Elevate Campuses IPO

Incorporated in 2005, Elevate Campuses Ltd. owns, operates, and manages student accommodation across higher education institutions (HEIs) and K-12 assets. As of August 31, 2025, it serves 94,758 students across 20 Indian cities and one in the UAE under the brands “Good Host Spaces” and “ScholarZ.” Its portfolio includes owned and managed campuses, K-12 assets, and technology-driven community services. Collaborating with institutions like MAHE and MUJ, the company expanded to 21 cities and 33 institutes, adding 21,764 beds and six K-12 assets by August 2025.

Elevate Campuses Limited IPO Overview

Elevate Campuses IPO is a book-built issue of ₹2,100 crore, comprising an entirely fresh issue of 5.80 crore shares. The IPO will open for subscription on September 23, 2026, and close on September 25, 2026, with allotment expected to be finalised on September 28, 2026. The shares are proposed to be listed on NSE and BSE, with a tentative listing date of September 30, 2026. The IPO has a price band of ₹343 to ₹362 per share, with a lot size of 41 shares. The minimum investment required by retail investors is ₹14,842 for one lot of 41 shares at the upper price band.

Elevate Campuses Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	5,80,11,049 shares (agg. up to ₹2,100 Cr)
Fresh Issue	5,80,11,049 shares (agg. up to ₹2,100 Cr)
Offer for Sale (OFS)	Nil
IPO Dates	23 to 25 Sep, 2026
Price Band	₹343 to ₹362 per share
Lot Size	41 Shares
Face Value	₹1 per share
Listing Exchange	BSE, NSE
Shareholding Pre-Issue	11,05,19,988 shares
Shareholding Post-Issue	16,85,31,037 shares

IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	1	41	₹14,842
Retail (Max)	13	533	₹1,92,946
S-HNI (Min)	14	574	₹2,07,788
S-HNI (Max)	67	2,747	₹9,94,414
B-HNI (Min)	68	2,788	₹10,09,256

Elevate Campuses Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Offer
Retail Shares Offered	Not more than 10% of the Offer
NII (HNI) Shares Offered	Not more than 15% of the Offer

Elevate Campuses Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹15.72
Price/Earnings (P/E) Ratio	23.03
Return on Net Worth (RoNW)	18.17%
Net Asset Value (NAV)	₹432.62
Return on Equity (ROE)	–
Return on Capital Employed (ROCE)	6.42%
EBITDA Margin	90.32%
PAT Margin	28.80%
Debt to Equity Ratio	4.98

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilised as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses	11000
Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by our Company and certain of our Subsidiaries, namely GHS Shoolini, GHS Sonipat, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries; and	7500
General corporate purposes*	[●]

Note: *To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC

Elevate Campuses Limited Financials (in crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	5,773.35	2,421.20	2,104.74
Total Income	603.39	394.13	362.61
Profit After Tax	173.76	49.74	39.69
Reserves and Surplus	947.45	697.57	653.56
Total Borrowing	4,120.53	1,206.60	984.71

Financial Status of Elevate Campuses Limited

Elevate Campuses Limited IPO Strengths

1. Market Leadership and Scale

Elevate Campuses Limited is India’s largest institutionalized and independent education platform, trusted by leading groups. As of August 31, 2025, their portfolio, including on-campus student accommodation (66,272 beds) and K-12 assets, represents approximately 1.7 times the capacity of the next largest player in the PMSA segment, demonstrating significant market scale and independent operational capability.

2. Strong Operational Execution and Asset Management

The company possesses strong operating capabilities across the value chain, including sourcing, development, acquisition, and asset repositioning. Their operational skill is evident in the rapid portfolio expansion, increasing student accommodation beds to 66,272 from 44,508 since Financial Year 2023. They actively optimize bed inventory and undertake enhancements, such as renovations, to drive growth and superior value.

