EAAA India Alternatives IPO
EAAA India Alternatives shares listed on BSE and NSE on 2 November 2026 after an IPO priced at ₹1,585 to ₹1,665, an issue of ₹1,200 crore.
- Minimum investment
- ₹14,9851 lot of 9 shares, at the upper price
- Price band
- ₹1,585 to ₹1,665
- Lot size
- 9 shares
- Issue size
- ₹1,200 crore100% offer for sale
- Bidding
- 26 Oct to 28 Oct
- Listing
- 2 NovBSE, NSE
Dates
EAAA India Alternatives IPO dates
RHP cover page and Terms of the Offer- 23 OctAnchor bidding
- 26 OctBidding opens
- 28 OctBidding closes, UPI by 5 pm
- 29 OctAllotment (expected)
- 30 OctRefunds and demat credit (expected)
- 2 NovListing
- Today6 Nov
Dates after closing are the indicative timetable in the RHP and can move by a day or two.
Read before you apply
EAAA India Alternatives IPO review: read before you apply
Worth checking
- SeriousCompany gets no money from this IPO
The whole ₹1,200 crore is an offer for sale by Edelweiss Securities and Investments, which owns 89.58%. Its average cost is ₹54.45 per share (RHP cover page).
- SeriousBig dividends just before the IPO
₹205.7 crore paid as interim dividend in FY26 (₹32 a share) and another ₹61.1 crore declared in July 2026. The promoter group owns about 95% (Risk factor 28).
- A third of income is not yet cash
Variable additional return, a performance fee booked before it is received, was 30% of FY26 total income (₹290 crore) and 32% in April to June 2026. Timing of actual receipt is unpredictable (Risk factors 1 and 9).
- Group regulatory history
RBI barred group companies ECL Finance and Edelweiss ARC from some business in 2024 (lifted in December 2024). Promoters EFSL and ESIPL have SEBI settlement matters pending (Risk factor 7).
- Cash from operations was negative
Operating cash flow was minus ₹13.3 crore in FY24 and minus ₹120.2 crore in FY25, before turning positive in FY26.
- Costs are high for an asset manager
Cost-to-income ratio was 64% in FY26 and 69% in April to June 2026. In the same quarter, the listed mutual fund houses in the RHP's peer table were at about 20% to 37% (p. 146).
Strengths
- Large alternatives platform
Total AUM of ₹95,345 crore and fee-paying AUM of ₹48,623 crore in June 2026.
- Fee-paying assets growing fast
Fee-paying AUM grew about 23% a year over the last three years (Our Business, p. 228).
- Fee income is rising
Management and advisory fees grew from ₹398 crore in FY24 to ₹579 crore in FY26.
- Clients come back
77% of AUM comes from repeat clients, and it has over 11,000 client relationships.
- Strong returns, falling debt
Return on equity of about 26% to 29%. Debt to equity fell from 0.61 in FY24 to 0.34 in June 2026.
What EAAA India Alternatives does
EAAA India Alternatives, earlier Edelweiss Alternative Asset Advisors, raises money from pension funds, insurers, family offices and wealthy investors and invests it through alternative investment funds, InvITs and portfolio management services. It earns a management fee on the money it manages and a performance fee, which it calls variable additional return, when funds beat a set return.
Its two main businesses are real assets (infrastructure and commercial real estate) and private credit (loans to companies, including special situations and real estate credit). About a third of its AUM comes from overseas clients. It is part of the Edelweiss group led by Rashesh Shah, its Executive Chairman.
Listing and subscription
EAAA India Alternatives IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹1665
- Listing price
- ₹1675.5
- Gain at open
- +0.6%
- Day close
- ₹1727.8
Subscription
- Total
- 5.25x
- Retail
- 1.03x
- Updated
- 28 Oct 2026, 5:00 pm IST
- QIB50% of offer13.13x
- NII15% of offer4.58x
- Big NII5.91x
- Small NII1.90x
- Retail35% of offer1.03x
- Total5.25x
As of 28 Oct 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
EAAA India Alternatives IPO price band, lot size and issue size
RHP cover page and The Offer| Price band | ₹1,585 to ₹1,665 |
| Lot size | 9 shares |
| Issue size | ₹1,200 crore at the upper price |
| Fresh issue | Nil |
| Offer for sale | ₹1,200 crore by promoter Edelweiss Securities and Investments Private Limited |
| Face value | ₹5 per share |
| Issue type | Book built, 100% offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
Up to 60% of the QIB portion can go to anchor investors. NII is split one-third for ₹2 to 10 lakh bids and two-thirds for bids above ₹10 lakh.
