{"id":324906,"date":"2026-10-23T08:54:28","date_gmt":"2026-10-23T03:24:28","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=324906"},"modified":"2026-10-23T08:54:28","modified_gmt":"2026-10-23T03:24:28","slug":"eaaa-india-alternatives-initial-public-offering-review","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/","title":{"rendered":"EAAA India Alternatives IPO Review: Key Details, Company Overview and Financials"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>EAAA India Alternatives IPO price band Rs 1,585 to Rs 1,665. Opens 26 Oct, closes 28 Oct 2026. Pure OFS up to Rs 1,200 Cr. Lists 2 Nov on NSE and BSE.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The EAAA India Alternatives IPO is a pure offer for sale of 72,07,207 shares worth up to Rs 1,200 crore, priced at Rs 1,585 to Rs 1,665 per share and open from 26 to 28 October 2026 on NSE and BSE. The alternative asset manager runs about Rs 95,345 crore of assets across real assets and private credit, and FY26 profit after tax rose 15 percent to Rs 265.20 crore. At the upper band the issue works out to about 40.6 times FY26 earnings and 10 times book value, so the price already reflects a premium business, and the company receives no proceeds.<\/p>\n<\/p><\/div>\n<p>The EAAA India Alternatives IPO is a bookbuilding issue consisting entirely of an offer for sale of 72,07,207 equity shares of face value Rs 5 each, aggregating up to Rs 1,200 crore at the upper band, with no fresh issue. The issue opens on 26 October 2026 and closes on 28 October 2026. Allotment is expected on 29 October, refunds and demat credit on 30 October, and the shares are proposed to list on NSE and BSE on 2 November 2026.<\/p>\n<p>The price band is Rs 1,585 to Rs 1,665 per share with a lot size of 9 shares, so one lot needs Rs 14,985 at the upper band. Retail investors can bid up to 13 lots (117 shares, Rs 1,94,805), and small HNI bids run from 14 lots (126 shares, Rs 2,09,790) to 66 lots (Rs 9,89,010). Not more than 50 percent of the net offer is for qualified institutional buyers, at least 35 percent for retail investors and at least 15 percent for non-institutional investors.<\/p>\n<p>Axis Capital Ltd. is the book-running lead manager for the EAAA India Alternatives issue, along with Jefferies India, Motilal Oswal Investment Advisors and Nuvama Wealth Management, and MUFG Intime India Pvt. Ltd. is the registrar.<\/p>\n<p>For detailed information on the company&#8217;s business, financials, risk factors and the selling shareholders, investors should refer to the EAAA India Alternatives Red Herring Prospectus (RHP) before making an investment decision.<\/p>\n<p style=\"margin-top:24px;\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Company_Overview\" title=\"Company Overview\">Company Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#IPO_Details\" title=\"IPO Details\">IPO Details<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Industry_Context\" title=\"Industry Context\">Industry Context<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Business_Strengths\" title=\"Business Strengths\">Business Strengths<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Business_Risks\" title=\"Business Risks\">Business Risks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Financial_Performance\" title=\"Financial Performance\">Financial Performance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#EAAA_India_Alternatives_Ltd_%E2%80%93_Financials_Rs_in_Crore\" title=\"EAAA India Alternatives Ltd. &#8211; Financials (Rs in Crore)\">EAAA India Alternatives Ltd. &#8211; Financials (Rs in Crore)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Key_Ratios_and_Metrics\" title=\"Key Ratios and Metrics\">Key Ratios and Metrics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Objects_of_the_Offer\" title=\"Objects of the Offer\">Objects of the Offer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#FAQs\" title=\"FAQs\">FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#When_does_the_EAAA_India_Alternatives_IPO_open_and_close\" title=\"When does the EAAA India Alternatives IPO open and close?\">When does the EAAA India Alternatives IPO open and close?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#What_is_the_price_band_and_minimum_investment_for_the_EAAA_India_Alternatives_IPO\" title=\"What is the price band and minimum investment for the EAAA India Alternatives IPO?\">What is the price band and minimum investment for the EAAA India Alternatives IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#What_does_EAAA_India_Alternatives_do\" title=\"What does EAAA India Alternatives do?\">What does EAAA India Alternatives do?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Is_the_EAAA_India_Alternatives_IPO_a_fresh_issue_or_an_offer_for_sale\" title=\"Is the EAAA India Alternatives IPO a fresh issue or an offer for sale?