Gaja Capital's IPO: a rare doorway for everyday investors into alternative assets

Gaja Capital, a well-known Indian private-equity and alternative-asset manager, is trending as it heads for a stock-market listing. The interest is because Alternative Investment Funds (AIFs) are normally open only to wealthy investors with large minimum tickets — so a public IPO of the manager itself lets ordinary investors buy a slice of that business for the first time.

Founder Gopal Jain has said the listing will not change how the firm runs or invests. Commentators have noted the offer is priced at roughly 27.5 times earnings, and are debating whether that is fair value for a fast-growing but specialised business.

It is trending as a fresh, accessible entry point into an industry that has long been out of reach for most people.