Gaja Alternative IPO GMP ₹18 Today (17 Oct), Price Band, Subscription Status, Allotment Date

Gaja Alternative IPO Review & Analysis

Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.

Gaja Alternative is a mainboard issue raising ₹550 Cr, offered in a band of ₹152–₹160 per share. At the upper end that is 32 times the ₹5 face value, so ₹155 of every share subscribed is share premium rather than capital.

A retail application for Gaja Alternative needs one lot of 93 shares, which works out to ₹14,880 at the upper band of ₹160. That is close to the ₹15,000 ceiling SEBI expects for a single retail lot, so an investor applying at cut-off is committing nearly the full retail limit per application. Retail applications are capped at ₹2,00,000, which here is 13 lots; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 68 lots.

For Gaja Alternative, bidding runs 19-21 August, allotment is finalised on 24 Aug 2026, the shares list on 26 Aug 2026. Applications that do not receive an allotment have their UPI mandate released around 3 days after the issue closes. Counting from the close of bidding, money stays blocked for roughly 5 days before listing decides what the holding is worth.

The issue is reserved 20% to qualified institutional buyers, 15% to non-institutional investors, 35% to retail. A 35% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.

The book is 32.98x subscribed across all categories. That headline covers institutional, non-institutional and retail bids together, and allotment odds are decided within each category separately — an issue can be heavily subscribed overall while the retail portion is comfortable, or the other way round. An oversubscribed retail book is settled by a draw on single-lot applications, so more distinct PANs help where a bigger single bid does not.

MUFG Intime India Pvt. Ltd. is the registrar for this issue, which means the allotment status for Gaja Alternative is published on their portal from 24 Aug 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.

A grey market premium of ₹18 on the upper band of ₹160 implies a listing gain of roughly 11.3%. The grey market is unofficial and unregulated, the premium can change daily, and it has no bearing on allotment — treat it as a sentiment reading, not a forecast.

The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.