\">Is the EAAA India Alternatives IPO a fresh issue or an offer for sale?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#How_will_EAAA_India_Alternatives_use_the_IPO_money\" title=\"How will EAAA India Alternatives use the IPO money?\">How will EAAA India Alternatives use the IPO money?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#How_has_EAAA_India_Alternatives_performed_financially\" title=\"How has EAAA India Alternatives performed financially?\">How has EAAA India Alternatives performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Is_the_EAAA_India_Alternatives_IPO_expensive\" title=\"Is the EAAA India Alternatives IPO expensive?\">Is the EAAA India Alternatives IPO expensive?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#What_are_the_main_risks_in_the_EAAA_India_Alternatives_IPO\" title=\"What are the main risks in the EAAA India Alternatives IPO?\">What are the main risks in the EAAA India Alternatives IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Who_are_the_lead_managers_and_registrar_for_the_EAAA_India_Alternatives_IPO\" title=\"Who are the lead managers and registrar for the EAAA India Alternatives IPO?\">Who are the lead managers and registrar for the EAAA India Alternatives IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/eaaa-india-alternatives-initial-public-offering-review\/#Is_the_EAAA_India_Alternatives_IPO_a_good_investment\" title=\"Is the EAAA India Alternatives IPO a good investment?\">Is the EAAA India Alternatives IPO a good investment?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Company_Overview\"><\/span><strong>Company Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Incorporated in 2008, EAAA India Alternatives Limited is an alternative investment manager focused on India&#8217;s real assets and private credit. Its real assets business covers infrastructure, commercial real estate and energy transition, and its private credit business lends to companies through funds, alongside portfolio management services. It manages 10 active real assets funds (including two InvITs) and 16 active private credit funds.<\/p>\n<p>Assets under management were about Rs 95,345 crore at 30 June 2026, of which fee-paying assets were about Rs 48,623 crore. Its subsidiary Sekura India Management Ltd. handles asset operations and management, and the company had 277 employees at 30 June 2026. The share count stays at 6,46,55,246 before and after the issue because every share is sold by existing holders.<\/p>\n<p><em>Read on for the complete EAAA India Alternatives IPO details, including dates, issue structure, listing timeline and the company&#8217;s financial track record.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IPO_Details\"><\/span><strong>IPO Details<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\" style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Particulars<\/th>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Details<\/th>\n<\/tr>\n<tr>\n<td>IPO Date<\/td>\n<td>26 to 28 October 2026<\/td>\n<\/tr>\n<tr>\n<td>Allotment<\/td>\n<td>Thu, 29 October 2026 (tentative)<\/td>\n<\/tr>\n<tr>\n<td>Refunds and Demat Credit<\/td>\n<td>Fri, 30 October 2026 (tentative)<\/td>\n<\/tr>\n<tr>\n<td>Listing Date<\/td>\n<td>Mon, 2 November 2026 (tentative)<\/td>\n<\/tr>\n<tr>\n<td>Face Value<\/td>\n<td>Rs 5 per share<\/td>\n<\/tr>\n<tr>\n<td>Price Band<\/td>\n<td>Rs 1,585 to Rs 1,665<\/td>\n<\/tr>\n<tr>\n<td>Lot Size<\/td>\n<td>9 Shares<\/td>\n<\/tr>\n<tr>\n<td>Minimum Application (Retail)<\/td>\n<td>1 lot, 9 shares, Rs 14,985<\/td>\n<\/tr>\n<tr>\n<td>Maximum Application (Retail)<\/td>\n<td>13 lots, 117 shares, Rs 1,94,805<\/td>\n<\/tr>\n<tr>\n<td>Minimum Application (sNII)<\/td>\n<td>14 lots, 126 shares, Rs 2,09,790<\/td>\n<\/tr>\n<tr>\n<td>Issue Type<\/td>\n<td>Bookbuilding IPO<\/td>\n<\/tr>\n<tr>\n<td>Sale Type<\/td>\n<td>Offer for Sale only (no fresh issue)<\/td>\n<\/tr>\n<tr>\n<td>Total Issue Size<\/td>\n<td>72,07,207 shares (agg. up to Rs 1,200 Cr)<\/td>\n<\/tr>\n<tr>\n<td>Quota (QIB \/ NII \/ Retail)<\/td>\n<td>Not more than 50% \/ at least 15% \/ at least 35%<\/td>\n<\/tr>\n<tr>\n<td>Shares Outstanding (pre and post issue)<\/td>\n<td>6,46,55,246<\/td>\n<\/tr>\n<tr>\n<td>Market Cap at Upper Band<\/td>\n<td>About Rs 10,765 Cr (tracker)<\/td>\n<\/tr>\n<tr>\n<td>Selling Shareholders and Promoter Holding<\/td>\n<td>Not confirmed in the sources reviewed<\/td>\n<\/tr>\n<tr>\n<td>Listing Exchange<\/td>\n<td>NSE and BSE<\/td>\n<\/tr>\n<tr>\n<td>Lead Managers<\/td>\n<td>Axis Capital, Jefferies India, Motilal Oswal, Nuvama Wealth<\/td>\n<\/tr>\n<tr>\n<td>Registrar<\/td>\n<td>MUFG Intime India<\/td>\n<\/tr>\n<\/table>\n<p><em>(Compiled from the DRHP\/RHP and market updates)<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Industry_Context\"><\/span><strong>Industry Context<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Alternative asset managers raise funds from institutions and wealthy investors for infrastructure, real estate and private lending, and earn management fees on the assets they run.