Elevate Campuses raises ₹945 cr, 60% of institutional portion subscribed
Business
Elevate Campuses, backed by Hillhouse, just raised ₹945 crore from around 20 domestic and international investors like SBI Mutual Fund and Mirae Asset Management.
That's already 60% of the institutional portion for its ₹2,100-crore IPO, which opens Wednesday and wraps up Friday.
Elevate is known for its student housing and K-12 education assets across India and the Middle East.
IPO funds to buy 14 K-12s
The IPO funds are set to help Elevate buy 14 K-12 entities and campuses and pay down debt.
Their lease-based model brings in steady cash from partnerships with places like IIT Madras.
The company is running strong with an operating margin above 75%.
JM Financial, IIFL Capital Services, and Morgan Stanley India are handling the IPO process.