S&R Associates has advised Gaja Alternative Asset Management Limited and its selling shareholders on the company’s INR 550 crore initial public offering. Trilegal advised the book running lead managers, JM Financial Limited and IIFL Capital Services Limited, on the IPO.
The IPO marks the first listing by a pure-play alternative asset management company in India.
The IPO comprised a fresh issue of INR 450 crore and an offer for sale of INR 100 crore by certain shareholders. The offering was undertaken through the confidential filing route and was oversubscribed more than 32.80 times overall.
The transaction also included a pre-filing placement of INR 175 crore, comprising a private placement of INR 125 crore by the company and secondary transfers of INR 50 crore by certain shareholders.
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.
S&R Associates’ IPO team was led by partners Sandip Bhagat and Jabarati Chandra, and included associates Gunjeet Singh, Yashvardhan Singh and Shruti Sarkar. The pre-filing placement transaction was led by partner Dhruv Nath, with associate Samyak Jain.
The Trilegal capital markets team was led by partners Richa Choudhary and Murtaza Zoomkawala, and comprised senior associate Rainika Malhotra and associates Yatin Shikarpuri and Rajat Chauksey.
