Author: Nishtha Mehrotra | EQMint
Elevate Campuses’ ₹2,100 crore ($219.14 million) IPO was fully subscribed on Friday, September 25, the final day of bidding, with qualified institutional buyers leading demand, according to exchange data reported by Reuters.
The Mumbai-based student housing company received bids for 33.91 million shares against 33.67 million shares on offer as of 2:45 p.m. IST. The IPO price band was fixed at ₹343–₹362 per share, giving the company a potential valuation of up to ₹6,101 crore at the upper end.
Qualified institutional investors subscribed to 1.48 times their reserved portion, while the non-institutional and retail portions were subscribed 0.47 times and 0.41 times, respectively.
Elevate Campuses plans to use the IPO proceeds to fund the acquisition of 16 school infrastructure assets across Dubai, Hyderabad, Chennai and Pune. The company currently owns two assets in Dubai and operates student housing under its Good Host Spaces and ScholarZ brands.
Disclaimer: This article is for information purposes only and is not investment advice.
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