Elevate Campuses Files Rs 2,550 Crore IPO, Aims to Fund Acquisitions and Debt Repayment
Elevate Campuses Ltd., a student accommodation provider, has filed for an IPO with SEBI to raise Rs 2,550 crore through a fresh issue of shares. The company plans to use the funds for acquiring K-12 entities, debt repayment, and strategic growth. Operating under brands Good Host Spaces and ScholarZ, Elevate Campuses serves 94,758 students across 20 Indian cities and one in the UAE. The company's recent financial results show a 6.6% increase in revenue to Rs 369.81 crore and a 32.7% rise in profit to Rs 52.65 crore.
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Elevate Campuses Ltd., a prominent player in the student accommodation sector, has taken a significant step towards going public by filing preliminary papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The company is looking to raise Rs 2,550 crore through a fresh issue of shares.
IPO Details
The Mumbai-based company has outlined its plans for the IPO, which include:
- A fresh issue of shares to raise Rs 2,550 crore
- Potential pre-IPO placement of up to Rs 510 crore
- Listing of equity shares on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)
JM Financial, IIFL Capital, and Morgan Stanley have been appointed as the book-running lead managers for the IPO.
Fund Utilization
Elevate Campuses has clearly defined its intentions for the funds raised through the IPO:
- Rs 1,100 crore for acquiring K-12 entities and campuses
- Rs 750 crore for debt repayment
- Remaining funds allocated for inorganic growth and strategic initiatives
Company Overview
Elevate Campuses operates in the student accommodation sector under two primary brands:
- Good Host Spaces
- ScholarZ
As of August 31, the company serves 94,758 students across 20 cities in India and one city in the UAE.
Financial Performance
The company has shown positive growth in its recent financial results:
| Metric | Amount | Year-on-Year Growth |
|---|---|---|
| Revenue from Operations | 369.81 | 6.6% |
| Profit | 52.65 | 32.7% |
This IPO marks a significant milestone for Elevate Campuses as it seeks to expand its operations and strengthen its financial position in the competitive student accommodation market.
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