Elevate Campuses to launch India's 1st student housing IPO
Elevate Campuses, backed by Hillhouse Investment, is rolling out India's first student housing IPO this August.
They're aiming to raise ₹2,550 crore through fresh shares, with plans to use the funds for buying new assets and paying down debt.
This move comes as more students look for organized accommodation, a market that's still pretty small in India compared to places like the US and the UK.
Elevate to buy 14 K-12 assets
Out of the IPO proceeds, ₹1,100 crore will go toward acquiring 14 K-12 school assets from promoter affiliates.
Another ₹750 crore is set aside for cutting down debt and boosting financial flexibility.
Elevate currently manages over 66,000 beds but wants to help bridge the gap; right now, less than 0.5% of Indian college students have access to organized housing, while millions are enrolled.