EAAA India draws HDFC MF, Carnelian Asset, and L&T in Rs 316 crore listing-day bulk deals

EAAA India Alternatives attracted buying worth around Rs 316 crore from HDFC Mutual Fund, Carnelian Asset Management & Advisors and Larsen & Toubro (L&T) in listing-day bulk deals on Monday, November 2, as the alternative investment platform made its debut on the domestic stock exchanges.

The three entities cumulatively purchased 18.78 lakh shares of the company, according to NSE bulk deal data.

HDFC Mutual Fund was the largest buyer, acquiring 8,06,167 shares at a weighted average price of Rs 1,679.75 apiece. The transaction was valued at approximately Rs 135.4 crore.


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Carnelian Asset Management & Advisors purchased 7 lakh shares at an average price of Rs 1,691.80, translating into a deal value of around Rs 118.4 crore.

Larsen & Toubro, meanwhile, bought 3,71,811 shares at a weighted average price of Rs 1,682.32. The transaction amounted to approximately Rs 62.5 crore.

Together, the three buyers acquired shares worth nearly Rs 316.3 crore, making EAAA India Alternatives one of the notable stocks in Monday's bulk deal activity.

(Source: NSE)

Earlier today, EAAA India Alternatives made a muted debut on the stock exchanges, listing at Rs 1,675.50 on the NSE and Rs 1,673 on the BSE, against its IPO issue price of Rs 1,665. The listing premium was less than 1%.

However, the stock gained ground during the trading session and settled at Rs 1,727.80 apiece on the NSE. This represented a gain of around 3.1% over its listing price and 3.8% over the IPO issue price.

The bulk deal purchases were executed at prices ranging from Rs 1,679.75 to Rs 1,691.80, all above the company's IPO issue price.

EAAA India Alternatives IPO details

The Rs 1,200 crore EAAA India Alternatives IPO was a book-built issue comprising entirely an offer for sale (OFS) of 72.07 lakh equity shares by promoter selling shareholder Edelweiss Securities & Investments Pvt.

The public issue opened for subscription on October 26 and closed on October 28, 2026. The basis of allotment was finalised on October 29, with the shares listing on the NSE and BSE on November 2.

The IPO received an overall subscription of 5.51 times. The qualified institutional buyer (QIB) category was subscribed 13.80 times, while the non-institutional investor (NII) segment saw 4.81 times subscription. The retail investor portion was subscribed 1.08 times.

The company fixed the final issue price at Rs 1,665 per share, with a lot size of nine shares. Retail investors were required to make a minimum investment of Rs 14,985.

Axis Capital Ltd. acted as the book-running lead manager, while MUFG Intime India Pvt. Ltd. was the registrar to the issue.

Since the IPO was entirely an OFS, EAAA India Alternatives will not receive any proceeds from the public offering. The entire amount raised will accrue to the selling shareholder, Edelweiss Securities & Investments Pvt.

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