Elevate Campuses to launch ₹2,100-cr IPO on Sep 23
The Hillhouse Capital-backed student accommodation and K-12 platform is set to hit the primary market on September 23, with shares priced in the ₹343-362 range.
Elevate Campuses Ltd, a student accommodation and K-12 platform backed by Hillhouse Capital, is poised to launch a ₹2,100-crore initial public offering (IPO) on September 23. With shares priced in the ₹343-362 range, the company could be valued at over ₹6,100 crore at the upper end of the price band. The three-day public issue will conclude on September 25, with the company's shares expected to list on September 30.
The IPO is comprised solely of a fresh issue of equity shares, devoid of any offer for sale (OFS) component, as outlined in the Red Herring Prospectus (RHP). The funds raised will be utilized for acquiring K-12 entities and campuses, repaying debt, and addressing general corporate needs. Elevate Campuses owns and operates on-campus student accommodation facilities in higher education institutions, while also managing K-12 education assets.
The platform offers institutions integrated non-academic services, such as student housing, dining, safety, and campus operations, to create conducive learning environments and support students' overall development. The issue allocation is structured as follows: 75% for Qualified Institutional Buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors.
JM Financial, IIFL Capital Services, and Morgan Stanley India Company serve as the book-running lead managers, while KFin Technologies acts as the registrar.
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