Elevate Campuses raises Rs 945 crore from anchor investors ahead of Rs 2,100 crore IPO

New business data points to the fact that Elevate Campuses, India's largest on-campus student accommodation provider backed by Singapore-based Hillhouse Capital, has boosted Rs 945 crore from 40 anchor market participants ahead of its Rs 2,100-crore initial public offering (IPO), which opens for public subscription on September 23.

The firm issued 2.61 crore equity shares to anchor market participants on September 22 at the upper end of its price range of Rs 343-362 per share. The IPO will stay open until September 25 and comprises entirely a fresh offering.

Of the total anchor allocation, 1.65 crore equity shares worth Rs 600 crore were allotted to eight domestic mutual funds — SBI Mutual Fund, HDFC AMC, WhiteOak Capital, Mirae Asset, Bandhan MF, PGIM India, Edelweiss and GROWW MF — through a total of 24 schemes.

Global marquee market participants participating in the anchor book included Citigroup, BofA Securities, Societe Generale, Integrated Core Strategies (Asia), Amundi Funds and Government Pension Fund Global.

Elevate Campuses, which operates on-campus student accommodation across elevated education institutions (HEIs) and owns K-12 assets, has a presence across 15 cities in India and one city in the United Arab Emirates.

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The firm will use Rs 1,100 crore from the IPO proceeds to acquire K-12 entities and campuses from fellow subsidiaries of its promoters.

A further Rs 750 crore will be used to repay debt availed by the firm and its wholly owned subsidiaries GHS Shoolini, GHS Sonipat, Data Ram Sons, Souk HIS UAE and Souk NLCS UAE. The remaining proceeds will be used for inorganic expansion through unidentified acquisitions and general corporate purposes.

Elevate Campuses owns seven student accommodation campuses with a total capacity of 20,368 beds across six Indian cities, along with two K-12 assets in Dubai. Its managed portfolio comprises 14 student accommodation campuses with 55,487 beds under management as of March 2026.

JM Financial, IIFL Capital Services and Morgan Stanley India Firm are acting as the merchant bankers for the Elevate Campuses IPO