EAAA India Alternatives saw institutional buying worth about Rs 316 crore on its first day of trading on Monday, November 2. HDFC Mutual Fund, Carnelian Asset Management & Advisors and Larsen & Toubro (L&T) were the buyers, according to NSE bulk deal data.
Together, the three bought 18.78 lakh shares of the alternative investment platform.
Who bought what
HDFC Mutual Fund was the biggest buyer. It picked up 8,06,167 shares at a weighted average price of Rs 1,679.75 each, a deal worth roughly Rs 135.4 crore.
Carnelian Asset Management & Advisors bought 7 lakh shares at an average of Rs 1,691.80. That works out to around Rs 118.4 crore.
L&T acquired 3,71,811 shares at a weighted average of Rs 1,682.32, a transaction of about Rs 62.5 crore.
The combined value came to nearly Rs 316.3 crore. All the purchases were made at prices above the IPO issue price of Rs 1,665.
A quiet listing, then a firmer close
The stock had a muted debut. It listed at Rs 1,675.50 on the NSE and Rs 1,673 on the BSE, a premium of less than 1% over the issue price.
Shares strengthened as the session went on. On the NSE, the stock ended the day at Rs 1,727.80. That was about 3.1% above its listing price and 3.8% above the IPO price.
IPO details
The Rs 1,200 crore issue was a book-built offer made up entirely of an offer for sale (OFS) of 72.07 lakh equity shares. The seller was promoter selling shareholder Edelweiss Securities & Investments Pvt.
The offer opened for subscription on October 26 and closed on October 28, 2026. The basis of allotment was finalised on October 29, and the shares listed on November 2.
Overall, the IPO was subscribed 5.51 times. Demand from qualified institutional buyers was the strongest, at 13.80 times their quota. The non-institutional investor portion was subscribed 4.81 times, while the retail portion drew 1.08 times.
The final price was fixed at Rs 1,665 per share. One lot comprised nine shares, so retail investors needed to put in at least Rs 14,985.
Axis Capital Ltd. was the book-running lead manager, and MUFG Intime India Pvt. Ltd. served as registrar to the issue.
Because the whole issue was an OFS, EAAA India Alternatives itself will receive nothing from the public offering. All the money raised goes to the selling shareholder, Edelweiss Securities & Investments Pvt.
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