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Elevate Campuses IPO Subscribed 5% on Day 1 as Brokerages Give Neutral Calls

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Elevate Campuses IPO Subscribed 5% on Day 1 as Brokerages Give Neutral Calls

Elevate Campuses’ Rs. 2,100-crore IPO drew bids for about 5% of the shares on offer by midday on September 23, its first day of subscription. The Hillhouse-backed company has priced the issue at Rs. 343–Rs. 362 per share. Bidding remains open until September 25.

Investors bid for 15,98,836 shares against 3,36,73,468 shares available as of 12:08 p.m. IST, according to NSE data. The retail portion had reached 7% subscription, while non-institutional investors had subscribed to 12% of their allocation.

A later update, at 12:40 p.m., still placed overall subscription at 5%. It put retail subscription at 8% and non-institutional subscription at 13%. The qualified institutional buyer portion had received no bids at that time. These figures are midday snapshots, and the totals may change before the issue closes.

The IPO consists entirely of new equity shares, with no offer-for-sale component. At the top of the Rs. 343–Rs. 362 price band, the company plans to raise Rs. 2,100 crore. The minimum bid is 41 shares, which costs Rs. 14,842 at Rs. 362 per share. The company is expected to list on the NSE and BSE on September 30, subject to the completion of the offer process.

Elevate Campuses plans to use the proceeds to acquire K-12 education entities and campuses, repay borrowings and meet other corporate needs. It has set aside Rs. 750 crore for debt repayment or prepayment. Before the public issue opened, the company raised Rs. 945 crore from anchor investors.


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