Elevate Campuses has launched its Initial Public Offering (IPO) today. The company plans to use the IPO proceeds to fund the acquisition, fully or partially prepay certain outstanding borrowings, support inorganic growth initiatives, and meet general corporate purposes.
The IPO is a book-built issue of Rs. 2,100.00 crore. The issue is entirely a fresh issue of 5.80 crore shares, aggregating to Rs. 2,100.00 crore. Elevate Campuses IPO opens for subscription on September 23, 2026, and closes on September 25, 2026. The allotment for the Elevate Campuses IPO is expected to be finalized on September 28, 2026, with a tentative listing date of September 30, 2026.
Elevate Campuses IPO has set the issue price band at Rs. 343 to Rs. 362 per share. The lot size for an application is 41 shares. The minimum amount of investment required by an individual retail investor is Rs. 14,842 for 41 shares, based on the upper price band.
As of September 22nd, 2026, the shares of Elevate Campuses in the grey market were trading at a 3.04 percent premium. The shares in the Grey Market traded at Rs. 373. This gives it a premium of Rs. 11 per share over the cap price of Rs. 362.00.
About the Company
Elevate Campuses Ltd. is an education infrastructure company that involves owning, managing, and operating campus accommodation facilities for higher education institutions (HEIs) as well as K-12 schools’ assets. It manages its student accommodation business under the brands Good Host Spaces and ScholarZ.
As of March 31, 2026, the Company’s Pre-Acquisition Group had a student accommodation capacity of 80,255 students across 15 cities in India and one city in the UAE. Its portfolio included seven owned student accommodation campuses with 20,368 beds across six Indian cities and 14 managed campuses with 55,487 beds.
They provide services for everything, from deal sourcing, site selection, development, asset acquisition, asset repositioning, and community involvement. They also have community and campus technology services, which include media coverage of colleges and communities.
Elevate Campuses works with educational institutions including Manipal Academy of Higher Education, Manipal University, Jaipur, and Meraki Education. Its owned student accommodation portfolio recorded an occupancy rate of 89.37 percent for Academic Year 2025-26 as of March 31, 2026.
Since commencing operations as an independent owner and operator of student accommodation in FY18, the company has expanded its owned portfolio from 9,153 beds to 20,368 beds as of March 31, 2026. As of the same date, its Pre-Acquisition Group had 460 full-time employees.
Promoters of Elevate Campuses Ltd
The promoters of Elevate Campuses Ltd. are Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd. They bring experience in investment and asset management, strategic acquisitions, portfolio expansion, and operational development, supporting the company’s growth across student accommodation and K-12 education infrastructure assets.
Offer for Sale of Elevate Campuses Ltd
The IPO does not include any Offer for Sale (OFS) component. The entire issue comprises a fresh issue of shares, meaning the proceeds raised through the IPO will be received by Elevate Campuses Ltd. for its stated business and corporate purposes.
Lead Managers of Elevate Campuses Ltd
The Book Running Lead Managers to the issue are JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Morgan Stanley India Company Private Limited. KFin Technologies Limited has been appointed as the Registrar to the Issue. The Registrar will handle IPO-related activities such as application processing, allotment, and investor services.
Objectives of the IPO Offer
The company plans to utilise Rs. 1,100 crore of the IPO proceeds towards the purchase consideration for the acquisition of K-12 entities and campuses. This will support the expansion of its education infrastructure portfolio.
Around Rs. 750 crore will be used for the repayment and/or prepayment, fully or partially, of certain outstanding borrowings and applicable prepayment penalties of the company and select subsidiaries.
The remaining proceeds will be utilised to fund unidentified acquisitions, other strategic initiatives and general corporate purposes. The total stated utilisation of the IPO proceeds is Rs. 1,850 crore.
Financial Analysis of Elevate Campuses Ltd
Coming to the financial performance, Elevate Campuses Ltd. reported total income of Rs. 362.61 crore in FY24, which increased to Rs. 394.13 crore in FY25 and further to Rs. 603.39 crore in FY26, reflecting strong growth in income over the period.
The company’s profit after tax stood at Rs. 39.69 crore in FY24, increased to Rs. 49.74 crore in FY25 and further to Rs. 173.76 crore in FY26. EBITDA also rose from Rs. 220.13 crore in FY24 to Rs. 256.40 crore in FY25 and Rs. 545.00 crore in FY26, while net worth increased from Rs. 655.77 crore to Rs. 956.29 crore during the same period.
However, total borrowings increased significantly from Rs. 984.71 crore in FY24 to Rs. 1,206.60 crore in FY25 and further to Rs. 4,120.53 crore in FY26, indicating a substantial rise in the company’s debt levels. Total assets also increased from Rs. 2,104.74 crore in FY24 to Rs. 5,773.35 crore in FY26.
Elevate Campuses Vs Peers
Elevate Campuses Ltd. does not have any directly comparable listed peers in India, as its business involves owning, operating, and managing student accommodation across higher education institutions along with K-12 assets. Therefore, an industry comparison of its accounting ratios is not available.
Strengths of Elevate Campuses
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Scale and Market Leadership: 78,542 beds as of June 2026, about 2.1x the next largest PMSA player. It serves only about 0.85% of India’s student TAM, so there is plenty of room to grow.
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Strong Operational Capabilities: In-house teams handle sourcing, development, acquisition, and repositioning. Owned and Managed Beds grew from 53,717 (AY 2023-24) to 75,855 (March 2026).
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Superior Student Experience: Modern amenities, safety systems, and technology-driven services across 17 HEIs. Three K-12 assets hold the WELL Health-Safety Rating, and MUJ’s hostel block has a 5-star GRIHA rating.
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De-risked Business Model: Long 50–60 year HEI contracts with occupancy guarantees and annual escalations, fees collected in advance, and triple-net K-12 leases. Together, these give stable, predictable cash flows.
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Experienced Management Team: Leaders with deep experience in education, real estate, operations, and finance, including CEO N. R. Jayakumar and CFO Vinod Raja Rao.
Weaknesses of Elevate Campuses
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Student Accommodation Dependence: A significant share of revenue comes from student accommodation in the Owned Portfolio, making the business dependent on maintaining healthy occupancy levels. Any decline in occupancy could impact revenue, profitability, and cash flows.
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Dependence on Key HEIs: A large portion of revenue is generated from three major higher education institutions (HEIs). Any adverse development, such as lower student enrolment or changes affecting these institutions, could impact the Company’s financial performance.
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K-12 Acquisition Risk: Around 52.38% of the Issue proceeds will be used to acquire K-12 Entities and Campuses from fellow subsidiaries. The Company may not realise the expected benefits from these acquisitions, which could affect its business and financial results.
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Regional Concentration: The Company’s student accommodation assets are concentrated in northern and southern regions of India. Any adverse economic, demographic or other regional developments could negatively affect occupancy, revenue and overall business performance.
Conclusion
Elevate Campuses’ IPO offers investors exposure to an education infrastructure company focused on student accommodation and K-12 assets, with a sizeable portfolio across India and the UAE. The company has expanded its owned accommodation capacity and reported strong growth in total income, EBITDA, and profit after tax from FY24 to FY26.
However, investors should consider key risks, including dependence on student accommodation occupancy, concentration of revenue from major higher education institutions, regional concentration of assets, and the risks associated with its planned K-12 acquisitions. The sharp increase in borrowings also remains an important factor to evaluate. Investors should carefully assess the IPO valuation, financial performance, growth plans, and associated risks before making an investment decision.