2 crore on revenue of ₹99.3 crore. During the financial year ending March 2025, profit surged 33.7% to ₹59.5 crore from ₹44.5 crore, while revenue climbed 27.6% to ₹122 crore from ₹95.6 crore. 

JM Financial and IIFL Capital Services are appointed as the book-running lead managers for managing the IPO process. 

Read More: ICICI Prudential AMC Set for $1.2 Billion IPO Launch Next Week! 

Conclusion 

Gaja Capital has taken a significant step forward with SEBI's updated DRHP filing, targeting ₹656 crore through its IPO. The planned use of proceeds and financial disclosures indicate strategic investment in existing funds and debt restructuring. 

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