Gaja Capital gets Sebi nod for India’s first IPO by a private equity firm

Gaja Capital has received approval from the Securities and Exchange Board of India (Sebi) to proceed with its initial public offering, paving the way for it to become India’s first private equity firm to go public.

Gaja Capital, which confidentially submitted draft documents for the public offering, has approximately ₹500 to 600 crore, Mint It was previously reported.

PE firm increased interest rates in June ₹Around 125 crore in pre-IPO placement from HDFC Life Insurance Co., SBI Life Insurance Co., Akash Bhanshali and Jagdish Master. ₹1,625 crore.

JM Financial and IIFL Securities are advising Gaja Capital on the proposed IPO.

Wider stakes, sharper focus

Gaja Capital earned $20 million ( ₹167 crore) Series C funding round in branded egg maker Eggoz in June. Two months later, in August, he invested in Weaver Services, an affordable housing finance company that roughly acquired Centrum Housing Finance. ₹600 crore.

The firm’s past and present portfolio includes leading names such as Fractal Analytics, People Home Finance, RBL Bank, TeamLease, Lighthouse Learning, Avendus, Educational Initiatives, LeadSquared and Signzy.

In early 2025, Gaja Capital named former Sebi chairman UK Sinha as non-executive chairman. Board members include founders Gopal Jain, Ranjit Shah and Imran Jafar, while non-executive members are Shailesh Haribhakti, Prithvi Haldea, Manish Sabharwal, Arindam Bhattacharya and Shital Mehra.

India’s alternative investment assets market, which currently has assets estimated to be $400 billion under management, is expected to grow fivefold to $2 trillion in the next decade, according to industry reports.

The global alternative investment market is estimated to have $25 trillion in assets under management and is growing steadily as more investors turn to private markets. Despite being the world’s fourth largest economy, alternatives account for only 4% of GDP in India; This figure is well below mature markets such as the US and Europe; this figure exceeds 10% of GDP, and investors often allocate up to 20% of their portfolios to this asset class.