EAAA India Alternatives Limited, the alternative investment branch of Edelweiss Financial Services, has sent SEBI its DRHP for a ₹1,500 crore Offer for Sale (OFS) IPO. The face value of this mainboard issuance is ₹5 per share. 35% of the shares are set aside for retail investors, and 5% are set aside for employees. A 10% quota keeps shares for Edelweiss Financial Services stockholders. Axis Capital, Jefferies, Motilal Oswal, and Nuvama Wealth are in charge of this. The registrar is Mufg Intime India Pvt Ltd.
IPO Timeline and Key Dates
| Event | Tentative Date | Status |
|---|---|---|
| DRHP Filed | Dec 10, 2024 | Filed |
| SEBI Returned | Mar 27, 2025 | Returned |
| DRHP Re-filing | January 19, 2026 | Filed |
| Issue Open | TBA | – |
| Issue Close | TBA | – |
| Allotment Finalization | TBA | – |
| Listing (BSE/NSE) | TBA | – |
DRHP & RHP Files
| DRHP File | Download PDF |
| RHP File | View Now |
Issue Structure and Lot Details
This book-built OFS totals ₹1,500 crore with no fresh issue, focusing on shareholder exits. Retail gets at least 35%, NII 15%, QIB up to 50%, plus employee and shareholder quotas.
| Category | Allocation | Max Bid Limit | Cut-off Allowed |
|---|---|---|---|
| Retail (RII) | ≥35% Net Offer | ₹2 Lakhs | Yes |
| Small NII (sNII) | ≥15% Net Offer | ₹2-10 Lakhs | No |
| Big NII (bNII) | Balance NII | >₹10 Lakhs | No |
| Employee | 5% | As per RII | Yes |
| Shareholder | 10% | ₹2 Lakhs | Yes |
Grey market premium
No reliable GMP data exists as the IPO awaits resubmission and official pricing. Investor buzz centers on EAAA’s strong AUM growth, but volatility in fund performance raises caution for long-term plays.
Review and Anchor Investors
EAAA stands out with ₹57,262 crore AUM as of September 2024, growing at 33.59% CAGR (FY22-24), driven by real assets and private credit strategies. Strengths include a diverse global client base (3,682 clients) and subsidiary Sekura’s operational edge; risks involve revenue fluctuations and competition. Anchor investors remain unannounced pre-IPO, with no bids yet.
Merchant Bankers and Registrar
Top-tier book-running lead managers handle the issue: Axis Capital, Jefferies India, Motilal Oswal Investment Advisors, and Nuvama Wealth Management. MUFG Intime India serves as registrar.
Allotment and Application Process
Allotment details follow SEBI norms post-bidding close, with basis finalized in 3-5 days and shares credited shortly after. Apply via ASBA/UPI through net banking or brokers like Zerodha.
Promoters and Holding Pattern
Promoters include Edelweiss Financial Services Ltd., Edelweiss Securities & Investments, and Edelweiss Finance Company, holding key stakes pre-issue at around 6.43 crore shares outstanding. Post-OFS, their holding will dilute based on OFS participation.
EAAA India Alternatives Limited Company Information
EAAA India Alternatives Limited is one of India’s best platforms for managing alternative assets. It focuses on private investments and has a large AUM of about ₹57,262 crore as of September 2024. This Mumbai-based company, which was once called Edelweiss Alternative Asset Advisors, was founded in 2008 and offers income and yield solutions through a variety of strategies in real assets, such as infrastructure and renewables, as well as private credit opportunities. EAAA, which is backed by Rashesh Shah and Venkatchalam Ramaswamy of the Edelweiss Group, focuses on markets that are not very well served. It has more than 3,682 domestic and international investors.
The company’s multi-strategy model thrives on its wholly-owned subsidiary Sekura India Management Limited, which handles operations, maintenance, and turnaround for portfolio assets via the POMT team. Key verticals are driving AUM growth at a 33.59% CAGR from FY22 to FY24, with private credit raises of $510 million in 2025 and real asset platforms helping to make this happen. EAAA works with institutional clients, high-net-worth individuals, and businesses all over the world, focusing on the big structural opportunities in India’s rapidly changing economy.
EAAA made ₹584.25 crore in revenue and ₹175.16 crore in PAT in FY24. Their return on equity (ROE) was between 14% and 33%, and their EBITDA margins were 44.69%. This shows that the company is strong even though its revenue has been falling because of market cycles. Strengths include market leadership and liquidity buffers, though risks like asset quality pressures in affiliates persist. As it eyes IPO expansion, EAAA positions itself as a top EAAA India Alternatives IPO contender for yield-focused investors.
