EAAA India Alternatives IPO
EAAA India Alternatives IPO is a mainboard IPO raising ₹1,200 Cr at ₹1,585 – ₹1,665 a share. The smallest application you can make is 9 shares, costing ₹14,985 at the top of the band. Bidding closes on 28 Oct 2026 and the shares list on 2 Nov 2026. So far it has been subscribed 0.26× in total.
Only 26% of shares on offer have been bid for
populated partly populated we hold nothing here — the tab says why
What happens when
Next: bidding closes on 28 Oct 2026.
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
EAAA India Alternatives Limited manages India-focused alternative-investment funds for institutional and non-institutional investors in India and overseas. Its Real Assets funds invest in infrastructure and commercial real estate through equity, quasi-equity and debt, while its Private Credit funds provide credit or flexible financing through debt and convertible-debt investments; its wholly owned subsidiary Sekura supports portfolio operations, maintenance, monitoring and turnarounds. Its clients include pension funds, insurers, banks, ultra-high- and high-net-worth individuals and family offices, and it has a presence in Mumbai, New Delhi, GIFT City and Singapore. [p231] [p232]
How it earns
It earns management and advisory fees charged as a percentage of capital committed, drawn or invested, NAV or gross asset value under fund documents, plus a Variable Additional Return recognized no earlier than three years after a fund's initial close and only when performance reaches at least 1.25 times its contractual hurdle, and interest or fair-value gains and losses from sponsor/general-partner co-investments. [p234] [p235]
Who buys
Clients include pension funds, insurers, banks, corporations, ultra-high- and high-net-worth individuals, and family offices. As of June 30, 2026, the managed funds had 11,009 client relationships, including 1,493 repeat clients; 77% of AUM was committed by repeat clients. Institutional clients supplied 49.32% of AUM and non-institutional clients 50.68%; India supplied 66.20% and clients outside India 33.80%. Thirty-one clients had commitments above ₹500 crore, converted from ₹5,000 million using ₹10 million = ₹1 crore. No individual top-customer concentration is stated. EIB Global is named as having committed up to US$60 million to the India Energy Transition Fund; it remains in US dollars because no exchange rate was stated. [p231] [p235] [p236] [p241] [p242]
Scale
As of June 30, 2026: AUM was ₹95,344.878 crore and FPAUM was ₹48,623.176 crore, converted at ₹10 million = ₹1 crore; there were 10 active Real Assets funds, including two InvITs, and 16 active Private Credit funds; disclosed teams comprised 85 investment professionals, 58 Sekura members, 13 coverage members and 108 enterprise members; Real Asset portfolios included 3.10 million square feet of office space, 4,586 lane-kilometres of roads, 1,835 circuit-kilometres of transmission lines and 1.73 gigawatts of solar assets. [p231] [p232] [p233] [p238]
What it says sets it apart
- Across the three financial years and the quarter ended June 30, 2026, managed funds raised commitments of ₹47,526.25 crore, deployed ₹38,229.399 crore and realized ₹31,232.94 crore; the conversions use ₹10 million = ₹1 crore. [p231]
- Repeat investors supplied 77% of AUM, with 1,493 repeat clients among 11,009 relationships as of June 30, 2026. [p231] [p242]
- As of June 30, 2026, Private Credit funds had 190 investments and 140 completed exits, while Real Assets funds had 38 investments and 27 completed exits. [p239]
- Sekura's 58-member team handles portfolio operations, efficiency, cash-flow monitoring and turnarounds; its management systems have ISO accreditations and its transport laboratory is NABL-accredited. [p233]
- The product set spans eight named sub-strategies across real assets and private credit, with client coverage from Mumbai, New Delhi, GIFT City and Singapore. [p232] [p240]
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs1665 / stated EPS Rs40.36 (FY26 diluted EPS (year ended March 31, 2026), Restated Consolidated Financial Information). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
How the book stands today
The category split is the number worth reading, not the total.
QIB: 0.45× their allocation. Retail: 0.09×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
How this cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group it is about to join.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
Led by Axis Capital Limited — median +19.2% across the 114 of its issues we can price. All lead managers →
What to watch
- Priced at 41.3× earnings — 22% above the median of the peers the issuer itself names.
- Its cohort's record: median +9.8% since issue price, 39.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track this company once it lists
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.