Elevate Campuses IPO

About Elevate Campuses IPO

Elevate Campuses IPO, a mainboard IPO, opens on Wednesday, September 23, 2026 and closes on Friday, September 25, 2026. The allotment of shares will take place on Monday, September 28, 2026.

The listing of shares will take place on Wednesday, September 30, 2026. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of a fresh issue component. The fresh issue will include 5.80 crore shares of ₹2,100.00 crore. The total number of shares and aggregate amount are 5,80,11,049 shares aggregating up to ₹2,100 crore.

Elevate Campuses IPO’s price band is set at ₹343 to ₹362 per share. The lot size for an application is 41 shares. The minimum amount of investment required by a retail individual investor is ₹14,842 (41 shares) based on the upper price.

Elevate Campuses owns, operates and manages on-campus student accommodation across HEIs and K-12 assets. The company enables HEIs and K-12 school operators to offer quality learning environments that support student development and foster all-round growth. Its student accommodation business operates under the ‘Good Host Spaces’ and ‘ScholarZ’ brands.

Objectives of Elevate Campuses IPO

• Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses from the fellow subsidiaries of their promoters.
  
• Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by the company and certain of their wholly-owned subsidiaries, namely GHS Shoolini, GHS Sonipat, Data Ram Sons Private Limited, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries.
  
• Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes.
  

Industry Outlook

India's education sector is experiencing profound changes, fueled by technological innovations, policy changes, and shifting societal demands. Simultaneously, there is an increasing global and domestic emphasis on sustainability and environmentally responsible development, particularly in the real estate and infrastructure sectors.

Further, as part of regulatory policy shifts or institutional mandates, green building norms may become mandatory, particularly for projects involving public or private institutions.

20 universities have been approved to set-up their campuses in India. Some of the foreign universities setting up campuses in India include Deakin University, University of Wollongong, University of Southampton, University of Liverpool and University of York, UK.

Adaptive learning platforms offer personalized education, while online courses and Learning Management Systems (LMS) in higher education provide flexible learning options, allowing students to study at their own pace and from any location.

The Public Private Partnership (PPP) model is being implemented at institutions like Indian Institute of Technology (IIT) Madras, Indian Institute of Management (IIM) Udaipur, IIT Hyderabad and Indian Institute of Information Technology (IIIT) Nagpur to modernize student hostels. Under the Design, Build, Finance, Operate and Transfer (DBFOT)33 framework, private partners handle construction and maintenance, with government viability gap funding ensuring financial feasibility.

About Elevate Campuses

Elevate Campuses owns, operates and manages on-campus student accommodation across HEIs and K-12 assets. The company enables HEIs and K-12 school operators to offer quality learning environments that support student development and holistic growth. Its student accommodation business operates under the Good Host Spaces and ScholarZ brands.

The company’s mission is to build inclusive educational communities by delivering modern student accommodation and K-12 assets that nurture student wellbeing and holistic development. Its portfolio comprises both owned and managed assets. Elevate Campuses also provides community and campus technology services for its managed portfolio, including media coverage of HEIs and the organisation of community events.

Strengths of Elevate Campuses

• Elevate Campuses is an institutionalised and independent platform engaged in owning, operating and managing on-campus student accommodation across HEIs in India and owning K-12 assets in India and Dubai, with the trust of leading education groups.
• Strong operational capabilities and superior asset management expertise.
• Commitment to superior student experience and well-being.
• Strategically located, quality modern portfolio.
• Derisked business model with clear cash flow visibility and consistent growth and profitability.
• Highly experienced senior management team.

Risks of Elevate Campuses

• The Pre-Acquisition Group derived a major percentage of its revenue from operations in the last 3 financial years from the student accommodation business in their Owned Portfolio.
• The Pre-Acquisition Group derived a major portion of its revenue from operations for the last 3 financial years from three of its largest HEIs.
• The company proposes to utilize approximately 52.38% of the gross proceeds of the issue towards acquisition of the K-12 Entities and Campuses from the fellow subsidiaries of their promoters.
• The Pre-Acquisition Group derived a major portion of its revenue from operations in the last 3 financial years from HEIs and other student accommodation assets (Woodstock and County) located in the northern and southern regions of India.
• Delays in payment of lease rentals by the operators of K-12 Assets or monthly management fees by HEIs in their Managed Portfolio for student accommodation may adversely affect their business, results of operations, and cash flows.
• Their agreements with HEIs and K-12 Operators are subject to risks of early termination, non-renewal, and renegotiation, which could adversely affect their business, results of operations, financial condition and cash flows.
• The sale of their student accommodation business at T.A. Pai Management Institute may affect their business, results of operations, financial condition and cash flows.

Peer Comparison

There are no listed companies in India whose business portfolio is comparable with that of the company’s business and comparable to the company’s scale of operations.

Anchor Investor Bidding Date

Tuesday, September 22, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Kfin Technologies Ltd.
Email: Elevatecampuses.ipo@kfintech.com
Tel.: 040-79615565

Book Running Lead Managers

• JM Financial Ltd.
  
• IIFL Capital Services Ltd.
  
• Morgan Stanley India Co.Pvt.Ltd.
  

Elevate Campuses Contact Details
Naman Midtown, Unit No 902-906, 9 th Floor, Tower B,
Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, 400013
Email: companysecretary@elevatecampuses.com
Phone: +91 22 6820 1600

Elevate Campuses Business Model

The company earns its revenue through owning, operating and managing on-campus student accommodation across HEIs and own K-12 Assets.

Elevate Campuses Growth Trajectory

Elevate Campuses’s Total Income for FY26 was ₹603.39 crore, whereas in FY25 and FY24 it was ₹394.13 crore and ₹362.61 crore, respectively.

The Profit After Tax for FY26 was ₹173.76 crore, whereas in FY25 and FY24 it was ₹49.74 crore and ₹39.69 crore, respectively.

Their EBITDA for FY26 was ₹545.00 crore, whereas in FY25 and FY24 it was ₹256.40 crore and ₹220.13 crore, respectively.

Elevate Campuses Market Position

As of March 31, 2026, the Company’s current capacity in the Pre-Acquisition Group enables it to cater to 80,255 students across 15 cities in India and one city in the United Arab Emirates. The ‘Owned Portfolio’ comprises seven student accommodation campuses with a total of 20,368 beds (Owned Beds) across six Indian cities, as well as two K-12 Assets in Dubai (UAE), as of March 31, 2026. The ‘Managed Portfolio’ comprises 14 student accommodation campuses with a total of 55,487 beds under management (Managed Beds), as of March 31, 2026 (Managed Portfolio).

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹603.39 crore, ₹173.76 crore, and ₹545.00 crore, respectively.

How to apply for Elevate Campuses IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.