Shares of Gaja Alternative Asset Management Ltd, which operates under the Gaja Capital brand, made a decent debut on the bourses today. The stock listed at Rs 185.20 on the BSE, a premium of 15.75 per cent to the issue price of Rs 160. On the National Stock Exchange (NSE), the stock is listed at Rs 185, up 15.63 per cent from the issue price. Post-listing, the stock gained further and touched aย high of Rs 191.35, a gain of Rs 6.15 or 3.32 per cent from the listing price. However, it soon pared back all gains and touched a low of Rs 170.60, a fall of Rs 20.75 or 10.85 per cent from the day’s high. Last seen, the stock was trading at Rs 173.15 with a fall of Rs 12.05 or 6.51 per cent, and the market cap of the company stood at Rs 2,424.67 crore.
Received reasonable response
Earlier, the Rs 550-crore initial public offering of Gaja Alternative Asset Management Ltd received a reasonable response from investors and was subscribed 31.33 times on the last day of bidding on Friday.
As per data available on the NSE, it received bids for 79,35,33,846 shares against 2,53,28,946 shares on offer. The category reserved for non-institutional investors received 62.35 times subscription. The portion for qualified institutional buyers (QIBs) was subscribed 43.58 times, and retail investors subscribed 11.03 times.
Raised Rs 165 crore from anchor investors
Ahead of the IPO, Gaja Alternative Asset Management Ltd raised Rs 165 crore from anchor investors.ย Nippon India Mutual Fund and Invesco Mutual Fund led the anchor book with investments of Rs 30 crore each.ย HDFC Life and SBI Life were among the other institutional investors.
The public issue comprises a fresh issuance of equity shares aggregating up to Rs 450 crore, and an offer-for-sale (OFS) of shares worth up to Rs 100 crore.