EAAA India Alternatives plans to resubmit draft red herring prospectus

Sebi returned DRHP with observations on 'reclassification between revenue lines'

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EAAA India Alternatives, the alternative investment arm of Edelweiss Financial Services, plans to resubmit its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offer (IPO).

 

The market regulator returned the Rs 1,500 crore IPO application by EAAA on March 27. EAAA is the first pure-play alternative investment manager in the country to have filed draft documents for listing.

 

The firm had filed for the IPO, which is going to be an offer for sale, in December 2024. Sebi has returned the DRHP with observations regarding “inter-se reclassification between revenue lines”.

 

“EAAA is working with its advisers to incorporate the necessary changes and will resubmit the DRHP,” said the company in a statement.

 

It added that such reclassification will bear no impact on the company’s total revenue or profitability disclosed in the DRHP.

 

Axis Capital Limited, Jefferies India, Motilal Oswal Investment Advisors Limited, and Nuvama Wealth Management Limited are the book-running lead managers for the public issue.

 

EAAA India Alternatives manages India-focused funds across strategies including private credit and real assets, catering to institutional investors, ultra high net-worth individuals, and family offices.

 

The company’s assets under management (AUM) stood at Rs 57,775 crore as of December 2024, registering an 11 per cent growth year-on-year. EAAA had reported profitability of Rs 184 crore for the nine-month period.

 

While several asset management companies are listed on the stock exchanges, there have not been any new listings from the private capital management industry other than IL&FS Investment Managers and Nisus Finance.