EAAA India Alternatives IPO - Day 3: 5.51x subscribed, Retail portion at 1.08x

Key takeaways:

EAAA India Alternatives is one of India's leading alternative asset management platforms, managing total Assets Under Management (AUM) of ₹95,344.88 crore.
The EAAA India Alternatives IPO is a book-built offering of up to ₹1,200 crore. It is entirely an offer for sale (OFS) with no fresh issue component.
The subscription window closed on Wednesday, October 28, 2026, and on Day 3 end, the issue achieved an overall subscription of 5.51 times.
The allotment is scheduled to be finalised on Thursday, October 29, 2026.
The stock market listing will tentatively take place on Monday, November 2, 2026, on both the BSE and NSE.

Wednesday, October 28, 2026, marks the last day of the three-day subscription period for the EAAA India Alternatives IPO. After witnessing muted participation over the first two days of bidding, the public issue crossed the full subscription on Day 3, driven by a strong surge in demand from institutional investors. Overall, the IPO recorded a total subscription of 5.51 times.

Key details of the EAAA India Alternatives IPO

For investors tracking this mainboard offering, the key details regarding the issue structure, pricing, and valuation are as follows:

Parameter	Details
Issue Size	Up to ₹1,200 crore
Fresh Issue	Nil
Offer for Sale (OFS)	Up to ₹1,200 crore (72,07,207 shares)
Selling Shareholder	Edelweiss Securities and Investments Private Limited (promoter)
Price Band	₹1,585 to ₹1,665 per share
Face Value	₹5 per share
Lot Size	9 shares
Minimum Retail Investment	₹14,985 (1 lot at upper band)
Pre IPO P/E	~40.59x ( at EPS of ₹41.02)
Market Cap at Upper Band	~₹10,765.10 crore
Book Running Lead Managers	Axis Capital, Jefferies India, Motilal Oswal Investment Advisors, Nuvama Wealth Management
Registrar	MUFG Intime India Pvt. Ltd.
Listing Exchanges	BSE & NSE

Key dates for the EAAA India Alternatives IPO

The tentative schedule for the upcoming events is outlined below:

Event	Date
Anchor Investor Bidding	Friday, October 23, 2026
IPO Subscription Opens	Monday, October 26, 2026
IPO Subscription Closes	Wednesday, October 28, 2026 (Today)
Allotment Finalisation	Thursday, October 29, 2026
Refund Initiation	Friday, October 30, 2026
Credit of Shares to Demat Account	Friday, October 30, 2026
Listing on BSE & NSE	Monday, November 2, 2026

About EAAA India Alternatives

EAAA India Alternatives Limited was incorporated on May 14, 2008 and is the alternative asset management arm of the Edelweiss Group. Previously called Edelweiss Alternative Asset Advisors Limited.

The company runs an alternative investment management platform focused on India's real assets and private credit markets, with a presence in Mumbai, New Delhi, GIFT City and Singapore.

As of June 30, 2026, its assets under management (AUM) stood at ₹95,344.88 crore, of which fee-paying AUM was ₹48,623 crore, across 11,009 client relationships.

Earlier, on March 9, 2026, Edelweiss Financial Services said it had sold a 4.4% stake in EAAA for ₹375 crore, with the shares going to key limited partners and select individual investors.

The company's financial performance has grown steadily. In the quarter ended June 30, 2026, total income was ₹336.13 crore, and PAT was ₹80.71 crore.

Last-day subscription status

After finishing Day 1 at 0.12 times and Day 2 at 0.35 times, bidding accelerated sharply on Day 3 as institutional buyers and large HNIs deployed bulk capital in the closing sessions. The issue reached a cumulative subscription of 5.98 times till the Day 3 bidding session ended. The category-wise subscription progression across all three days of the bidding window is detailed below:

Category	Subscription (Day 1)	Subscription (Day 2)	Subscription (Day 3)	Total Subscription
Qualified Institutional Buyers (QIB)	0.08x	0.48x	13.80x	14.36x
Non-Institutional Investors (NII)	0.33x	0.72x	4.81x	5.86x
bNII (bids above ₹10 lakh)	0.49x	1.02x	6.21x	7.72x
sNII (bids of ₹2 lakh to ₹10 lakh)	0.02x	0.13x	2.00x	2.15x
Retail Individual Investors (RII)	0.04x	0.11x	1.08x	1.23x
Overall subscription on each day	0.12x	0.35x	5.51x	5.98x

What’s next?

With the three-day bidding window concluding, the allotment for the EAAA India Alternatives IPO is expected to be finalised on Thursday, October 29, 2026. Applicants can check their allotment status on the website of the registrar, MUFG Intime India, NSE and BSE once the allotment is finalised.

After finalisation of allotment, credit of equity shares to the demat accounts of successful allottees and unblocking (or initiation of refunds) of the ASBA funds will start from Friday, October 30, 2026. Listing of shares on the NSE and BSE will take place on Monday, November 2, 2026.