New Delhi: Hillhouse Investment-backed Elevate Campuses has raised ₹945 crore from anchor investors ahead of its ₹2,100-crore initial public offering (IPO), which opens for public subscription on September 23.
The student accommodation and K-12 education platform allotted 2.61 crore equity shares to anchor investors at ₹362 apiece, the upper end of its IPO price band, according to an exchange filing.
Over 20 Anchor Investors Participate
The anchor book attracted more than 20 investors, including domestic and overseas mutual funds and insurance companies.
SBI Mutual Fund received the largest allocation. Other investors included HDFC Mutual Fund, 360 One, White Oak Mutual Fund, Mirae Asset Management, Bandhan Mutual Fund and Tata AIG General Insurance.
Norges Bank Investment Management, which manages Norway’s Government Pension Fund Global, also participated in the anchor allocation.
₹343-₹362 Price Band
The ₹2,100-crore IPO will open on September 23 and close on September 25. The company has fixed a price band of ₹343-₹362 per equity share.
The public issue consists entirely of a fresh issue of shares and does not include an offer-for-sale component.
At the upper end of the price band, Elevate Campuses is expected to command a valuation of more than ₹6,100 crore.
Where Will IPO Money Go?
The company plans to deploy the proceeds towards acquiring K-12 entities and campuses, repayment of debt and general corporate purposes.
Elevate Campuses owns, operates and manages on-campus student accommodation facilities for higher education institutions while also owning K-12 education assets.
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According to its Red Herring Prospectus, the company had seven owned student accommodation campuses comprising 20,368 beds as of March 31, 2026.
Its managed portfolio covered 14 campuses with 55,487 beds. The company also operated 18 schools across India and the UAE.
Elevate Campuses is expected to make its stock market debut on September 30.
