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 <a href="https://www.mid-day.com/business/business-news/article/arcils-rs-733-croreipo-to-open-on-september-9-price-band-set-at-rs-132139-23648128" target="_blank" rel="none noopener">initial public offering (IPO)</a> 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, <a href="https://www.mid-day.com/business/business-news/article/nse-ipo-receives-encouraging-bids-from-investors-issue-fully-subscribed-on-day-2-23650657" target="_blank" rel="none noopener">the category of Qualified Institutional Buyers (QIBs)</a> 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.
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The issue proceeds will be utilised for acquiring K-12 entities and campuses, repaying debt and meeting general corporate requirements

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The proceeds will be used for acquiring K-12 entities and campuses, repaying debt and meeting general corporate requirements

Elevate Campuses to open Rs 2,100-crore IPO for subscription on September 23

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Home / Business / Business News / Article / Elevate Campuses to open Rs 2,100-crore IPO for subscription on September 23