Quick Answer: EAAA India Alternatives' ₹1,200 crore IPO closed on 28 October 2026 subscribed 5.25 times on NSE data, after a final-day surge led by institutional buyers. Qualified institutional buyers bid 13.13 times their portion, non-institutional investors 4.58 times, and retail investors just 1.03 times. Allotment is expected today, 29 October, with listing on BSE and NSE on 2 November.

A slow IPO that changed on the last day

For two days, EAAA India Alternatives' IPO looked like it might not even get fully subscribed: 0.11 times after day one, 0.33 times after day two. Then, on the final day of bidding, Wednesday 28 October, institutional demand arrived in force and the book closed at 5.25 times. It is a useful case study in how Indian IPO books work: smaller investors often bid early, but the largest category frequently waits until the last hours. EAAA India Alternatives is the Edelweiss group's alternative investment platform, managing long-term capital across real assets — infrastructure, commercial real estate and energy transition — and private credit. It serves institutional and high-net-worth clients, was incorporated in 2008, and operates from Delhi, Mumbai, GIFT City and Singapore.

The final numbers, as reported from NSE data

The headline figures, reported by Moneycontrol, The Economic Times, Upstox and PTI-based reports from NSE data, are: - Overall subscription: 5.25 times - Bids received: about 2.78 crore shares, against 52,99,684 shares on offer - Qualified institutional buyers (QIBs): 13.13 times - Non-institutional investors (NIIs): 4.57–4.58 times (outlets differ by a hundredth on rounding) - Retail individual investors: 1.03 times The exact bid count varies slightly by outlet and timestamp — Moneycontrol reports 2,78,19,185 bids, PTI-based reports 2,78,19,540, and The Economic Times 2,78,11,539 — but every NSE-based report agrees on the multiples above. That agreement matters more than the last few thousand bids: the story is the same in every version.

Why some trackers say 5.51x instead of 5.25x

Readers who check IPO trackers may see a second headline figure, 5.51 times, and wonder which one is right. Both figures come from the same bids; they differ only in the denominator. The 5.25 times figure divides bids by the 52,99,684 shares shown as on offer in NSE-based reports. The 5.51 times figure divides the same bids by the 50,45,046 shares in the public portion excluding the anchor allocation. Anchor investors had already taken 21,62,161 shares for about ₹360 crore at the upper band price of ₹1,665 before the issue opened. This article leads with the NSE-based 5.25 times figure, because that is the figure carried by the mainstream NSE-data reports, and flags the 5.51 times tracker figure here so readers are not confused when they see it elsewhere. Neither figure is a prediction about the listing price.

Day by day: how the book built

- Day 1, Monday 26 October: 0.11 times overall. QIBs 0.08 times, retail 0.04 times, NIIs 0.32 times. - Day 2, Tuesday 27 October: 0.33 times overall. QIBs 0.45 times, retail 0.11 times, NIIs 0.69 times. - Day 3, Wednesday 28 October: 5.25 times overall. QIBs 13.13 times, retail 1.03 times, NIIs 4.57 times. The pattern is common in large issues. Institutional investors often hold back while they assess anchor demand, peer valuations and market conditions, then bid heavily once they have decided. In this case the QIB portion went from under half subscribed to more than thirteen times subscribed in a single session, and QIB bids accounted for roughly seven out of every ten shares bid on the final day. Retail demand, by contrast, barely moved: it went from 0.11 times to 1.03 times, meaning the retail portion was only just covered.

What 5.25x means for allotment — category by category

Allotment is expected to be finalised today, Thursday 29 October, with refunds and demat credit on 30 October and listing on BSE and NSE on 2 November. How allotment works depends on the category: - Retail investors (1.03 times): because the retail portion was only just oversubscribed, most retail applicants who applied for one lot can expect an allotment, with any lottery applying only at the margin. A retail applicant who applied for several lots is not guaranteed several lots; allotment in an oversubscribed retail portion is generally done lot by lot. - Non-institutional investors (4.58 times): allotment here is proportionate, so an applicant typically receives a fraction of what was applied for, subject to the category's rules for smaller and larger applications. - Qualified institutional buyers (13.13 times): allotment is proportionate as well, so institutions receive roughly one-thirteenth of what they bid for, in broad terms, before rounding and category rules. Applicants can check their allotment status on the registrar's website — MUFG Intime India is the registrar — using their PAN, application number or demat details, or on the stock exchange websites. Money blocked in an ASBA account is unblocked for the unallotted portion; it was never debited for shares not allotted.

