EAAA India Alternatives mops up Rs 360 crore from anchor investors; IPO opens on Oct 26

EAAA India Alternatives has raised around Rs 360 crore from anchor investors ahead of its initial public offering (IPO), which opens for public subscription on October 26. The alternative investment management platform informed the stock exchanges that it had allotted 21,62,161 equity shares to anchor investors at Rs 1,665 apiece, the upper end of the IPO price band.

The anchor book saw participation from marquee global institutional investors, including Norway’s Government Pension Fund Global, one of the world’s largest sovereign wealth funds managed by Norges Bank Investment Management, and global asset manager Schroders. Other long-only foreign institutional investors also participated in the placement. Domestic mutual funds accounted for a significant share of the anchor allocation, with all five of India’s largest mutual fund houses — HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund and Kotak Mahindra Mutual Fund — participating in the book.

In all, 10 mutual funds invested in the anchor round, accounting for 61% of the total allocation. Other participating fund houses included Bandhan Mutual Fund, HSBC Mutual Fund, 360 ONE Mutual Fund, Abakkus Mutual Fund and Trust Mutual Fund. Indian asset managers such as Carnelian, 360 ONE, Unifi and Nuvama also participated in the anchor placement.

IPO details

The Rs 1,200-crore IPO of EAAA India Alternatives is entirely an offer for sale (OFS), through which promoter Edelweiss Securities and Investments Private Limited will divest 72.07 lakh shares. The company will not receive any proceeds from the issue, with the proceeds accruing to the selling promoter.

The IPO has a price band of Rs 1,585-1,665 per share and will remain open for subscription from October 26 to October 28.

The minimum application size for retail investors is nine shares, translating into an investment of Rs 14,985 at the upper end of the price band.

The allotment is expected to be finalised on October 29, while the shares are tentatively scheduled to list on the BSE and NSE on November 2.

Axis Capital, Jefferies, Motilal Oswal and Nuvama are the book-running lead managers to the issue. Shardul Amarchand Mangaldas, Cyril Amarchand Mangaldas and Linklaters are among the legal advisers associated with the offering.

About EAAA India Alternatives

EAAA India Alternatives is an alternative investment management platform focused on India’s real assets and private credit markets. The company manages investment funds and provides alternative investment solutions to domestic and global institutional investors, high-net-worth individuals, ultra-high-net-worth individuals and family offices.

Its operations are organised primarily across two verticals — Real Assets and Private Credit — alongside portfolio management services and other investment solutions.

The Real Assets business invests in infrastructure, commercial real estate, perpetual capital and energy transition opportunities through equity, quasi-equity and debt instruments. Its Private Credit business provides financing across performing credit, special situations, real estate credit and investment-grade credit. The platform also offers co-investment opportunities through portfolio management services.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here