EAAA India Alternatives IPO Day 2: Check GMP, subscription status and other key details

ETMarkets.com

EAAA India Alternatives IPO will close on October 28.

On Day 1, the IPO was subscribed 11% overall against the 52.99 lakh shares on offer. Retail individual investors (RIIs) subscribed to 4% of the 26.49 lakh shares reserved for them.

The Rs 1,200-crore IPO is entirely an offer for sale (OFS) of 72.07 lakh equity shares by promoter selling shareholder Edelweiss Securities & Investments Pvt. Ltd. Since the issue comprises only an OFS, the company will not receive any proceeds from the offering, with the entire amount going to the selling shareholder.

EAAA India Alternatives has fixed the IPO price band at Rs 1,585–1,665 per equity share, with a face value of Rs 5 per share. The issue will close on October 28, 2026. The basis of allotment is expected to be finalised on October 29, while the shares are tentatively scheduled to list on the NSE and BSE on November 2, 2026.

Investors can apply for a minimum of nine shares and in multiples of nine thereafter. At the upper end of the price band, the minimum investment for a retail investor works out to Rs 14,985.

The floor price of Rs 1,585 is 317 times the face value, while the cap price of Rs 1,665 is 333 times the face value.

Based on diluted earnings per share (EPS) for FY26, the IPO is valued at a price-to-earnings (P/E) multiple of 39.27 times at the lower end of the price band and 41.25 times at the upper end. This compares with the industry peer-group average P/E ratio of 39.89 times for FY26.

The company's weighted average return on net worth (RoNW) for FY24, FY25 and FY26 stood at 26.57%. Its RoNW for the three-month period ended June 30, 2026, was 28.96% on an annualised basis.

Ahead of the public issue, EAAA India Alternatives raised Rs 360 crore from anchor investors. The company allotted 21,62,161 equity shares to anchor investors at Rs 1,665 per share, the upper end of the IPO price band.

Axis Capital Ltd., Jefferies India Pvt. Ltd., Motilal Oswal Investment Advisors Ltd. and Nuvama Wealth Management Ltd. are the book-running lead managers to the issue, while MUFG Intime India Pvt. Ltd. is the registrar.

EAAA India Alternatives IPO Subscription Status

On Day 1, EAAA India Alternatives IPO was subscribed 11% overall against the 52.99 lakh shares on offer.

Among investor categories, non-institutional investors (NIIs) subscribed to 32% of the 11.35 lakh shares reserved for them, while qualified institutional buyers (QIBs) subscribed to 8% of the 15.14 lakh shares on offer.

Retail individual investors (RIIs) subscribed to 4% of the 26.49 lakh shares allocated to them.

EAAA India Alternatives IPO GMP Today

EAAA India Alternatives IPO is commanding a grey market premium (GMP) of Rs 15 per share, or around 1%, over the upper price band of Rs 1,665. Based on this premium, the estimated listing price stands at Rs 1,680 per share. However, the GMP is an unofficial indicator and does not guarantee the actual listing price or 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 Ltd.

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 assets under management (AUM) of Rs 95,344.88 crore and fee-paying assets under management (FPAUM) of Rs 48,623.18 crore. 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 had 277 employees across investment, asset management, coverage, legal, compliance and other functions.