Student housing operator Elevate Campuses' 21-billion-rupee ($219.14 million) initial public offering was fully subscribed on final day of bidding on Friday, exchange data showed, led by demand from Qualified Institutional Buyers.
The Mumbai-based company is owned by entities of Singaporean private equity firm Hillhouse Investment, known for early investments in tech giants like Tencent and JD.com, and has backed Indian consumer and tech platforms such as Swiggy and fintech firm CRED.
It received bids for 33.91 million shares, against 33.67 million fresh issue on offer, as of 2:45 p.m. IST.
The company is seeking a valuation of up to 61.01 billion rupees at the upper end of IPO price band of 362 rupees per share. The lower end of the IPO price band is 343 rupees per share.
The IPO proceeds will be used to fund the acquisition of 16 school infrastructures across Dubai, Hyderabad, Chennai, and Pune.
Qualified institutional investors bid for 1.48 times the shares set aside for them. Non-institutional and retail portions were subscribed 0.47 times and 0.41 times, respectively.
Elevate Campuses raised 9.45 billion rupees from anchor investors, including Norway's Government Pension Fund Global, Tata AIG, SBI Mutual Fund, and HDFC Mutual Fund earlier this week.
It operates housing assets tied to institutions such as O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University, which together accounted for over 61% of its FY26 revenue.
Elevate Campuses operates a REIT-like hybrid model, owning and managing on-campus student housing under its 'Good Host Spaces' and 'ScholarZ' brands, while leasing school infrastructure to private operators under long-term agreements.
In Dubai, the company currently owns two assets.
