23 Aug 2026
Deal: Trilegal advised on the successful listing of Gaja Alternative Asset Management
26 Aug 2026
26 Aug 2026
Trilegal advised on the successful listing of Gaja Alternative Asset Management Limited (“Gaja Capital“), pursuant to its INR 5,500 million initial public offering (“IPO“) of equity shares. The IPO comprised a fresh issue of INR 4,500 million and an offer for sale of INR 1,000 million by certain shareholders of the company. The IPO was undertaken through the confidential filing route and received a strong response from investors, being oversubscribed more than 32.80 times overall.
The IPO is a landmark for India’s rapidly evolving alternative investment management ecosystem, with Gaja Capital being the first pure-play private equity investment manager in India to list its equity shares. The successful listing marks a significant milestone for the industry, bringing a previously predominantly private investment model to the public markets and expanding access to this segment for public-market investors.
Gaja is an independent, home-grown alternative asset management company with over two decades of experience in managing and advising India-focused funds, including category I and category II alternative investment funds, as well as offshore funds investing in India. Gaja focuses on alternative investments across digital technology, deep tech, financial services, education and consumer sectors with a differentiated investment approach in the mid-market segment.
Trilegal advised the book running lead managers, JM Financial Limited and IIFL Capital Services Limited, on the IPO. The net proceeds from the fresh issue are proposed to be utilised towards sponsor commitments to certain existing and proposed funds, repayment of bridge financing, and general corporate purposes.
The Trilegal Capital Markets team who advised on the matter was led by Partners: Richa Choudhary and Murtaza Zoomkawala, and comprised Senior Associate: Rainika Malhotra, and Associates: Yatin Shikarpuri and Rajat Chauksey.
About Trilegal
Trilegal is a leading full-service law firm in India with over 25 years of experience, trusted for its in-depth expertise and client-centric approach. The firm advises a diverse set of clients, including Fortune 500 companies, global investment funds, major Indian conglomerates, domestic and international banks, technology and media giants, family offices, and high-net-worth individuals. With 161 partners operating under a distinctive lockstep model, Trilegal is the largest equity partnership in the country. The firm retains over 1,300 professionals across its Mumbai, Delhi, Gurugram, Bengaluru, Chennai, Pune, and GIFT City offices.
Trilegal has consistently been recognised among India’s top-tier firms in leading legal directories such as Chambers & Partners (Asia Pacific and Global), Legal 500 Asia Pacific, and Benchmark Litigation. It has also earned several prestigious accolades, including being named Law Firm of the Year at the ET Global Legal Awards 2026, Best Overall Law Firm by India Business Law Journal (IBLJ) 2025, Innovative Lawyers in Disputes & Crisis Management by the Financial Times (FT) Innovative Lawyers Asia-Pacific Awards in 2025, M&A Firm of the Year by IFLR Asia-Pacific in 2024.
For more information, please get in touch with Prakruti Jani | Mob: +91-9867868976 | BD@trilegal.com.
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