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ET Intelligence Group: Gaja Alternative Asset Management, which manages and advises India-focused investment funds, plans to raise ₹450 crore through a fresh issue to fund its investments in existing and new funds and repay loan. Additionally, it will raise ₹100 crore through an offer for sale. The promoter stake will fall to 54% after the IPO, from 71% currently. The company has generated an average multiple on invested capital (MOIC) of 3.3 times across prior investments and funds, implying strong investment returns. However, its earnings are dependent on fund performance and its business is exposed to regulatory changes. Given these factors, the issue appears to be suitable for long-term investors with a higher risk tolerance.

Business

Incorporated in 1999, the company invests in sectors including education, energy and environment, financial services, consumer and digital technology. Its investment approach is focused on the mid-market segment, comprising deal size of ₹50-250 crore. The Limited Partners (or investors) of Gaja Capital funds are spread across 20 countries including India, the US, Europe and the Middle East. It derives income from management fee, carried interest, which refers to share of profits from successful investments, and income from sponsor commitment. Income from sponsor commitments represents gains on the company’s own capital invested in the funds. As of March 31, 2026, it has committed about ₹274 crore, or 6.4% of the total size of the Gaja Capital Funds. The carried interest accounted for nearly 48% of total income in FY26. Any weak investment performance will affect the carried interest and sponsor related income. According to Crisil, the assets under management for alternative investments in India are expected to grow at 25-27% to reach ₹41 lakh crore-44 lakh crore by March 2030.

Financials

Revenue increased to ₹158 crore in FY26 from ₹104 crore in FY24. Net profit grew to ₹82 crore in FY26 from ₹45 crore in FY24. Net margin rose to 52% from 43% during the period, reflecting operating leverage as cost-to-income ratio fell to 44.6% in FY26 from 52.3% in FY25. Across its three funds, MOIC has ranged from 1.7 times to 3.8 times. MOIC shows how much an investment has grown compared with the amount originally invested. The return on equity increased to 16.5% in FY26 from 14.5% in FY24.Read more: Anthropic pre-IPO credit facility set to climb past $10 billion

Valuation

As the first standalone private equity firm to list on the exchanges, Gaja Alternative Asset Management has no direct listed peers. The IPO is priced at a P/E multiple of 27.5 times, compared with P/E multiples of around 25-40 times for listed asset management companies (AMCs).

Mumbai Milky Mist Dairy Food was listed on the NSE at ₹165 on Tuesday, a 17.9% premium to its issue price of ₹140. The stock ended at the day’s high of ₹181.5. The company’s market capitalisation was at ₹13,972.66 crore at close.

Read more: Augmont Enterprises IPO: Rs 825 crore issue price band set at Rs 750-788

The UK Payments Market report, released once a year, shows that debit cards – included those loaded onto phones – were the predominant way to pay last year.

They accounted for 54% of all payments in made in 2025. Some 39% of payments were contactless.

Cheques had been due to be phased out by 2018, until MPs forced a change of heart by the industry years ago.

Instead, they have withered to just 0.2% of payments made in the UK – with a total of 77 million written last year.

Cash is unlikely to go the same way, according to forecasts by UK Finance.

Notes and coins were used in 3.9 billion, or 8%, of all payments last year. This is expected to halve to 4% of all payments in the UK in 2035, or two billion transactions.

However, some people still had a strong preference for using cash.

“Rather than the UK becoming a cash-free society over the next decade, the UK will transition to an economy where cash is less important than it once was but remains widely valued and still preferred by some,” the report said.

Nearly 50 million people used a cash machines last year.

Nick Quin, from Link, which oversees the UK’s ATM network, said: “Cash withdrawals are falling across every part of the country. More people find it convenient and prefer to pay using contactless cards and digital wallets on smartphones, but millions still rely on cash day in, day out.

“People on lower incomes rely more heavily or entirely on cash to budget, which is why our job is to protect access to cash for as long as people need it.”

Good morning. Financial influencers are reshaping how consumers manage their money—and how brands win their trust, Elyse Goncalves reports for The Wall Street Journal.

Less regulated and more widely accessible than the traditional financial services industry, these “finfluencers” use battle-tested growth tactics to capture attention. Stock picker Timothy James, 38, says he’s used rage-baiting lines to drive views, while U.K. creator Leo Gibson relies on radical relatability. Gibson’s financial advice video reached nearly 500,000 views by ditching institutional polish for a casual bedroom setup.

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Travelers can still score deals this fall, but they may have to work harder to find them as the traditional shoulder season gets squeezed.

Fall travel interest on Vrbo is up 17% from a year ago, while average nightly rates after summer are now just 5% below peak summer prices across the platform’s top destinations, according to new data from the vacation rental platform.

“Shoulder season is this magic time between Labor Day and the holiday travel season when, traditionally, prices have dropped pretty dramatically and crowds have thinned out,” Vrbo Travel Expert Melanie Fish told FOX Business. “Well, summer travel demand is now bleeding over into fall.”

Some of the best savings remain in beach destinations, overseas markets and trips booked for later in the fall.

WEALTHY AMERICANS LOOK TO NEW ZEALAND AS DEMAND FOR ‘GOLDEN VISAS’ BOOMS

Myrtle Beach, South Carolina, tops Vrbo’s list, with vacation rental rates averaging 34% less than during summer. One property cited by the company drops from as much as $1,300 per night in August to about $600 in October.

Other beach markets also offer discounts. Orange Beach, Alabama, offers average savings of 31%, followed by Panama City Beach, Florida, at 24%, Santa Rosa Beach, Florida, at 16%, and Ocean City, Maryland, at 12%, according to Vrbo.

Fish said travelers chasing lower prices should consider swapping destinations or keeping an eye out for last-minute discounts.

BUDGET AIRLINE JETSTAR TO CHARGE PASSENGERS FOR STORING BAGS IN OVERHEAD COMPARTMENTS

Travelers heading overseas may also have better luck. European vacation rental prices fall an average of about 8% from summer highs during the fall, with larger discounts in destinations including Corfu, Crete, Girona, the Azores and Siena.

Major tourism hubs such as London, Paris, Madrid and Rome tend to hold onto higher prices, leaving fewer shoulder-season bargains.

The squeeze is also showing up in several major U.S. cities. Vrbo said fall rates are rising in Nashville, Boston, Chicago and Miami as demand stays strong beyond summer.

SEE IT: TRUMP ADMIN UNVEILS SWEEPING $22.5B DULLES AIRPORT OVERHAUL

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Travelers willing to wait until after the holidays could find the biggest break.

From just after New Year’s through the period before spring break in early 2027, lodging prices are expected to run about 34% below summer peaks, with possible deals in San Diego, Los Angeles and Orlando.