EAAA India Alternatives files IPO papers; Edelweiss to divest ₹1,500 crore stake via OFS
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EAAA India Alternatives Limited has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) to raise ₹1,500 crore through an initial public offering (IPO) route.
The proposed issue, with a face value of ₹5 per equity share, is entirely an offer for sale (OFS) of up to ₹1,500 crore by Edelweiss Group. As a result, the company will not receive any proceeds from the issue.
As per the DRHP, the company has reserved half of the issue for qualified institutional buyers (QIBs), up to 15% for non-institutional investors (NIIs), and remaining 35% for retail individual investors (RIIs).
The issue also includes a reservation for eligible employees and shareholders. The employee reservation will not exceed 5% of the post-offer paid-up equity share capital, with eligible employees allowed to apply at the cut-off price and potentially offered a discount, subject to regulatory approvals. Additionally, the shareholder reservation for eligible Edelweiss Financial Services Limited (EFSL) public shareholders will not exceed 10% of the total offer size, allowing participation at the cut-off price, as per the offer document filed with the Sebi.
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Incorporated in 2008, EAAA India Alternatives is among the leading alternative asset management platforms in India, with over 15 years of experience in managing long-term patient capital. As of September 30, 2025, the company managed assets under management (AUM) of ₹655.04 billion. It operates a diversified, multi-strategy platform across large, under-penetrated and fast-growing alternative asset classes, with a focus on delivering income and yield solutions to clients.
The company’s investment strategy spans real assets—including infrastructure (energy and transportation) and commercial real estate assets with low counterparty risk and long residual tenures—as well as private credit, which provides flexible financing solutions across the risk spectrum. EAAA operates from offices in Mumbai, New Delhi, GIFT City and Singapore, supported by an investment team of 80 professionals and an asset management team of 57, led by senior management with an average experience of over 18 years.
Its wholly owned subsidiary, Sekura India Management Limited, forms part of the asset operations and management platform and supports key functions such as operations, maintenance, monitoring, efficiency enhancement and turnaround management across business verticals.
As of September 30, 2025, EAAA’s fee-paying AUM (FPAUM) stood at ₹385.21 billion. Over the last three financial years, FPAUM grew at a compound annual growth rate (CAGR) of 26.24%, rising from ₹168.19 billion in FY22 to ₹338.33 billion in FY25. Most of the company’s flagship funds are currently in, or entering, their third and fourth series, reflecting consistent capital-raising capability and sustained investor confidence.
During the last three financial years and the six months ended September 30, 2025, the company raised capital commitments of ₹352.70 billion, deployed investments worth ₹265.66 billion, and realised investments amounting to ₹301.36 billion.
For FY25, EAAA reported revenue from operations of ₹670.2 crore, up from ₹492.5 crore in FY24, while net profit rose to ₹229.7 crore from ₹175 crore a year earlier. Over the three-year period, the company delivered FPAUM growth of 26.24%, a PAT yield of 0.72%, and a return on equity (ROE) of 27.10%.
Notably, 74% of the company’s AUM comprises commitments from repeat clients, underlining strong client trust and long-standing relationships. As of September 30, 2025, EAAA had 5,398 client relationships globally and in India, including 1,179 repeat clients, with 4,431 clients added between April 1, 2022 and September 30, 2025. Its client base includes global and domestic institutional investors, pension funds, insurance companies, UHNIs, HNIs and family offices across India, North America and Europe.
Axis Capital Limited, Jefferies India Private Limited, Motilal Oswal Investment Advisors Limited and Nuvama Wealth Management Limited are the book-running lead managers to the issue, while MUFG Intime India Private Limited is the registrar.