EAAA India Alternatives shares will list on the BSE and NSE on Monday. The Rs 1,200-crore IPO got subscribed 5.51 times, with strong interest from institutional investors. A 3% grey market premium showed expectations of a modest debut. The issue opened on October 26 and closed on October 28 this year.
Synopsis
EAAA India Alternatives is set to list on the BSE and NSE on Monday, with its 3% grey market premium indicating a modest debut. The Rs 1,200-crore IPO was subscribed 5.51 times, driven by strong demand from institutional investors.
EAAA India Alternatives is set to debut on the BSE and NSE on Monday. Ahead of the listing, the IPO is commanding a grey market premium (GMP) of 3%, signalling expectations of a modest listing gain over the issue price.
The Rs 1,200 crore IPO was entirely an offer for sale (OFS), comprising 72.07 lakh equity shares sold by promoter selling shareholder Edelweiss Securities & Investments Pvt. As the issue involved no fresh equity issuance, the company will not receive any proceeds from the offering; the entire amount goes to the selling shareholder.
The company had set the IPO price band at Rs 1,585–1,665 per share, with a face value of Rs 5. At the upper end of the price band, the issue was priced at 333 times its face value.
The public issue, which opened for subscription on October 26, 2026, and closed on October 28, received an overall subscription of 5.51 times. The retail investor portion was subscribed 1.08 times, while the non-institutional investor (NII) segment saw 4.81 times subscription. The qualified institutional buyer (QIB) category was subscribed 13.80 times.
Based on diluted earnings per share (EPS) for FY26, the IPO was valued at a price-to-earnings (P/E) multiple of 39.27 times at the lower end and 41.25 times at the upper end of the price band. This compares with the industry peer group’s average FY26 P/E multiple of 39.89 times.
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EAAA India Alternatives reported a weighted average return on net worth (RoNW) of 26.57% across FY24, FY25 and FY26. For the three months ended June 30, 2026, its annualised RoNW stood at 28.96%.
Prior to the IPO, the company raised Rs 360 crore from anchor investors through the allotment of 21,62,161 equity shares at Rs 1,665 apiece, the upper end of the price band.
Axis Capital Ltd., Jefferies India Pvt. Ltd., Motilal Oswal Investment Advisors Ltd. and Nuvama Wealth Management Ltd. acted as the book-running lead managers to the issue, while MUFG Intime India Pvt. Ltd. was the registrar.
EAAA India Alternatives IPO GMP Today
EAAA India Alternatives IPO is trading at a grey market premium (GMP) of Rs 54 per share, or around 3%, over the upper price band of Rs 1,665. At this premium, the estimated listing price works out to Rs 1,719 per share. However, GMP is an unofficial indicator of market sentiment and does not guarantee the actual listing price or potential returns.
Financial Performance
EAAA India Alternatives Ltd. reported a 23% year-on-year increase in total income to Rs 964 crore in FY26, compared with Rs 787 crore in FY25. The company’s profit after tax (PAT) rose 15% to Rs 265 crore in FY26 from Rs 230 crore in the previous financial year.
About EAAA India Alternatives
Incorporated on May 14, 2008, EAAA India Alternatives Ltd. is an alternative investment management platform focused on India's real assets and private credit markets. It caters to domestic and global institutional investors, high-net-worth individuals, ultra-high-net-worth individuals and family offices through its Real Assets and Private Credit businesses, along with portfolio management services and other investment solutions.
As of June 30, 2026, the company managed Rs 95,344.88 crore in assets under management (AUM) and Rs 48,623.18 crore in fee-paying assets under management (FPAUM). Its portfolio comprised 10 active Real Assets funds, including two Infrastructure Investment Trusts (InvITs), and 16 active Private Credit funds. The company is supported by its wholly owned subsidiary, Sekura India Management Ltd., and has 277 employees across investment, asset management, coverage, legal, compliance and other functions.
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