Last updated: Wed, Oct 28, 2026, 5:00 PM IST · mainboard IPO · NSE & BSE · 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: QIB 13.13x, NII 4.49x, Retail 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 Subscription 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. |
| Registrar | 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 AUM 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. Revenue 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 PAT 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 Promoters 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.