New Delhi, Oct. 27 -- Gaja Capital has secured approval from the Securities and Exchange Board of India (Sebi) to move ahead with its initial public offering, paving the way for it to become India's first private equity firm to go public.

Gaja Capital, which filed its draft papers for the IPO through the confidential route, is expected to raise around Rs.500 to 600 crore, Mint reported earlier.

The PE firm in June raised Rs.125 crore in a pre-IPO placement from HDFC Life Insurance Co., SBI Life Insurance Co., Akash Bhanshali, and Jagdish Master at a valuation of about Rs.1,625 crore.

JM Financial and IIFL Securities are advising Gaja Capital on its proposed IPO.

Gaja Capital led a $20 million ( Rs.167 crore) Series C funding round in ...