Around 20 domestic and international investors participated in the anchor book including Norges the Norway Government Pension Fund Global.
The company’s anchor investor portion was fully subscribed a day ahead of its Rs 2,100 crore initial public offering opening for public subscription.
The funds raised from anchor investors, the maximum permissible allocation, represents 60% of the qualified institutional buyer (QIB) portion of the issue.
The IPO, a fresh issue with no offer-for-sale component, opens for public subscription on Wednesday and closes Friday.
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Elevate Campuses is the largest institutionalized and independent education platform engaged in owning, operating and managing on campus student accommodation across higher education institutes and owning K-12 assets in India and middle east.
The company’s owned portfolio comprises seven student accommodation campuses with 20,368 beds, while its managed portfolio adds a further 14 campuses totalling 55,487 beds, together with 18 schools across India and the UAE, as of March end.The platform’s owned-book occupancy stood at 89.37% for academic year 2025-26. Elevate has reported operating margin of over 75%, led by its contracted-lease model, according to its red herring prospectus on September 17.
The company counts higher education institutions including IIT Madras, Manipal Academy of Higher Education, O.P. Jindal Global University, Shoolini University, IIIT-Bangalore, UPES among its partner institutions.
JM Financial, IIFL Capital Services and Morgan Stanley India are the book running lead managers.
The company is planning to utilise net proceeds to fund the company’s acquisition of 14 K-12 entities and campuses currently held by fellow subsidiaries of its promoter group, alongside repayment or prepayment of existing borrowings, a combination of portfolio consolidation and deleveraging.
The business is positioned as a hybrid of a REIT, a hospitality operator and a consumer-facing retail business: contracted, annuity-like cash flows from leases with higher education institutions that typically run 50-60 years, several with minimum-occupancy guarantees, layered with revenue from ancillary services such as food, security and facility management.