Elevate Campuses IPO sets price band at ₹343 to ₹362 per share; check lot size, objectives and key dates

Education infrastructure company Elevate Campuses Ltd's ₹2,100 crore initial public offering will hit the primary market on September 23. The issue will end on September 25. The price band has been set at ₹343 to ₹362 per share.

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

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.
• Repayment of certain outstanding borrowings of the company and certain of wholly-owned subsidiaries, namely GHS Shoolini, GHS Sonipat, Souk HIS UAE, Data Ram Sons Private Limited and Souk NLCS UAE, through investment in such units.
• Fund inorganic growth via unidentified acquisitions, other strategic initiatives and general corporate purposes.

"We expect to achieve the benefits of listing of our equity shares on the Stock Exchanges, including enhancement of our company’s brand name and creation of a public market for our equity shares in India," the company said in its red herring prospectus.

Elevate Campuses IPO: Lot size

Retail investors can apply for a minimum of 41 shares and in multiples thereafter. Of the net issue, the company has reserved 75% for qualified institutional buyers (QIBs), while 15% is set aside for non-institutional investors (NIIs) and 10% for retail individual investors (RIIs).

Elevate Campuses IPO: Allotment and listing date

Elevate Campuses is engaged in owning, operating and managing on-campus student accommodation facilities across higher education institutions. It also owns K-12 education assets.

Through its platform, the company provides institutions with integrated non-academic services such as student housing, dining, safety and campus operations.

IIFL Capital Services, Morgan Stanley India Company and JM Financial are the book-running lead managers to the issue, while KFin Technologies is the registrar.