The offer-for-sale point many readers miss

The entire ₹1,200 crore issue is an offer for sale by the promoter, Edelweiss Securities & Investments Pvt. Ltd., of 72,07,208 shares. That means the company itself receives no proceeds from the IPO; the money goes to the selling shareholder. Investors often consider this point when they read a prospectus, because a fresh issue that funds growth and an offer for sale that lets an existing shareholder exit are different uses of an IPO. The price band was ₹1,585 to ₹1,665 per share, with a lot size of nine shares — ₹14,265 at the lower band and ₹14,985 at the upper band. The book-running lead managers are Axis Capital, Jefferies India, Motilal Oswal Investment Advisors and Nuvama Wealth Management.

Valuation: the caution on record

On financials, the company reported total income of ₹963.76 crore in FY26, up from ₹786.54 crore in FY25, and profit after tax of ₹265.20 crore, up from ₹229.78 crore. On FY26 diluted earnings per share, the issue was priced at about 39.27 times earnings at the lower band and about 41.25 times at the upper band, against a peer average of about 39.89 times, according to the issue's own comparative data. Brokerage caution is also on record. Religare Broking rated the issue 'Neutral', describing the valuation as demanding, noting a rising cost-to-income ratio and declining return on equity and profit margins. Zee Business managing editor Anil Singhvi advised investors to avoid the issue at the prevailing valuation on its final day, while noting the management team and business track record, and suggested interested investors could look at the stock after listing if it became available at lower levels. These are opinions attributed to their authors, not this article's view, and they are included so readers see both the demand story and the valuation debate.

Grey market premium: sentiment, not a forecast

In the grey market, the premium was reported at about 1.5% — roughly ₹25 over the ₹1,665 upper band — on the evening of 28 October, according to InvestorGain data carried by Moneycontrol, while The Economic Times reported about ₹15, or around 1%, earlier in the day. The premium had been far higher before bidding opened — about ₹110 on the anchor day, 23 October — and spent the bidding period between about ₹10 and ₹27. Grey market premium is unregulated, self-reported and unofficial. It is a sentiment indicator only, never a promised listing price or return, and it can move sharply before listing.

A same-day contrast, in one paragraph

M.K. Sons Fine Jewels opened on 28 October, the day EAAA closed — a smaller, fresh-issue-led jewellery IPO (about ₹275.40 crore, ₹153–162, lot of 91) whose day-one demand is not asserted here, as it was not verified for this article. The BLS Polymers and SFC IPOs close today, 29 October; their final verdict belongs to a later run and is not pre-empted here.

What to watch before listing on 2 November

First, the allotment announcement today and whether any retail lottery is minimal, as the 1.03 times figure suggests. Second, listing-day price discovery on 2 November, which will reflect market conditions that day, not the grey market premium alone. Third, the company's first quarterly disclosures as a listed entity, which will show whether FY26 growth continues. Readers who did not apply can simply watch the listing as a data point on institutional appetite for alternative asset managers.
When is the EAAA IPO allotment date?
When does EAAA list, and on which exchanges?
What was the final EAAA IPO subscription?
Was the EAAA IPO undersubscribed?
Does the company receive the ₹1,200 crore?
What does a 1.03 times retail subscription mean for retail applicants?

Ready to start?

Check your allotment status today on the registrar's website using your PAN or application number, confirm whether your blocked funds have been released for any unallotted portion, and note the 2 November listing date in your calendar. If you are studying IPOs, save this article's day-by-day table — it is a clean example of how a book can look weak for two days and still close oversubscribed on institutional demand. Read the prospectus risk factors before forming any view on a listed stock, and speak to a SEBI-registered investment adviser for personalised guidance.

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This article is for educational purposes only and is not financial advice. Please consult a SEBI-registered investment adviser for personalized guidance. Investments are subject to market risk. Sources: Moneycontrol (28 Oct 2026, NSE data); The Economic Times (28 Oct 2026); Upstox (28 Oct 2026); PTI via The Daily Jagran (28 Oct 2026); Financial Express (28 Oct 2026); IPOCentral EAAA IPO tracker.