EAAA India Alternatives Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI), for a ₹1,500 crore Initial Public Offering (IPO).

The offer, with a face value of ₹5 per share, will be entirely an offer-for-sale (OFS) of up to ₹1,500 crore by Edelweiss Group.

The Issue is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, while not less than 15% is reserved for non-institutional investors and not less than 35% is earmarked for retail individual investors. This allocation structure is intended to balance participation between large institutions, high-net-worth investors and retail investors, while ensuring adequate access for individual investors in the offering.

The issue also includes a reservation for eligible employees and shareholders of EAAA. The employee reservation portion shall not exceed 5% of the post-offer paid-up equity share capital, with eligible employees permitted to apply at the cut-off price and a discount on the issue price may be offered, subject to applicable regulations. In addition, the EFSL shareholder reservation portion shall not exceed 10% of the total offer size, allowing eligible EFSL public shareholders to participate in the issue at the cut-off price, in accordance with SEBI guidelines.

Incorporated in 2008, EAAA India Alternatives is one of the leading alternatives platforms in India, 15 years of experience of managing long-term patient capital with an AUM of ₹655.04 billion as of September 30, 2025. It operates a diversified, multi-strategy platform in large, under-tapped, and fast-growing alternative asset classes, focusing on providing income and yield solutions to its clients. The company has its offices in Mumbai, New Delhi, GIFT City, and Singapore.

EAAA focuses on Real Assets, which invests into Infrastructure (including Energy and Transportation) and Commercial Real Estate assets with low counterparty risks and long residual tenures and Private Credit which provides flexible financing solutions across the risk spectrum. EAAA has an investment team of 80 seasoned professionals, asset management team of 57, backed by senior management with 18+ years’ average experience.

The company’s wholly-owned subsidiary, Sekura India Management Limited (Sekura), is part of its asset operating and management team, and proficiently supports its various business verticals, including operations, maintenance, monitoring, efficiency improvement, and turn around management.

As of September 30, 2025, EAAA’s FPAUM totalled ₹385.21 billion Over the last 3 financial years, our FPAUM grew at a compounded annual growth rate (“CAGR”) of approximately 26.24% from ₹168.19 billion in Financial Year 2022 to ₹338.33 billion in Financial Year 2025.

Most of its large funds are in or entering their third and fourth series, and it has consistently been able to raise capital across these series, indicating its ability to generate sustainable performance, maintain client confidence, and adapt to market conditions.

In the last three financial years and the six months ended September 30, 2025, the company raised capital commitments aggregating to ₹352.70 billion, deployed investments aggregating to ₹265.66 billion, and realised investments aggregating to ₹301.36 billion.

For FY25, the company reported 3-year FPAUM growth of 26.24%, PAT yield of 0.72%, and ROE of 27.10%. Revenue from operations rose to Rs 670.2 crore (vs. Rs 492.5 crore in FY24), with net profit at Rs 229.7 crore (vs. Rs 175 crore in FY24).

74% of AUM comprised commitments from repeat clients, highlighting deep trust and long-standing relationships. The company is an experienced player, catering to a diverse client base of global and domestic institutional clients and manages India focused funds across its business verticals. It has invested significant time and resources over the years in building a global, scalable, coverage platform for a diverse client base including institutional investors, pension funds, insurance companies, ultra-high net worth individuals (UHNIs), high net worth individuals (HNIs) and family offices across India and the Rest of the world (North America, Europe, etc.). As of September 30, 2025, through the funds that it managed, the company had 5,398 client relationships globally and in India, including 1,179 repeat clients (clients who have invested in more than one of our funds) and 4,431 clients added from April 1, 2022 to September 30, 2025.

Axis Capital Limited, Jefferies India Private Limited, Motilal Oswal Investment Advisors Limited, and Nuvama Wealth Management Limited are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.