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Elevate Campuses sets IPO band at Rs 343-362
The Hindu BusinessLine··18 Sept
Elevate Campuses fixed its IPO price band at Rs 343 to Rs 362 a share, aiming to raise Rs 2,100 crore through a fresh issue of 5.80 crore shares. Subscription opens on September 23. Retail investors can apply for a minimum of 41 shares. As of March 31 it served 80,255 students across 15 Indian cities and one UAE city.
Prism
What It Means For You
- Retail applications start at 41 shares and rise in multiples of that lot size.
- There is no offer-for-sale component; the issue is entirely fresh equity.
- Net proceeds are earmarked for acquiring promoter-group K-12 entities, debt repayment, acquisitions and general corporate uses.
What's Happening
- The company owns and manages student accommodation under Good Host Spaces and ScholarZ brands.
- Owned portfolio: seven campuses with 20,368 beds; managed portfolio: 14 campuses with 55,487 beds as of March-end.
- IIFL Capital, Morgan Stanley India and JM Financial are book-running lead managers; KFin Technologies is registrar.
Who Owns the Hostel Operator
- Promoters are ultimately controlled by Hillhouse Investment funds via Rava Partners.
- CFO Vinod Rao said hostel fees are collected upfront, creating negative working capital.
- He said the firm provides 17 course meals and an app for student services.
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