Incorporated in 2005, Elevate Campuses Limited is India’s largest independent and institutionalized education infrastructure platform, engaged in owning, operating, and managing on-campus student accommodation across Higher Education Institutions (HEIs), while also owning K-12 school assets in India and the United Arab Emirates. The company operates its student accommodation business under the well-recognised Good Host Spaces and ScholarZ brands, providing hostel accommodation, campus community services, and technology solutions to students and institutions.
As of March 31, 2026, the company had a total student accommodation capacity of 80,255 beds — comprising 20,368 owned beds across 7 campuses in 6 Indian cities and 55,487 managed beds across 14 campuses — spread across 15 cities in India and one city in the UAE. The company also owns two premium K-12 school assets in Dubai — Hartland International School and North London Collegiate School — acquired in September 2025.
The company is now launching its Mainboard IPO on BSE and NSE. The IPO is a fully fresh issue of 5.80 crore shares aggregating to ₹2,100 crore — with no OFS component, meaning all proceeds flow directly into the company. The IPO is priced at ₹343 to ₹362 per share, with a minimum retail lot of 41 shares requiring an investment of approximately ₹14,842. The IPO opens on 23 September 2026 and closes on 25 September 2026, with listing scheduled on 30 September 2026 on both BSE and NSE. The company is backed by Hillhouse Investment, a leading global alternative asset manager.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Allotment Date | 28 September 2026 (Expected) |
| Refund Initiation | 29 September 2026 |
| Credit to Demat | 29 September 2026 |
| Listing Date | 30 September 2026 (Tentative) |
| Price Band | ₹343 – ₹362 per share |
| Face Value | ₹1 per share |
| Lot Size | 41 shares |
| Minimum Investment (Retail) | ₹14,842 (1 lot = 41 shares) |
| Issue Size | ₹2,100 crore |
| Fresh Issue | 5.80 crore shares (₹2,100 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue — all IPO proceeds will be received directly by the company for its stated business purposes.
Objects of the Issue (Fund Utilization)
The company plans to use the net IPO proceeds as follows:
- Acquisition of K-12 Entities & Campuses from promoter-group subsidiaries — ₹1,100 crore (~52.4% of gross proceeds): Post-IPO, the company plans to acquire 16 K-12 entities and campuses in India (in cities including Hyderabad, Chennai, and Pune), taking its K-12 portfolio to 18 assets with combined capacity of ~24,086 students.
- Repayment / prepayment of outstanding borrowings — ₹750 crore (~35.7%): Includes debt at the company level and certain wholly-owned subsidiaries (GHS Shoolini, GHS Sonipat, Souk HIS UAE, Souk NLCS UAE).
- Inorganic growth, other strategic initiatives & general corporate purposes — remaining proceeds.
Lead Managers & Registrar
- Book Running Lead Managers: JM Financial Ltd., IIFL Capital Services Ltd., and Morgan Stanley India Company Pvt. Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The promoters of the company are Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd., both ultimately owned and controlled by funds of Hillhouse Investment — a global alternative investment manager with significant presence across Asia. The company as of August 31, 2025 employed 397 full-time employees across its operations.
Company Details
Elevate Campuses Limited is an education-infrastructure platform operating across two adjacent segments: on-campus student accommodation for Higher Education Institutions (HEIs), and K-12 school assets in India and Dubai. The company earns revenue primarily through hostel fees, long-term rentals and leases from managed campuses, management fees from HEI partners, and rental income from K-12 assets leased to school operators. It also provides ancillary community and campus technology services, including media coverage of HEIs and local event management.
Sectors Served:
- Higher Education Institutions (HEIs) — student accommodation
- K-12 School Operators — school infrastructure & leasing
- UAE Education Market (Dubai)
Key Brands:
- Good Host Spaces (student accommodation)
- ScholarZ (student accommodation)
Key HEI Partners:
- O.P. Jindal Global University (~36% of FY26 revenue)
- Manipal University Jaipur
- Shoolini University
- Manipal Academy of Higher Education (MAHE)
- Meraki Education
Key Capabilities:
- Full-lifecycle operational services: deal sourcing, site selection, development, asset acquisition, repositioning, and community engagement
- Campus and community technology services
- Owned bed portfolio expanded from 9,153 beds (FY22) to 20,368 beds (March 2026)
Portfolio as of March 31, 2026:
- 7 owned student accommodation campuses — 20,368 beds — across 6 Indian cities
- 14 managed campuses — 55,487 beds
- 2 owned K-12 assets in Dubai (Hartland International School, North London Collegiate School)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY25 | ~₹369 | ₹68.08 |
| FY26 | ₹806.93 | ₹207.00 |
Key Financial Metrics
- Revenue grew 54% YoY to ₹569 crore in FY26, driven by Dubai K-12 acquisitions and higher occupancy, while PAT more than tripled to ₹174 crore, reflecting strong operating leverage and 90%+ EBITDA margins.
- Net profit surged to ₹207 crore in FY26, compared to ₹68.08 crore in FY25 and ₹10.32 crore in FY24. Total assets grew significantly to ₹7,377.48 crore in FY26, driven by non-current asset acquisitions.
- As of March 2026, the firm and its subsidiaries reported total outstanding debt of ₹3,130 crore.
- Owned-bed occupancy rate: 89.37% for Academic Year 2025-26 (down from 99.92% in FY24)
- GMP as of 21 September 2026: ₹16 per share (~4% premium over upper price band), indicating tentative listing price of ₹378
Company Strengths
- India’s largest institutionalized and independent education infrastructure platform — dominant market position in a structurally underpenetrated segment
- Proprietary total addressable market expanding at a CAGR of 18% from 607 mn sft in Academic Year 2025-26 to 998 mn sft by Academic Year 2028-29, offering strong long-term runway
- High-margin, long-term lease business model with 90%+ EBITDA margins and strong cash flow visibility through multi-year HEI contracts
- Backed by Hillhouse Investment — a globally reputable institutional PE firm with deep operational and capital markets expertise
- Entire IPO is a fresh issue — no promoter exit; all funds directed towards business expansion
- Diversifying beyond India into the UAE education infrastructure market, adding international revenue streams
Key Risks & Challenges
- Top three HEI clients — O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University — accounted for 61.46% of FY26 revenue, against 89% in FY25, with O.P. Jindal alone contributing ~36% — high client concentration risk remains a concern.
- Owned-bed occupancy fell from 99.92% in FY24 to 89.37% in FY26 — a declining trend that could impact revenue quality if it continues.
- A significant portion of the funds — ₹1,100 crore — is earmarked for acquiring K-12 assets currently held by promoter-affiliated subsidiaries — a related-party transaction that warrants close scrutiny on asset valuation and fairness.
- Total borrowings stood at ₹4,120.53 crore as of March 31, 2026 — heavy debt load with a debt-to-equity ratio of 3.47x; even after ₹750 crore repayment, significant leverage will remain.
- Entire fresh issue proceeds going largely towards related-party acquisitions (₹1,100 crore) and debt repayment (₹750 crore) — limited capital being deployed for organic operational growth.
- Revenue heavily dependent on student occupancy rates and sustained institutional relationships with HEIs — any disruption in partner institutions could materially impact earnings.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