3. Commitment to Superior Student Experience

Elevate Campuses Limited is dedicated to providing a quality, student-centric experience across its properties, creating a ‘home away from home’ with modern amenities and comprehensive support systems. This commitment is reflected in high occupancy rates (e.g., above 99.00% across the Owned Portfolio) and the provision of services like daily meals and efficient handling of over 1,562 service requests daily, ensuring student well-being.

4. Strategically Located Modern Portfolio

The company holds a quality modern portfolio strategically located across India’s key educational hubs, including four of the top five K-12 hubs and three of the top six HEI hubs, with recent expansion into the GCC region. This prime positioning, combined with the quality of the student accommodation, allows the company to maintain strong occupancy rates, which stood at 99.47% for the Owned Portfolio in Academic Year 2024–2025.

5. De-Risked Business Model with Cash Flow Visibility

Elevate Campuses Limited utilizes a business model combining asset ownership and asset-light management, underpinned by long-term contracts (typically 50-60 years) with HEIs and K-12 operators. These agreements often include occupancy guarantees and annual escalations, providing stable, inflation-protected revenue and clear cash flow visibility. The operations also benefit from a negative working capital cycle, as fees are received in advance.

6. Highly Experienced Senior Management Team

The company is guided by a highly experienced senior management team with deep domain expertise in education, real estate investment, and facility management. Their leadership has been instrumental in scaling the portfolio-adding 21,764 beds and six K-12 assets between Academic Year 2023 and August 31, 2025. The team’s strategic oversight ensures operational efficiency and alignment with long-term objectives.

More About Elevate Campuses Limited

Elevate Campuses Limited owns, operates and manages on-campus student accommodation across higher education institutions (HEIs) and holds a significant portfolio of K-12 assets. As of 31 August 2025, it serves a capacity of 94,758 students across 20 cities in India and one city in the United Arab Emirates. The company enables HEIs and K-12 school operators to offer high-quality learning environments that support student development and holistic growth. The student accommodation business functions under the brands “Good Host Spaces” and “ScholarZ”.

1. Mission & Leadership Position

Elevate’s mission is to build inclusive education communities by delivering modern student accommodation and K-12 assets that nurture student wellbeing and holistic development. The company is recognised as the largest institutionalised and independent education platform engaged in owning, operating and managing on-campus student accommodation across HEIs and owning K-12 assets in India (based on student capacity as of 31 August 2025).

2. Asset Portfolio

A. Owned Portfolio: Five student accommodation campuses totaling 16,934 beds; 16 K-12 assets (including three under development and two student accommodation facilities managed by HEIs and owned by K-12 HoldCos) across eight Indian cities; and two K-12 assets in Dubai, UAE.

B. Managed Portfolio: Fourteen student accommodation campuses with 49,338 beds under management as of 31 August 2025.

C. Additional services: Provides community and campus technology services such as media coverage of HEIs and the organisation of community-events for its managed portfolio.

3. Market Context & Operating Capabilities

Elevate operates in the resilient education sector, which requires non-discretionary expenditure and has experienced strong growth. The sector features significant barriers to entry, demanding trusted brands capable of delivering safe, quality environments and managing complex non-academic operations. Elevate’s comprehensive operating capabilities-including deal sourcing, site selection, development, acquisition, asset repositioning and community engagement-enable HEIs and K-12 operators to streamline non-core operations so they can focus on academic outcomes, skill-development and curriculum delivery.

4. Strategic Advantages & Collaborations

Elevate believes that being an institutionalised, independent, scaled operator gives it strategic advantages in credibility and trust with HEIs and K-12 operators. It benefits from increased operational efficiency and superior service quality. Collaborations with leading educational institutions include campuses of Manipal Academy of Higher Education (MAHE), Manipal University Jaipur (MUJ) and Meraki Education (Meraki).

5. Growth & Evolution

Since commencing operations as an independent owner and operator of student accommodation in FY 2018, Elevate has broadened its offerings to address the full student lifecycle-from pre-primary to postgraduate studies. It has expanded its asset-light business model via management contracts with HEIs, and scaled its K-12 asset base significantly, driven by a mix of organic growth and strategic acquisitions.

