Representational Image. File pic.
Elevate Campuses Ltd, a Hillhouse Capital-backed student accommodation and K-12 platform, is set to hit the primary market with its Rs 2,100-crore initial public offering (IPO) on September 23, with shares priced in the Rs 343-362 range.
At the upper end of the price band, the company will be valued at over Rs 6,100 crore.
The three-day public issue will close on September 25, with the listing expected on September 30.
The IPO comprises entirely a fresh issue of equity shares, with no offer for sale (OFS) component, according to the Red Herring Prospectus (RHP).
The proceeds will be used for acquiring K-12 entities and campuses, repaying debt and meeting general corporate requirements.
The company owns, operates and manages on-campus student accommodation facilities across higher education institutions, while also owning K-12 education assets.
Through its platform, Elevate Campuses provides institutions with integrated non-academic services, including student housing, dining, safety and campus operations. These services are aimed at creating quality learning environments and supporting students' overall development.
In terms of the issue structure, the category of Qualified Institutional Buyers (QIBs) has been allocated 75 per cent of the issue, while 15 per cent has been reserved for non-institutional investors (NIIs) and 10 per cent for retail investors.
JM Financial, IIFL Capital Services and Morgan Stanley India Company are the book-running lead managers to the issue, while KFin Technologies is the registrar.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
