EAAA Alternatives IPO

Easy to miss in the prospectus

• The P/E, price-to-sales, price-to-book and market capitalisation here are computed, not disclosed: the RHP leaves the P/E at the band as a placeholder. This record divides the exchange's band of ₹1,585 to ₹1,665 by FY26 basic EPS of ₹41.26 and NAV of ₹163.69, and multiplies it by the 6,46,55,246 shares the RHP states are outstanding both before and after the offer. On diluted EPS of ₹40.36 the P/E at the cap is about 41.3 times.
• The number of shares on offer is left blank because the RHP sizes the offer in rupees - up to ₹12,000 million - and prints the share count as a placeholder.
• The disclosed PAT margin of 27.52% for FY26 divides profit by total income, which includes ₹94.22 Cr of other income; on revenue from operations the same profit gives about 30.50%.
• Return on net worth of 25.97% is the issuer's figure on AVERAGE net worth, as its note states; on closing net worth it would be about 24.66%. The disclosed debt-to-equity of 0.41 for FY26 counts debt securities as well as bank borrowings, divided by net worth.
• There is no EBITDA in this record. The RHP does not disclose one for this business, and the KPIs it uses instead are fee-paying AUM, fees, carry, GP income, cost-to-income and return on equity.
• The RHP's peer table prints Gaja Alternative Asset Management's P/E as 16.47, the same figure as its RoNW; the summary above the table names Gaja as the lowest P/E at 20.24, which is what its stated ₹145.10 close and ₹7.17 diluted EPS give and what the disclosed 39.89 average uses. This record uses 20.24.
• The RHP itself says there is no directly comparable listed Indian peer: the named peers are mutual fund houses and wealth managers, whose fee economics and margins differ from a carry-earning alternatives manager.
• Equity share capital in the restated balance sheet is ₹321.41 million, while 6,46,55,246 shares of ₹5 would be ₹323.28 million; the difference is not explained in the sections read for this record.
• Leadership has turned over in the run-up to the offer. Amit Agarwal and Subahoo Chordia were both appointed chief executive officer on 12 June 2025; Subahoo Chordia resigned on 7 June 2026, leaving Amit Agarwal. The previous managing director and CEO, Venkatchalam Arakoni Ramaswamy, resigned on 30 September 2025 for personal reasons, the head of real estate credit resigned on 1 April 2026, and Harish Agarwal was appointed chief operating officer on 12 January 2026.
• EAAA's first draft prospectus, filed in December 2024, was returned by SEBI in March 2025; the company refiled in January 2026 and received SEBI's observations in April 2026.
• The industry data in the RHP comes from a CARE Analytics & Advisory report that the company commissioned and paid for exclusively for the offer.