Stories
Elevate Campuses IPO Plunges 20% After Discounted Listing
- •Elevate Campuses Ltd. shares debuted on bourses at a discount, falling nearly 20% from its IPO price of –362.
- •The –2,100-crore IPO was subscribed 1.79 times, with the retail portion subscribed 1.01 times.
- •The stock listed at –355.10 on NSE and –356.50 on BSE, both below the IPO price of –362.
- •Elevate Campuses, backed by Hillhouse Investment, owns and manages student housing and K-12 school buildings.
- •IPO proceeds will fund the acquisition of 16 K-12 entities, repay borrowings, and support inorganic growth opportunities.
Key Questions Answered
On Wednesday, September 30, Elevate Campuses made a muted debut, listing at ₹355.10 on the NSE (a 1.91% discount) and ₹356.50 on the BSE (a 1.52% discount) compared to its IPO price of ₹362. Post-listing, the stock declined further, hitting a new 52-week low of ₹290, which is down 19.89% from the issue price.
The initial public offering was subscribed 1.79 times overall during the bidding period from September 23 to September 25. Specifically, the qualified institutional buyers (QIBs) portion saw a 2.52 times subscription, the non-institutional investor (NII) category achieved 84%, and the retail portion was subscribed 1.01 times.
Elevate Campuses is an education infrastructure provider backed by Hillhouse Investment that owns and manages student housing, hostels, and paying guest accommodations for colleges and universities, alongside leasing K-12 school buildings. The company operates 20,368 fully owned beds and 55,487 beds under management contracts, earning rental income and service fees from dining, laundry, and other campus facilities.