<\/li>\n<li>Fee income on committed assets is steadier than trading income, and part of the earnings come from performance fees that rise and fall with fund returns.<\/li>\n<li>India&#8217;s infrastructure and energy transition spending, along with demand for private credit from companies that find bank loans hard to get, supports growth in this segment.<\/li>\n<li>Scale and track record matter because large investors prefer managers with long histories and the ability to raise repeat funds.<\/li>\n<li>Investors usually track fee-paying assets under management, fee margins, fund raising momentum and the share of performance fees in earnings.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Business_Strengths\"><\/span><strong>Business Strengths<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here are the key strengths investors evaluating the EAAA India Alternatives IPO should weigh:<\/p>\n<ul>\n<li>Large scale: assets under management of about Rs 95,345 crore, of which about Rs 48,623 crore is fee-paying, across 26 active funds.<\/li>\n<li>Growing earnings: total income rose from Rs 584.25 crore in FY24 to Rs 786.54 crore in FY25 and Rs 963.76 crore in FY26, and profit after tax rose from Rs 175.16 crore to Rs 229.78 crore and Rs 265.20 crore.<\/li>\n<li>High profitability with a PAT margin of about 24 percent in the June 2026 quarter, return on equity of about 29 percent and a falling debt to equity ratio (0.34 at June 2026).<\/li>\n<li>A diversified platform across real assets, private credit and portfolio management, and more than 17 years of operating history.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><strong>Screen asset management and financial stocks on the Univest Screener<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Business_Risks\"><\/span><strong>Business Risks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Alongside these strengths, the EAAA India Alternatives issue also carries the following business risks:<\/p>\n<ul>\n<li>The valuation is full. A tracker shows about 40.6 times pre-issue earnings at the upper band and about 10.2 times book value, and a lower post-issue P\/E of 33.4x uses the annualised June 2026 quarter, which assumes the recent pace continues.<\/li>\n<li>The company receives no money from the issue, because every share is an offer for sale, and the sources reviewed did not confirm who the sellers are.<\/li>\n<li>Profit growth slowed in FY26: total income rose about 23 percent but profit after tax rose about 15 percent.<\/li>\n<li>Earnings depend on fund raising and on markets for infrastructure, real estate and private credit, and part of the income can come from performance fees that vary year to year.<\/li>\n<li>Borrowings are still Rs 399.20 crore at June 2026, and public sources differ on some details, so the RHP should be treated as the reference.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Financial_Performance\"><\/span><strong>Financial Performance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The EAAA India Alternatives IPO follows two years of strong growth. Total income was Rs 584.25 crore in FY24, Rs 786.54 crore in FY25 and Rs 963.76 crore in FY26, while profit after tax was Rs 175.16 crore, Rs 229.78 crore and Rs 265.20 crore. In the quarter to June 2026, total income was Rs 336.13 crore and profit after tax was Rs 80.71 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"EAAA_India_Alternatives_Ltd_%E2%80%93_Financials_Rs_in_Crore\"><\/span><strong>EAAA India Alternatives Ltd. &#8211; Financials (Rs in Crore)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\" style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Particulars<\/th>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Q1 FY27 (Jun 2026)<\/th>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Fiscal 2026<\/th>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Fiscal 2025<\/th>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Fiscal 2024<\/th>\n<\/tr>\n<tr>\n<td>Total Income<\/td>\n<td>336.13<\/td>\n<td>963.76<\/td>\n<td>786.54<\/td>\n<td>584.25<\/td>\n<\/tr>\n<tr>\n<td>Profit After Tax (PAT)<\/td>\n<td>80.71<\/td>\n<td>265.20<\/td>\n<td>229.78<\/td>\n<td>175.16<\/td>\n<\/tr>\n<tr>\n<td>Net Worth<\/td>\n<td>1,160.38<\/td>\n<td>1,075.54<\/td>\n<td>966.45<\/td>\n<td>729.48<\/td>\n<\/tr>\n<tr>\n<td>Total Borrowings<\/td>\n<td>399.20<\/td>\n<td>441.03<\/td>\n<td>507.49<\/td>\n<td>444.83<\/td>\n<\/tr>\n<tr>\n<td>Total Assets<\/td>\n<td>2,101.84<\/td>\n<td>2,170.28<\/td>\n<td>2,085.07<\/td>\n<td>1,769.66<\/td>\n<\/tr>\n<\/table>\n<p><em>Amounts in Rs Crore, restated consolidated figures compiled from published EAAA India Alternatives IPO disclosures and trackers. Assets under management are converted from millions as shown by one tracker.