Industry Outlook

The Indian education infrastructure market is witnessing strong expansion across both K-12 assets and student accommodation. The K-12 education segment was valued at around US$ 48.9 billion in 2023 and is projected to reach US$ 125.8 billion by FY 2032, reflecting an annual growth rate of about 10.7 %. At the same time, real-estate demand in the education sector is forecast to exceed 4 billion sq ft by 2034–35, driven by increasing enrolments and institutional expansion.

1. Student Accommodation Market

Within the student accommodation segment, opportunities are rapidly growing. The organised market currently provides nearly 0.3 million beds, but this is expected to reach 1 million beds by 2030, increasing penetration from 5 % to over 10 %. The overall market is valued at approximately US$ 533.5 million in 2024, projected to rise to US$ 780.5 million by 2030, with a CAGR of around 6.6 % between 2025 and 2030.

2. Growth Drivers & Key Figures

A. Rising higher-education enrolments and student mobility, projected to reach 31 million students by 2036.

B. A persistent supply gap in professionally managed student housing, with only 35–40 % of demand currently met.

C. A growing shift toward purpose-built student accommodation (PBSA) featuring premium amenities.

D. Shared-bed formats account for over 55 % of revenues, while studio accommodations are expected to grow at a CAGR of ~9 % by 2030.

E. The K-12 segment continues to expand, supported by favourable demographics, rapid urbanisation, and increasing private investment.

How Will Elevate Campuses Limited Benefit

1. The rapid expansion of India’s K-12 and student housing sectors will enable Elevate Campuses Limited to increase its portfolio across Tier-I, Tier-II, and Tier-III cities.

2. Rising student mobility and enrolments will drive sustained occupancy across its existing and upcoming campuses.

3. The growing demand for purpose-built student accommodation (PBSA) aligns with Elevate’s core business model and operational expertise.

4. Increasing private and institutional investment in education infrastructure provides avenues for strategic partnerships and capital access.

5. The supply gap in organised student housing presents an opportunity for Elevate to expand its managed and owned bed capacity.

6. Growth in K-12 assets allows the company to strengthen its integrated platform supporting learners from school to higher education.

7. The strong policy and demographic tailwinds in education will enhance long-term revenue stability and brand visibility.

8. Expansion into international markets like the UAE can further diversify earnings and strengthen Elevate’s global positioning.

Peer Group Comparison

There are no comparable listed companies in India that engage in a business similar to that of the company. Accordingly, it is not possible to provide an industry comparison as per the DRHP.

Key Strategies for Elevate Campuses Limited

1. Capitalizing on Market Potential

The company’s strategy is to leverage significant growth opportunities in India’s large, underserved education market, where there is a considerable demand-supply gap. Their current student accommodation portfolio represents only approximately $0.48\%$ of the Target Addressable Market, positioning them to benefit from the increasing privatization and expansion of the higher education and K-12 segments.

2. Disciplined Organic and Inorganic Growth

Elevate Campuses Limited is committed to disciplined growth via a balanced mix of organic and inorganic initiatives, underpinned by prudent capital allocation. This involves driving revenue through contractual escalations, optimizing current assets via upgrades, and pursuing greenfield/brownfield development and selective value-enhancing acquisitions in high-potential markets.

3. Strategic Platform Expansion

The company plans to broaden its Elevate Platform by exploring strategic adjacencies to the existing portfolio. This includes collaborating with foreign and leading public Higher Education Institutions (HEIs), capitalizing on new regulatory environments, and exploring off-campus student housing in key micro-markets where demand exceeds current on-campus capacity.

4. Tech-Driven Operational Efficiency

Elevate Campuses Limited will continue to invest in data analytics and technology-enabled solutions to enhance the student experience and drive business growth. The company seeks to streamline operations and improve productivity by deploying integrated technology tools, such as mobile applications, to automate processes, manage service requests, and potentially establish new digital revenue streams.