EAAA India Alternatives IPO of ₹1,200 Cr opens Oct 26; price band ₹1,585–1,665
The Edelweiss-backed alternatives platform will sell shares only through an offer for sale, so the company gets no money.
The 30-second read
- EAAA India Alternatives opens its ₹1,200 crore IPO on October 26 and closes it on October 28.
- The price band is Rs 1,585–1,665 per share, a valuation of Rs 10,765 crore at the top end.
- Every share in the offering is being sold by an existing holder. The company receives no proceeds.
EAAA India Alternatives will open its IPO of Rs 1,200 crore on October 26. The issue closes on October 28. Anchor bidding is on October 23. The price band is Rs 1,585–1,665 per share.
At the upper end of the band, the company is valued at Rs 10,765 crore, first reported by Business Today. Business Today also reported that shares are expected to list on November 2.
Every share on offer is being sold by an existing holder, with no fresh issue. Business Today named the seller as promoter entity Edelweiss Securities and Investments, and The Economic Times described the issue as an offer for sale by Edelweiss Group. The company will not receive any proceeds. Edelweiss Financial Services was founded by Rashesh Shah and Venkat Ramaswamy, as first reported by Business Today.
The Economic Times reported that the IPO size was cut to Rs 1,200 crore from Rs 1,500 crore. The draft papers were filed in January. In March, Edelweiss Financial Services sold 4.4% of common equity in EAAA for Rs 375 crore. EAAA has offices in Mumbai, New Delhi, GIFT City and Singapore.
Why it matters
Indian investors can bid for a stake in an alternatives platform backed by Edelweiss. Since it is a pure offer for sale, the money goes to the selling shareholder, not the company.
The data
| Event | Date |
|---|---|
| Anchor bidding | October 23 |
| IPO opens | October 26 |
| IPO closes | October 28 |
| Expected listing | November 2 |