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EAAA India Alternatives IPO: ₹1,200-crore issue opens for subscription today - Published OnOct 26, 2026 | 07:30 IST - Last Updated OnOct 26, 2026 | 07:30 IST The IPO is entirely an offer for sale (OFS) by the Edelweiss Group, with no fresh issue of shares. As a result, EAAA India Alternatives will not receive any proceeds from the offering; the funds will go to the selling shareholder. The ₹1,200-crore initial public offering (IPO) of EAAA India Alternatives Ltd., an alternative investment platform backed by Edelweiss Financial Services, opens for subscription on Monday, October 26. The issue will close on October 28. The company has set a price band of ₹1,585–₹1,665 per share, valuing it at ₹10,765 crore at the upper end of the band. Retail investors must apply for a minimum of nine shares, requiring an investment of ₹14,985 at the upper price band. In the grey market, EAAA India Alternatives shares were trading at a premium of ₹36 on Monday. This translates into an indicative premium of around 2.2% over the upper end of the issue price band. However, grey market premiums are unofficial indicators of investor sentiment and can fluctuate sharply. They do not guarantee listing gains. SBI Securities' view on EAAA India Alternatives IPO SBI Securities has assigned a 'Neutral' rating to the IPO, saying it would prefer to track the company's performance for a few quarters after listing before taking a more constructive view. The brokerage noted that EAAA is an established alternative investment manager with a presence in income- and yield-generating segments, particularly Real Assets and Private Credit. Between FY24 and FY26, its revenue, operating income and profit after tax grew at compound annual growth rates (CAGRs) of 33%, 39% and 23%, respectively. SBI Securities said India's alternative investment industry remains at an early stage, leaving significant room for expansion. Growth could be supported by a favourable regulatory environment and greater adoption of alternative investments among domestic institutional investors, high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs). EAAA's management fee stood at 130 basis points in FY26, higher than the 37–52 basis points earned by mutual fund players, according to the brokerage. This reflects the platform's ability to monetise alternative investment strategies and long-term capital commitments. The brokerage also highlighted the relatively lower revenue volatility associated with EAAA's focus on income- and yield-generating strategies, compared with alternative investment managers that concentrate on growth-oriented strategies. However, SBI Securities said the valuation leaves limited room for further upside. At the upper end of the price band, the company is valued at 40.6 times its FY26 price-to-earnings (P/E) multiple, which the brokerage believes largely factors in its growth prospects and business strengths. EAAA India Alternatives IPO: Anchor book EAAA India Alternatives raised around ₹360 crore from anchor investors ahead of the IPO. The company allotted 21,62,161 equity shares to anchor investors at ₹1,665 apiece, the upper end of the price band, according to exchange filings. The anchor book included 10 mutual funds, among them HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund and Kotak Mahindra Mutual Fund. Mutual funds accounted for 61% of the anchor allocation. Global institutional investors, including Norway's Government Pension Fund Global and asset manager Schroders, also participated. Domestic investment firms such as Carnelian, 360 ONE, Unifi and Nuvama were among the other investors in the anchor book. EAAA India Alternatives IPO: Offer structure and use of proceeds The IPO is entirely an offer for sale (OFS) by the Edelweiss Group, with no fresh issue of shares. As a result, EAAA India Alternatives will not receive any proceeds from the offering; the funds will go to the selling shareholder. The issue size has been reduced to ₹1,200 crore from the ₹1,500 crore proposed in the draft red herring prospectus filed with the Securities and Exchange Board of India (SEBI) in January. About EAAA India Alternatives Incorporated in 2008, EAAA India Alternatives manages long-term capital across asset classes, including infrastructure, commercial real estate and private credit. The company operates across Mumbai, New Delhi, GIFT City and Singapore. Its business is primarily organised into two verticals: Real Assets and Private Credit, alongside portfolio management services and other investment solutions. The Real Assets business invests in infrastructure, commercial real estate, perpetual capital and energy transition opportunities through equity, quasi-equity and debt instruments. The Private Credit business provides financing across performing credit, special situations, real estate credit and investment-grade credit. The platform also offers co-investment opportunities through portfolio management services. The IPO allotment is expected to be finalised on October 29, while the shares are tentatively scheduled to list on the BSE and NSE on November 2. Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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