Elevate Campuses fixes IPO price band at ₹343-362 a share

Elevate Campuses, one of its kind company that owns and manages hotel facilities for universities and colleges, plans to raise ₹2,100 crore through an initial public offering.

The initial share sale is a fresh issuance of 5.80 crore shares, with no offer for sale component.

Retail investors can apply for a minimum of 41 shares and in multiples thereafter.

The net proceeds from the fresh issue will be used for the following objects to acquire K-12 entities and campuses from the fellow subsidiaries from promoters.

Fund inorganic growth via unidentified acquisitions, other strategic initiatives and general corporate purposes.

Vinod Rao, Chief Financial Officer, Elevate Campuses said the company has a negative working capital as it collects the entire hostel fees from students at the start of admission and provides complete service including laundry services to students so that they can concentrate on studies.

The company has also been getting good demand from Universities and colleges to manage their hostels, so that they can take care of core competency of educating students, he said.

“We provide 17 course meals to students and have a dedicated app to service their requirements” he added.

Elevate Campuses also owns K-12 education assets. It owns, operates, and manages on-campus student accommodations across higher education institutions and K-12 assets.

As of March 31, it caters to 80,255 students across 15 cities in India and one city in the United Arab Emirates. The business operates under the “Good Host Spaces” and “ScholarZ” brands for student accommodation and manages K-12 assets under long-term lease arrangements with K-12 operators.

Elevate Campuses portfolio comprises both owned and managed assets. The ‘Owned Portfolio’ comprises seven student accommodation campuses totaling 20,368 beds (“Owned Beds”) across six cities and two K-12 Assets in Dubai (UAE).

The ‘Managed Portfolio’ comprises 14 student accommodation campuses, totaling 55,487 beds under management as of March-end.