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Ratios_and_Metrics\"><\/span><strong>Key Ratios and Metrics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below summarises the key ratios for the EAAA India Alternatives issue, as published by trackers, plus our own arithmetic. The computed rows are not announced numbers.<\/p>\n<p><em>These ratios offer a quick snapshot of the profitability and balance sheet behind the EAAA India Alternatives IPO.<\/em><\/p>\n<table border=\"1\" cellpadding=\"6\" cellspacing=\"0\" style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">KPI<\/th>\n<th style=\"background:#1F4E79;color:#fff;text-align:left;\">Value<\/th>\n<\/tr>\n<tr>\n<td>Return on Equity (June 2026, tracker)<\/td>\n<td>28.96%<\/td>\n<\/tr>\n<tr>\n<td>PAT Margin (June 2026, tracker)<\/td>\n<td>24.01%<\/td>\n<\/tr>\n<tr>\n<td>Debt to Equity (June 2026)<\/td>\n<td>0.34<\/td>\n<\/tr>\n<tr>\n<td>Net Asset Value per Share (June 2026)<\/td>\n<td>Rs 176.67<\/td>\n<\/tr>\n<tr>\n<td>Earnings per Share FY26 (pre-issue, tracker)<\/td>\n<td>Rs 41.02<\/td>\n<\/tr>\n<tr>\n<td>P\/E at Rs 1,665 on FY26 Earnings<\/td>\n<td>About 40.6x<\/td>\n<\/tr>\n<tr>\n<td>P\/E at Rs 1,665 on Annualised Q1 FY27 Profit (tracker)<\/td>\n<td>About 33.4x<\/td>\n<\/tr>\n<tr>\n<td>Price to Book (March 2026, tracker)<\/td>\n<td>About 10.2x<\/td>\n<\/tr>\n<tr>\n<td>PAT Growth FY26 (computed)<\/td>\n<td>About 15.4%<\/td>\n<\/tr>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Objects_of_the_Offer\"><\/span><strong>Objects of the Offer<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The EAAA India Alternatives IPO is a 100 percent offer for sale, so there are no objects of the issue for the company.<\/p>\n<ul>\n<li>The entire proceeds go to the selling shareholders, subject to issue expenses and taxes<\/li>\n<li>The names of the sellers and their share counts should be confirmed in the RHP, as the sources reviewed did not give reliable figures<\/li>\n<\/ul>\n<p>No fresh capital reaches the company from this issue, although the business already holds net worth of over Rs 1,100 crore.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the Univest iOS App or Univest Android App to track the EAAA India Alternatives IPO and get daily stock recommendations.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><em>Here is the bottom line on the EAAA India Alternatives IPO.<\/em><\/p>\n<p>The EAAA India Alternatives issue offers exposure to a large Indian alternative asset manager with growing assets, strong margins and a stable balance sheet.<\/p>\n<p>The cautions are a full valuation of about 40 times FY26 earnings and 10 times book value, slower profit growth in FY26, dependence on fund raising and markets, and a pure offer for sale.<\/p>\n<p>Overall, investors weighing the EAAA India Alternatives issue should read the Red Herring Prospectus (RHP) for the split between fee income and performance fees, judge whether the valuation matches listed asset manager peers, and match the position size to their own risk profile.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<p>Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"When_does_the_EAAA_India_Alternatives_IPO_open_and_close\"><\/span><strong>When does the EAAA India Alternatives IPO open and close?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The EAAA India Alternatives IPO opens for subscription on 26 October 2026 and closes on 28 October 2026. Allotment is expected on 29 October, and the shares are proposed to list on NSE and BSE on 2 November 2026.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_price_band_and_minimum_investment_for_the_EAAA_India_Alternatives_IPO\"><\/span><strong>What is the price band and minimum investment for the EAAA India Alternatives IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The price band is Rs 1,585 to Rs 1,665 per share with a lot size of 9 shares. One lot needs Rs 14,985 at the upper band, retail investors can bid up to 13 lots (Rs 1,94,805), and small HNI bids start at 14 lots (Rs 2,09,790).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_EAAA_India_Alternatives_do\"><\/span><strong>What does EAAA India Alternatives do?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> EAAA India Alternatives is an alternative investment manager that runs funds in real assets such as infrastructure, commercial real estate and energy transition, and in private credit. It manages assets of about Rs 95,345 crore across 26 active funds.