EAAA India Alternatives Ltd, the alternative investment arm of the Edelweiss group, is targeting a valuation of as much as Rs 10,765 crore ($1.1 billion) in its initial public offering that opens next week.
The company has set a price band of Rs 1,585-1,665 per share for the IPO, according to a disclosure. The IPO comprises only an offer for sale of Rs 1,200 crore by its promoter Edelweiss Securities and Investments and the company is not issuing any fresh shares, according to its red herring prospectus.
The IPO will open for bidding on October 26 and close two days later.
This is the firm’s second attempt to list on bourses after the first attempt was stalled when the Securities and Exchange Board of India made certain observations about financial disclosures.
In December 2025, VCCircle reported that the company’s plan to list on bourses was back on track. The company refiled for the IPO in January this year and received regulatory approval in April.
The company initially planned for an IPO of Rs 1,500 crore but reduced the size after its promoter group sold a 4.4% stake via private placements to several investors for Rs 375 crore in March.
Currently, the promoter and promoter group holds an around 95% stake in the company.
EAAA is the third alternative fund manager to go public in the past couple of years, after Gaja Alternative Asset Management and Nisus Finance Services. Gaja listed in August this year while Nisus went public in December 2024.
The Edelweiss arm operates private credit, real asset, and private equity strategies. The limited partners in its funds include pension funds and insurance companies from the US, Canada, Europe, Australia, besides domestic institutions, family offices, and high-net-worth-individuals.
The company’s net profit rose to Rs 265 crore in the financial year ended March 2026 from around Rs 230 crore the year before. Its top line jumped to nearly Rs 870 crore in FY26 from Rs 670 crore.
The fee-paying assets under management rose to Rs 44,710 crore as on March 31, from Rs 33,833 crore a year ago. This metric has jumped 23.4% in the past three years.
The real assets vertical makes up nearly 60% of the fee-paying assets under management as on June 30, while the private credit vertical makes up around 40%.
The management and advisory fees, which are generally charged as a percentage of capital committed, capital invested and net asset value, rose to Rs 579 crore in FY26 from nearly Rs 480 crore the year before. In recent years, these fees formed over 60% of its revenue.