Minimum and maximum investment
Our calculation: at ₹1,665 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 9 | ₹14,985 |
| Retail (max) | 13 | 117 | ₹1,94,805 |
| Small NII (min) | 14 | 126 | ₹2,09,790 |
| Small NII (max) | 66 | 594 | ₹9,89,010 |
| Big NII (min) | 67 | 603 | ₹10,03,995 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer PriceSet to the upper end of the band, ₹1,665. Change it to see what you would be paying for.
- Market cap
- ₹10,765 cr
- P/E (FY26 diluted)
- 41.3x
- Price to book
- 9.3x
- Market cap to sales
- 12.4x
- Peer average P/E
- 39.89x
Based on FY26 diluted EPS of ₹40.36, 6.47 crore shares, net worth of ₹1,160.38 crore (June 2026) and revenue of ₹869.54 crore. No new shares are issued, so the share count does not change after the IPO.
Financials
EAAA India Alternatives financials
RHP, Summary Financial Information (p. 79) and Basis for Offer Price, ₹ croreWhere income comes from
Profit after tax
Total income grew 28.4% a year from FY24 to FY26 and profit after tax 23.0% a year (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Total income | 584.25 | 786.54+34.6% | 963.76+22.5% | 336.13 |
| Management and advisory fees | 398.01 | 479.53 | 579.07 | 166.58 |
| Variable additional return (unrealised) | 94.57 | 190.73 | 290.47 | 108.95 |
| GP income | 78.68 | 102.14 | 79.95 | 55.23 |
| Profit after tax | 175.16 | 229.78+31.2% | 265.20+15.4% | 80.71 |
| PAT margin on total income | 30.0% | 29.2% | 27.5% | 24.0% |
| EPS, diluted (₹) | 27.25 | 35.75 | 40.36 | 12.29 |
| Net worth | 729.48 | 966.45 | 1,075.54 | 1,160.38 |
| Total borrowings | 444.83 | 507.49 | 441.03 | 399.20 |
| Cash from operations | -13.27 | -120.17 | 235.24 | 130.38 |
Consolidated figures. Q1 FY27 is April to June 2026 and is not annualised. Variable additional return is the performance fee booked on an accrual basis; related staff bonuses are counted in costs.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 141). Peer prices as of 8 Oct 2026.These are wealth and mutual fund managers, which earn fees differently from an alternatives manager.
| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| EAAA India Alternatives | 869.54 | 40.36 | At issue price | 25.97% |
| 360 One WAM | 4,361.62 | 29.19 | 35.67x | 14.39% |
| Nuvama Wealth Management | 4,630.69 | 56.06 | 30.99x | 27.34% |
| Anand Rathi Wealth | 1,148.83 | 47.17 | 90.69x | 47.54% |
| HDFC Asset Management | 4,122.16 | 66.50 | 33.76x | 32.93% |
| ICICI Prudential Asset Management | 5,764.63 | 66.73 | 45.95x | 85.80% |
| Nippon Life India Asset Management | 2,708.74 | 23.63 | 43.99x | 34.48% |
| Aditya Birla Sun Life AMC | 1,845.03 | 33.68 | 29.84x | 25.10% |
| UTI Asset Management | 1,698.05 | 31.41 | 27.93x | 10.38% |
| Gaja Alternative Asset Management | 135.53 | 7.17 | 20.24x | 16.47% |
The peer average P/E of 39.89x is from the RHP (p. 141). Most peers are mutual fund and wealth managers; the RHP says there is no directly comparable listed alternatives manager in India (Risk factor 5).
