SEBI gives go-ahead to Elevate Campus's ₹2,550 crore IPO
Elevate Campuses, a major name in education and student housing, just got the green light from SEBI to raise ₹2,550 crore through an IPO—entirely via fresh shares (no shares are being sold by existing owners).
They own and manage over 66,000 beds
Backed by Hillhouse Investments, Elevate owns five student accommodation campuses and manages an additional 14 student accommodation campuses and has 16 K-12 assets across eight Indian cities plus two K-12 assets in Dubai.
You might know their brands "Good Host Spaces" or "ScholarZ." They manage 49,338 beds and have 16,934 beds in their owned portfolio for a combined capacity of 66,272 beds and have been steadily growing both in size and profits.
IPO will help them buy more K-12 schools
Most of the funds will help them buy more K-12 schools (₹1,100 crore) and repay certain outstanding borrowings of the company and certain of its subsidiaries (₹750 crore).
The rest is set aside for expansion plans and general business needs.