EAAA India Alternatives IPO Day 3: Subscribed 4.96x; QIB Demand at 13.13x
Key Highlights
EAAA India Alternatives IPO (₹882 crore mainboard IPO) was subscribed 4.96x on Day 3 of 3, with QIB at 13.13x.
Last updated: Wed, Oct 28, 2026, 5:00 PM IST · mainboard · & · Day 3 of 3
- EAAA India Alternatives IPO subscribed 4.96x overall on Day 3, up from 0.33x on Day 2
- Total bids: 2,63,07,765 shares against 52,99,684 shares on offer
- Category-wise: 13.13x, 4.49x, 0.50x
- Price band: ₹1585 to ₹1665 per share
- The issue closes on Wed, Oct 28, 2026
The EAAA India Alternatives IPO closed on day 3 of 3 with an overall subscription multiple of 4.96x as of 5:00 PM IST on October 28, 2026. The QIB category led the bidding at 13.13x. The total subscription rose significantly from the 0.33x recorded on day 2.
EAAA India Alternatives IPO Status: Day 3
Day-wise subscription
| Day | Date | Total bids (shares) | Bid value at upper band (₹ crore) | Subscribed (x) |
|---|---|---|---|---|
| Day 1 | Mon, Oct 26, 2026 | 5,89,419 | 98.14 | 0.11x |
| Day 2 | Tue, Oct 27, 2026 | 17,47,944 | 291.03 | 0.33x |
| Day 3 | Wed, Oct 28, 2026 | 2,63,07,765 | 4,380.24 | 4.96x |
Category-wise subscription
| Category | Shares offered | Day 2 bids | Day 2 (x) | Day 3 bids | Day 3 (x) |
|---|---|---|---|---|---|
| QIB | 15,14,195 | 6,87,609 | 0.45x | 1,98,84,087 | 13.13x |
| NII | 11,35,647 | 7,79,652 | 0.69x | 50,93,712 | 4.49x |
| of which individual NII | — | 5,34,249 | — | 33,48,747 | — |
| of which corporate NII | — | 2,42,235 | — | 13,78,503 | — |
| of which other NII | — | 3,168 | — | 3,66,462 | — |
| Retail | 26,49,842 | 2,80,683 | 0.11x | 13,29,966 | 0.50x |
| Total | 52,99,684 | 17,47,944 | 0.33x | 2,63,07,765 | 4.96x |
The QIB category, representing qualified institutional buyers, subscribed 13.13x, while the NII category, or non-institutional investors bidding above ₹2 lakh, reached 4.49x. The retail category subscribed 0.50x, remaining below its quota. The sharp increase in the overall subscription multiple from 0.33x on day 2 to 4.96x on day 3 was primarily driven by institutional interest.
EAAA India Alternatives IPO Offer Details
| Field | Value |
|---|---|
| IPO date | Mon, Oct 26, 2026 to Wed, Oct 28, 2026 |
| Listing date | To be announced |
| Face value | ₹5 per share |
| Price band | ₹1585 to ₹1665 per share |
| Lot size | 9 shares |
| Total issue size | 52,99,684 shares (₹882 crore) |
| Listing at | NSE & BSE |
| Lead managers | Axis Capital Ltd., Jefferies India Pvt Ltd., Motilal Oswal Investment Advisors Pvt Ltd, Nuvama Wealth Management Ltd. |
| MUFG Intime India Pvt Ltd. |
About EAAA India Alternatives
EAAA India Alternatives Ltd. is an alternatives platform in India with over 15 years of experience. As per the DRHP, the company manages an of ₹655,039.75 million as of September 30, 2025. It operates a multi-strategy platform across two verticals: Real Assets, which invests in infrastructure and commercial real estate, and Private Credit, which focuses on debt or convertible debt instruments. The firm serves global and domestic institutional investors, ultra-high net worth individuals, and family offices. is generated through management and advisory fees, general partner income, and variable additional returns.
EAAA India Alternatives Financial Highlights
| Metric | FY 2025-26 | FY 2024-25 | FY 2023-24 |
|---|---|---|---|
| Revenue from operations (₹ crore) | 8,695.40 | 670.26 | 492.58 |
| Total income (₹ crore) | 9,637.59 | 786.54 | 587.90 |
| Profit after tax (₹ crore) | 2,651.97 | 229.78 | 175.16 |
| Net worth (₹ crore) | 10,755.36 | 966.45 | 499.48 |
| Total borrowings (₹ crore) | 1,910.27 | 165.83 | 267.98 |
Revenue from operations grew 36.1% in FY 2024-25 and 1197.3% in FY 2025-26. Profit after tax increased 31.2% in FY 2024-25 and 1054.1% in FY 2025-26. The margin was 35.56% in FY 2023-24, 34.28% in FY 2024-25, and 30.5% in FY 2025-26.
Risk Factors as per the DRHP
- The company faces risks related to its dependence on Management and Advisory Fees, GP Income, and Variable Additional Return, which accounted for a significant portion of its revenue.
- Historical growth rates may not be indicative of future performance, and the company notes that valuation subjectivity for certain assets could impact its reported financial position.
- Material risks include the potential failure of clients to honor capital calls, extensive regulatory requirements, and the possibility of fund underperformance impacting the business.
- The company faces liquidity risks and potential lack of access to credit, with total borrowings rising to ₹1,910.27 crore in FY 2025-26.
- Potential conflicts of interest with and Directors are identified as a material risk factor that could affect the company’s operations and decision-making processes.
How to Check EAAA India Alternatives IPO Subscription Status
Live bidding figures are published by NSE & BSE while the issue is open. Once it closes, allotment status is published by the registrar, MUFG Intime India Pvt Ltd. (https://in.mpms.mufg.com/).
This article is for information only and is not investment advice. Subscription figures are based on exchange data as of Wed, Oct 28, 2026, 5:00 PM IST and can change. IPO investments are subject to market risks; read the offer document carefully before investing.