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_EAAA_India_Alternatives_IPO_a_fresh_issue_or_an_offer_for_sale\"><\/span><strong>Is the EAAA India Alternatives IPO a fresh issue or an offer for sale?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> It is a 100 percent offer for sale of 72,07,207 shares worth up to Rs 1,200 crore at the upper band, so the company receives no proceeds. The sources reviewed did not confirm the selling shareholders.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_will_EAAA_India_Alternatives_use_the_IPO_money\"><\/span><strong>How will EAAA India Alternatives use the IPO money?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> It will not, because there is no fresh issue. All money goes to the selling shareholders, so the issue does not fund new capacity or repay company debt.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_EAAA_India_Alternatives_performed_financially\"><\/span><strong>How has EAAA India Alternatives performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Total income rose from Rs 786.54 crore in FY25 to Rs 963.76 crore in FY26, and profit after tax rose from Rs 229.78 crore to Rs 265.20 crore. The June 2026 quarter added income of Rs 336.13 crore and profit of Rs 80.71 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_EAAA_India_Alternatives_IPO_expensive\"><\/span><strong>Is the EAAA India Alternatives IPO expensive?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A tracker shows about 40.6 times FY26 earnings at the upper band and about 10 times book value, with a lower 33.4 times figure that uses the annualised June 2026 quarter. That is a premium valuation, so the pace of fee growth matters.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_risks_in_the_EAAA_India_Alternatives_IPO\"><\/span><strong>What are the main risks in the EAAA India Alternatives IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are a full valuation, slower profit growth in FY26, dependence on fund raising and market conditions, variable performance fees and a pure offer for sale that adds no capital to the company.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_are_the_lead_managers_and_registrar_for_the_EAAA_India_Alternatives_IPO\"><\/span><strong>Who are the lead managers and registrar for the EAAA India Alternatives IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Axis Capital Ltd. is the book-running lead manager, with Jefferies India, Motilal Oswal Investment Advisors and Nuvama Wealth Management as other lead managers, and MUFG Intime India Pvt. Ltd. is the registrar.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_EAAA_India_Alternatives_IPO_a_good_investment\"><\/span><strong>Is the EAAA India Alternatives IPO a good investment?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The EAAA India Alternatives issue offers a large, profitable asset manager, but a full valuation and a pure offer for sale call for caution. Read the prospectus, compare it with listed peers, and size the position to your own risk appetite before applying.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"When does the EAAA India Alternatives IPO open and close?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The EAAA India Alternatives IPO opens for subscription on 26 October 2026 and closes on 28 October 2026. 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The alternative asset manager runs about Rs 95,345 crore of assets across real ass<\/p>\n","protected":false},"author":29,"featured_media":324905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1281],"tags":[5351],"class_list":["post-324906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-mainboard-ipo"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["324905"],"rank_math_title":["EAAA India Alternatives IPO 2026: Price Band and Review"],"rank_math_description":["EAAA India Alternatives IPO opens 26 to 28 October 2026 at Rs 1,585 to Rs 1,665. Read the review of the asset manager, its financials, valuation and risks."],"rank_math_focus_keyword":["EAAA India Alternatives IPO"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/eaaa-india-alternatives-ipo-review-key-details-company-overview-and-financials.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/324906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=324906"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/324906\/revisions"}],"predecessor-version":[{"id":324907,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/324906\/revisions\/324907"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/324905"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=324906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=324906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=324906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}