EAAA India Alternatives Limited will open a ₹1,200 crore IPO on Oct. 26, but the existing-share sale sends proceeds to an Edelweiss shareholder instead of raising new capital for the alternatives manager.
The company set a price range of ₹1,585 to ₹1,665 per share. Investors must apply for at least nine shares, with larger bids in multiples of nine. At the upper limit, the smallest lot costs ₹14,985.
EAAA’s Oct. 19 red herring prospectus names Edelweiss Securities & Investments Private Limited as the shareholder selling the stock. The company is a wholly owned subsidiary of Edelweiss Financial Services Limited. All offered shares are existing holdings, leaving EAAA without new funds from the IPO. The prospectus directs proceeds after offer expenses to the selling shareholder.
The current offer ceiling is ₹1,200 crore, or ₹12 billion. That is ₹300 crore below the ₹1,500 crore sale proposed in EAAA’s Jan. 19 draft red herring prospectus, read with an Aug. 13 addendum. Both proposals involve sales of existing shares. EAAA’s Oct. 20 filing gives no reason for the lower ceiling.
EAAA’s strategy page lists infrastructure, commercial real estate, listed infrastructure investment trusts, energy transition and private equity, as well as four credit strategies. The announced sale was outlined in an earlier EconoTimes report on the IPO plan; the current disclosure adds the price range and minimum lot.
Anchor bidding is scheduled for Friday, Oct. 23. Public bidding is set to run from Monday, Oct. 26, through Wednesday, Oct. 28, according to company and exchange disclosures.
