Elevate Campuses (ELEV.NS) debuts at 1.9% discount, valued at $624.74 million
Elevate Campuses listed on India’s NSE at 355.10 rupees and was at 362.50 rupees by 10:15 a.m. IST, valuing it at 59.95 billion rupees ($624.74 million).
(Adds details throughout) Sept 30 (Reuters) — Indian student housing firm Elevate Campuses made a muted stock market debut on Wednesday, as investors weighed the company's growth prospects against elevated debt and revenue concentration. m. 9% discount to its issue price of 362 rupees per share. 74 million), below its IPO valuation of around 61 billion rupees.
Elevate Campuses' asset-light expansion and diversified platform provide growth opportunities, but elevated leverage, dependence on key institutions, occupancy risks, and significant acquisition outlay remain concerns, SMC Global Securities said in a note last week. 52 times the shares reserved for them. 01 times their allotted portion. The share sale was entirely a fresh issue aggregating up to 21 billion rupees, with proceeds intended to fund the acquisition of 16 school infrastructures across Dubai, Hyderabad, Chennai, and Pune.
45 billion rupees from anchor investors ahead of the public issue, including Norway's Government Pension Fund Global, Tata AIG, SBI Mutual Fund, and HDFC Mutual Fund. com;)