Key performance indicatorsFee-paying AUM (₹ crore), Performance fee share of total income, Cost-to-income ratio and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Fee-paying AUM (₹ crore) | 30,398 | 33,833 | 44,710 | 48,623 |
| Performance fee share of total income | 16.2% | 24.3% | 30.1% | 32.4% |
| Cost-to-income ratio | 63.6% | 63.9% | 63.8% | 68.5% |
| Return on equity | 27.3% | 27.1% | 26.0% | 29.0%* |
| Debt to equity | 0.61 | 0.53 | 0.41 | 0.34 |
*Annualised by the company.
RHP, Basis for Offer Price (p. 143) and Risk Factors
Company
About EAAA India Alternatives
Business
RHP, Our Business (p. 229)As of June 2026 the real assets business managed 10 active funds, including two InvITs, and private credit managed 16 active funds. A subsidiary, Sekura India Management, runs and maintains the infrastructure assets the funds own. It has offices in Mumbai, New Delhi, GIFT City and Singapore.
Fee-paying AUM by business, June 2026
- Total AUM, Jun 2026
- ₹95,345 crore
- Fee-paying AUM
- ₹48,623 crore
- Repeat-client share of AUM
- 77%
- Overseas clients' share of AUM
- 33.8%
Key risks
RHP, Risk Factors (p. 20), 99 listed- Performance fees are lumpyVariable additional return is booked before it is received, and its timing and size are unpredictable.
- Fund performanceWeak fund returns would cut fees, performance income and the ability to raise new funds.
- Subjective valuationsValues of unlisted assets and loans in the funds depend on judgement and models.
- Clients may not pay inInvestors may fail to honour capital calls, delaying fund investments.
- Group and regulationGroup companies and promoters are regulated by SEBI and RBI and have faced regulatory action.
- Overseas clientsAbout a third of AUM comes from foreign clients, adding legal and currency risks.
- No close listed peerThere is no directly comparable listed alternatives manager in India, which makes valuation harder to judge.
These are the 7 that matter most for a retail investor, in our reading. The RHP lists all 99.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingThe share after the IPO depends on the final price, since the offer is a fixed rupee amount.
Promoters: Edelweiss Financial Services, Edelweiss Securities and Investments, Edel Finance Company and Edelweiss Global Wealth Management. The promoter group owns 95.03% before the IPO. The share after the IPO depends on the final price, since the offer is a fixed rupee amount.
| Shareholder | Before IPO | Selling | Avg cost per share |
|---|---|---|---|
| Edelweiss Securities and Investments | 89.58% | Up to ₹1,200 crore | ₹54.45 |
| Edelweiss Rural and Corporate Services | 4.97% | Nil | |
| Other promoter group and nominees | 0.48% | Nil | |
| Others (including employee shares) | 4.97% | Nil |
Percentages are of 6,46,55,246 shares outstanding, including 3,75,000 shares allotted under the ESOP plan in September 2026.
RHP, Capital Structure and cover page
IndustryIndian alternative investment fund assets, December 2025: USD 151.9 billion
- Indian alternative investment fund assets, December 2025
- USD 151.9 billion
- Growth December 2015 to December 2025
- 9.6% a year (from USD 60.6 billion)
- Indian alternatives expected by 2030
- About USD 267 billion
- Private credit and real assets expected by 2030
- USD 112.9 billion
CARE Analytics & Advisory report 'Industry Research Report on Alternatives' in the RHP, commissioned and paid for by the company (p. 193 and p. 195)
LitigationAgainst the company: criminal, tax and regulatory: 7 · Against promoters: tax: 28 · Against directors: criminal and tax: 8
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal, tax and regulatory | 7 | ₹45.08 crore |
| Against promoters: tax | 28 | ₹159.16 crore |
| Against directors: criminal and tax | 8 | ₹3.28 crore |
| Filed by promoters: criminal and civil | 9 | ₹475.69 crore |
Contingent liabilities were ₹37.70 crore in June 2026, almost all disputed income tax demands (p. 86).