Financial Statements of EAAA India Alternatives Ltd.
Consolidated P&L Summary (INR Cr)
| P&L Item | FY23 (2022-23) | FY24 (2023-24) | FY25 (2024-25) |
|---|---|---|---|
| Total Income | 701.23 | 584.25 | 960.16 |
| Profit Before Tax | 340.53 | 212.69 | 230.00 |
| Profit After Tax | 322.19 | 175.16 | 230.00 |
| EBITDA | 360.22 | 254.13 | N/A |
| EPS (₹) | 84.99 | 27.25 | N/A |
Key Notes on Audited Figures
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FY23 (Apr 2022-Mar 2023): Strong growth with PAT of ₹322 Cr on total income ₹701 Cr, reflecting robust deployments and realizations.
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FY24 (Apr 2023-Mar 2024): PAT ₹175 Cr on ₹584 Cr income; moderated due to strategic shifts and costs, but AUM grew to ₹54,654 Cr.
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FY25 (Apr 2024-Mar 2025): PAT ₹230 Cr (up from FY24), supported by AUM at ₹59,640 Cr and diversified strategies; consolidated group profits ₹536 Cr.
Q3 FY26 Financial Snapshot
| Metric (INR Cr) | Q3 FY26 (Dec 25) | Q3 FY25 (Dec 24) | YoY Growth |
|---|---|---|---|
| AUM | 57,775 | 52,100 | +11% |
| ARR AUM | 42,140 | 39,760 | +6% |
| Equity | 918 | 695 | +32% |
| Gross Revenue | 164 | 125 | +31% |
| Opex | 96 | 70 | +37% |
| Profit After Tax (PAT) | 60 | 45 | +33% |
9M FY26 Cumulative Performance
| Metric (INR Cr) | 9M FY26 | 9M FY25 | YoY Growth |
|---|---|---|---|
| PAT (EAAA) | 184 | 136 | +35% |
| Realisations | 4,303 (cumulative recoveries noted) | N/A | +51% |
| Deployments | Significant growth, incl. ₹5,975 Cr deal | N/A | +37% |
Data reflects management reporting from Edelweiss investor presentation; standalone audited P&L for Q3 available via “EAAA Financials Q3 2025-26” on official site. AUM breakdown: 69% Private Credit, 30% Real Assets. For complete balance sheet/income statement, check eaaa.in investor relations.
Financial Growth Trends:
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Total Income Growth: 246% increase from FY23 to 9M FY25
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PAT Growth: 47% increase from FY23 to FY24; 1,069% in 9M FY25
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Assets Growth: 34% increase over 2 years
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Strong profitability margins reflecting the asset management business model
This table provides consolidated figures from EAAA’s official audited (FY23-FY24) and unaudited (9M FY25) financial statements, ideal for your IPO analysis or business research.
Valuation and Peer Comparison
Valuation awaits price band announcement, but peers trade at premiums reflecting AUM scale. EAAA’s EBITDA margin at 44.69% and ROA 6.54% position it competitively against similar alt-investment firms.
| Metric | EAAA (FY24) | Peer Avg |
|---|---|---|
| ROE | 14.23-33.67% | 15-20% |
| ROA | 6.54% | 5-8% |
| EBITDA Margin | 44.69% | 35-45% |
EAAA India Alternatives Office Address & Contact Details
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Registered Office: Edelweiss House, Off C.S.T. Road, Kalina, Mumbai, Maharashtra 400098, India
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Phone: +91 (22) 4009 4700 or +91 22 42722396
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Fax: +91 22 40194990
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Email: eaaa.info@edelweissalts.com
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Website: www.eaaa.in
Registrar Details (MUFG Intime India Pvt Ltd)
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Office Address: C 101, 247 Park, L B S Marg, Vikhroli West, Mumbai 400083, India
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Phone: +91 22 49186000
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Fax: +91 22 49186060
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Email: debtca@in.mpms.mufg.com or rnt.helpdesk@in.mpms.mufg.com
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Website: www.in.mpms.mufg.com
Mr. Nadim Abbas M G is an Intermediate Chartered Accountant with a strong background in Information Technology. He combines his expertise in IT with a deep understanding of the stock market, making him a valuable resource for both financial and technical insights. With hands-on experience in accounting, IT systems, and stock market analysis, Nadim excels in bridging the gap between finance and technology, offering strategic advice and expert guidance in both domains.
