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EAAA India Alternatives Ltd IPO
EAAA India Alternatives Ltd
₹14,265 /9 sharesMinimum investment
IPO details
Minimum investment
₹14,265
Price range
₹1,585 - ₹1,665
Lot size
9
Issue size
1,200 Cr
Face value
5
IPO document
Subscription rate
Qualified Institutional Buyers0.08x
Non-Institutional Investor0.32x
Retail Individual Investor0.04x
Total0.11x
As of 26 Oct'26, 06:55 PM
Schedule
26 Oct 2026
IPO open date
28 Oct 2026
IPO close date
29 Oct 2026
Allotment date
29 Oct 2026
Funds unblock or debit
2 Nov 2026
Tentative listing date
About
Founded in
2008
MD/CEO
Rashesh Chandrakant Shah
Parent organisation
EAAA India Alternatives Ltd
EAAA India Alternatives Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company operates a diversified, multi-vertical platform across Real Assets and Private Credit, which provides resilience against sector-specific downturns. As of June 30, 2026, the Real Assets and Private Credit verticals contributed 57.67% (FPAUM of ₹2,804 Crores) and 39.64% (FPAUM of ₹1,927.24 Crores) respectively to its total FPAUM.
The company has established a diverse and long-standing client base, with a significant 77% of its AUM as of June 30, 2026, comprising commitments from repeat clients, underscoring strong client trust and retention.
The company operates a dedicated asset management platform through its subsidiary, Sekura, which has a team of 58 operational members and holds multiple ISO certifications, ensuring institutional-grade operational oversight and value enhancement for its portfolio assets.
It has a demonstrated track record of raising capital across market cycles, having raised capital commitments aggregating to ₹4,752.63 Crores in the last three financial years and the first three months of FY27, indicating consistent investor confidence.
The business is led by a seasoned management team with an average experience of approximately 26.12 years, providing stability and deep industry expertise, which is critical for navigating complex alternative investment markets.
The firm's revenue model includes stable and predictable management and advisory fees from close-ended funds, which provide a consistent income base. These fees contributed 60.08%, 60.97%, and 68.12% of total income in FY26, FY25, and FY24 respectively.
A significant and volatile portion of the company's income is derived from Variable Additional Return (VAR), which constituted 30.14% of total income in FY26. The unpredictable timing and realization of this income stream is a key risk, highlighted by the fact that of the ₹684.72 Crores in VAR recognized since FY24, only ₹397.65 Crores has been realized.
The company has experienced periods of negative cash flows from operations, recording a net cash outflow of ₹120.17 Crores in FY25 and ₹13.27 Crores in FY24, primarily due to investments in funds and distributor payouts, which could strain liquidity and affect strategic initiatives if prolonged.
The business is exposed to significant client concentration risk, with the top 10 clients contributing 26.20% of the Fee Paying Assets Under Management (FPAUM) as of June 30, 2026. Any change in investment behavior or withdrawal by these clients could materially impact financial stability.
The company and its promoters are involved in numerous legal and regulatory proceedings, with an aggregate amount of over ₹665.15 Crores, including criminal proceedings of ₹45.08 Crores against the company. An adverse outcome in these material litigations could impact financial position and reputation.
The company has a history of significant dividend payouts, including ₹205.70 Crores in FY26, which may not be sustainable and could be a pre-IPO action to reward existing shareholders. The dividend policy is subject to change and future payouts are not guaranteed.
A significant portion of employee compensation is tied to the realization of Variable Additional Return (VAR), constituting 42.21% of total employee benefit expense in FY26. This structure creates a dual risk: high payouts can reduce profitability, while unfavorable changes could negatively affect employee retention and talent acquisition.
Application details
For EAAA India Alternatives IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹1585 - ₹1665 | Upto ₹2 Lakhs | 9 |
| High Networth Individual | ₹1585 - ₹1665 | ₹2 - ₹5 Lakhs | 9 |
About
Book Running Lead Manager & Registrar of EAAA India Alternatives IPO
|
Book Running Lead Manager |
Axis Capital Limited, Jefferies India Private Limited, Motilal Oswal Investment Advisors Limited, Nuvama Wealth Management Limited |
|
Registrar to the Issue |
MUFG Intime India Private Limited |
Key Performance Indicators (KPIs) of EAAA India Alternatives Ltd.
|
KPI |
Value (for the three months period ended June 30, 2026) |
|
ROE (%) |
28.96 |
|
Debt-to-Equity Ratio |
0.34 |
|
PAT Margin (%) |
24.01 |
|
Return on Net Worth (RoNW) (%) |
28.96 |
|
Net Asset Value (NAV) per Equity Share (₹) |
176.67 |
|
EPS (Pre-IPO) (₹) |
41.02 |
EAAA India Alternatives IPO Contact Details
|
Company Name |
EAAA India Alternatives Limited |
|
Registered Office |
Edelweiss House, Off C.S.T Road, Mumbai City, Kalina, Mumbai 400 098, Maharashtra, India |
|
Phone |
+91 22 4019 4706 |
|
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Website |
EAAA India Alternatives IPO Registrar Contact Details
|
Company Name |
MUFG Intime India Private Limited |
|
Phone |
+91 810 811 4949 |
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Website |