RHP, Risk Factor 46 (p. 49) and Outstanding Litigation (p. 421)
Company detailsLegal name, registered office, CIN and website
| Legal name | EAAA India Alternatives Limited |
| Former name | Edelweiss Alternative Asset Advisors Limited |
| Incorporated | 14 May 2008, Mumbai |
| Executive Chairman | Rashesh Chandrakant Shah |
| Registered office | Edelweiss House, Kalina, Mumbai |
| CIN | U67190MH2008PLC182205 |
| Website | eaaa.in |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
EAAA India Alternatives IPO allotment status
Out from 29 Oct 2026- Open the registrar's pageMUFG Intime India Private Limited is the registrar. Open its allotment page.
- Select EAAA India Alternatives LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
EAAA India Alternatives IPO FAQs
When does the EAAA India Alternatives IPO open and close?
The EAAA India Alternatives IPO opens on Monday, 26 October 2026 and closes on Wednesday, 28 October 2026. Anchor bidding is on 23 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the EAAA India Alternatives IPO price band and lot size?
The price band is ₹1,585 to ₹1,665 per share. The lot size is 9 shares, so the minimum bid is 9 shares, or ₹14,985 at the upper price.
What is the EAAA India Alternatives IPO size?
The EAAA India Alternatives IPO is of ₹1,200 crore at the upper end of the price band. It is a 100% offer for sale by promoter Edelweiss Securities and Investments Private Limited. The company receives no money from the IPO.
What is the EAAA India Alternatives IPO allotment date?
Allotment is (expected) on Thursday, 29 October 2026. Refunds and demat credit are expected on 30 October 2026.
What is the EAAA India Alternatives IPO listing date?
EAAA India Alternatives shares are due to list on BSE and NSE on Monday, 2 November 2026.
Who is the registrar of the EAAA India Alternatives IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does EAAA India Alternatives do?
EAAA India Alternatives is the Edelweiss group's alternative investments manager. It runs private credit and real assets funds, including InvITs, with total AUM of about ₹95,345 crore as of June 2026.
How much of the EAAA India Alternatives IPO went to anchor investors?
Shares worth ₹360 crore. On 23 Oct 2026, 21,62,161 shares were allotted to 26 anchor investors at ₹1,665, the top of the price band. 65.42% went to 10 domestic mutual funds through 13 schemes (company's anchor allocation letter to NSE and BSE).
Does EAAA India Alternatives get any money from the IPO?
No. It is a 100% offer for sale of up to ₹1,200 crore by promoter Edelweiss Securities and Investments, which receives the proceeds.
What does EAAA India Alternatives do?
It manages alternative investment funds in private credit and real assets such as infrastructure and commercial real estate for institutional and wealthy investors.
What were EAAA's income and profit in FY26?
Consolidated total income was ₹963.76 crore and profit after tax was ₹265.20 crore in FY26.
More IPOs
| IPO | Price band | Issue size | Subscribed | Allotment | Listing |
|---|---|---|---|---|---|
| Vedant Poly Fabs IPO SMENSE SME · Flexible packaging (films and laminates)Almost all revenue from West Bengal | ₹88 to ₹94Min. ₹2,25,600 | ₹56.68 crore | n/a / 0.00xretail / total | Allotment out 5 NovRefunds and demat credit 6 Nov | Lists 9 Nov |
| Antala Industries IPO SMEBSE SME · Packaging (BOPP and PP woven bags and rolls)Operating cash flow negative in FY25 and FY26 | ₹62 to ₹66Min. ₹2,64,000 | ₹22.98 crore | BSE figures awaited | Allotment 6 Nov (expected)Refunds and demat credit 9 Nov (expected) | Lists 11 Nov (expected) |
| IPO | Listed | Issue price | Listing price | Change | Subscribed | Issue size |
|---|---|---|---|---|---|---|
| HGS (India) IPO SMENSE SME · Seismic equipment (geophones and seismic cables) | 6 Nov | ₹120 | ₹160Day-one close ₹168 | +33.3% | 0.00xTotal | 28.80 lakh shares |