Summary:
EAAA India Alternatives’ ₹1,200-crore IPO opens on October 26, 2026, with a price band of ₹1,585–₹1,665 per share. The offer is entirely an OFS. Investors should assess its fee-paying AUM, earnings growth, valuation and performance-linked income risks.
EAAA India Alternatives Limited has launched its ₹1,200 crore initial public offering (IPO) for subscription on Monday, October 26, 2026. The issue, priced in a band of Rs 1,585-1,665 per share, will remain open till October 28. At the upper price band, the company has a market capitalisation of around ₹10,765 crore and a valuation of around 40.6 times its FY26 earnings.
EAAA IPO: Price Band, Lot Size & Key Dates
The public issue is merely a sale offer (OFS) of up to 72.07 lakh equity shares by an existing promoter shareholder. As such, EAAA will not receive any proceeds from the offering.
| IPO Details | Details |
| Issue size | ₹1,200 crore |
| Price band | ₹1,585–₹1,665 |
| Lot size | 9 share(s) |
| Minimum retail investment | ₹14,985 |
| IPO open | 26 October 2026 |
| IPO close | 28 October 2026 |
| Expected allotment date | 29 October 2026 |
| Tentative listing | November 2, 2026 |
| Exchanges Listing | NSE & BSE |
The issue marks the company’s debut in the public equity market. It will be traded under NSE symbol EDELALTS but trading will start only after listing.
What does EAAA India Alternatives offer?
EAAA is an alternative investment platform in real assets and private credit.
Its real assets business invests in infrastructure, commercial real estate and energy projects. Private credit provides structured financing solutions through debt and convertible instruments.
As of June 30, 2026, the company managed assets under management (AUM) of ₹95,345 crore.
Total AUM however is different than fee-paying AUM, which drives much of the company's recurring management fee income.
As of June-end 2026, the fee-based AUM was about ₹48,623 crore and it had 26 active schemes across the two business segments.
Alternative investment funds differ from traditional mutual funds in that they are generally longer-term investments with capital commitments that last for several years.
Financials: FY26 Profits +15%
EAAA reported increased income and profitability in FY26.
| Financial Metric | FY25 | FY26 |
| Total income | ₹786.54 crore | ₹963.76 crore |
| Profit after tax | ₹229.78 crore | ₹265.20 crore |
| Net worth | ₹966.45 crore | ₹1,075.54 crore |
| Borrowings | ₹507.49 crore | ₹441.03 crore |
Profit was up 15.4% and total income was up roughly 22.5% YoY.
Borrowings decreased by approximately 13.1%, reflecting lower debt outstanding.
The company posted a total income of ₹336.13 crore and profit after tax of ₹80.71 crore for the Q1FY27.
Also, a large portion of the company’s earnings is driven by performance related fees, which may differ depending on investment exits and fund returns.
IPO Valuation and Market Outlook
At ₹1,665 a share, EAAA's implied market cap is about ₹10,765 crore.
The IPO is priced at about 40.6 times the FY26 profit and the P/E based on diluted EPS is about 41.25 times.
The company’s future performance will depend on growth in fee-paying assets, fundraising activity and investment exits, and its ability to generate recurring management fees.
Key risks include market volatility, delayed exits, private credit defaults and volatility in performance-linked income.
