EAAA India Alternatives Limited

Red Herring Prospectus dated October 19, 2026

Summary

The IPO is an offer for sale of ₹1,200.00 crore by existing shareholders; EAAA India Alternatives Limited receives none of the money. The price band is ₹1585 to ₹1665 per share.

The review found 4 points to read closely and 8 worth checking.

Read closely

1. Criminal proceedings against the company, its directors or individual promoters
2. Finance and compliance heads are new or have turned over
3. Director resignations
4. Profits are not converting into operating cash

How the capital was built

• The last priced issue of shares was on 8 May 2024: 1,32,94,798 shares to the promoters at ₹173 each (₹86.5 in today's shares) (1 allottee, including people linked to the promoters), 41.1% of the pre-issue capital, at 1.0 times the price of the previous issue 1 month earlier; it came about 2 years before this prospectus.
• Later allotments to employees or an employee trust (2, the latest on 1 Sept 2026 at ₹933 a share) are not counted as priced issues, since their price is set for staff rather than agreed with investors.
• From the first priced issue (14 May 2008, ₹5 in today's shares) to the last, the price per share rose 17 times over 16 years.
• The price band of ₹1,585 to ₹1,665 is 18.32 to 19.25 times the last issue price (₹86.5, 8 May 2024).

Conclusion

Of the 4 points to read closely, 3 concern the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters; finance and compliance heads are new or have turned over; director resignations) and 1 concerns the financial statements. These could not be scored automatically and need reading: group entities in the same business; contingent liabilities; guarantees given for group entities. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue; issue price is a large multiple of promoters' cost. The pages to read are 50, 282, 292, 294, 315 and 422.