• IPO proceeds allocation: From the Rs 2,100 crore fully fresh IPO, Elevate Campuses is deploying Rs 1,100 crore to acquire and consolidate K-12 school assets, Rs 750 crore to pare down debt, and Rs 250 crore for general corporate expenses.
• Debt and leverage: Past debt expansion was driven by a 26% to 27% CAGR in asset acquisitions rather than operating costs, and the company is now paring down leverage to fund future expansion via operating cash flows.
• EBITDA and portfolio mix: The company operates around 78,000 student beds (approximately 22,000 owned and managed), with owned and managed student accommodation generating roughly 55% of EBITDA and K-12 assets accounting for the remaining 45%.
• Future expansion vectors: Growth is focused domestically across three vectors: expanding in private universities, executing public-private partnerships with premier institutions like IITs and AIIMS, and partnering with foreign universities establishing satellite campuses in India.