Elevate Campuses IPO is a book-built issue of ₹2,100 crore, consisting entirely of a fresh issue of 5.80 crore shares. The IPO will open for subscription on September 23, 2026, and close on September 25, 2026. The allotment is expected to be finalised on September 28, 2026, with the shares scheduled to list on NSE and BSE on September 30, 2026.
The company has fixed the price band at ₹343 to ₹362 per share. The lot size is 41 shares, requiring a minimum investment of ₹14,842 for retail investors applying for one lot at the upper end of the price band.
JM Financial Ltd. is the book running lead manager for the issue, while Kfin Technologies Ltd. is the registrar. Investors can refer to the Elevate Campuses IPO RHP for detailed information about the offer, company, financials, risks and use of proceeds.
Company Overview
Elevate Campuses Ltd. operates and manages on-campus student accommodation for higher education institutions (HEIs) and owns K-12 education assets. As of March 31, 2026, its portfolio had capacity for 80,255 students across 15 cities in India and one city in the UAE. The company operates its student accommodation business under the “Good Host Spaces” and “ScholarZ” brands.
Its portfolio includes seven owned student accommodation campuses with 20,368 beds across six Indian cities, along with two K-12 assets in Dubai. Its managed portfolio comprises 14 student accommodation campuses with 55,487 beds. The company also provides community and campus technology services, including media coverage and community events.
Elevate Campuses offers students services such as accommodation, dining, laundry, gyms, sports facilities, security, retail outlets and recreation amenities. As of March 31, 2026, 62 retail outlets were operational across its portfolio.
The company has partnerships with reputed HEIs, including Manipal Academy of Higher Education, Manipal University Jaipur and O.P. Jindal Global University. It has also expanded through management contracts, acquisitions and new projects, including hostel development at IIT Madras, supporting its asset-light growth strategy.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 23 to 25 Sep, 2026 |
| Allotment | Mon, Sep 28, 2026 |
| Listing Date | Wed, Sep 30, 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹343 to ₹362 per share |
| Lot Size | 41 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital only |
| 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) |
| Shareholding Pre-Issue | 11,05,19,988 shares |
| Shareholding Post-Issue | 16,85,31,037 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India has one of the world’s largest formal education cohorts, with around 513 million people aged three to 23 years, creating substantial demand for schools, higher education institutions and supporting infrastructure.
- India’s K-12 segment had approximately 247 million students across 1.47 million schools in Academic Year 2024-25, while private unaided schools continue gaining preference amid demand for quality education and improved infrastructure.
- International curriculum schools are expanding in India, with IB and CIE affiliated private schools increasing significantly, reflecting growing demand for globally aligned education, modern learning environments and differentiated academic offerings.
- Higher education is becoming increasingly internationalised, with 20 foreign universities approved to establish campuses in India, alongside greater adoption of digital learning platforms and technology-enabled education delivery models across institutions.
- Public-private partnerships are gaining traction in educational infrastructure development, with institutions including IIT Madras, IIM Udaipur, IIT Hyderabad and IIIT Nagpur adopting models to modernise student accommodation and campus facilities.
Business Strengths
- Scaled student accommodation platform with 75,855 owned and managed beds as of March 31, 2026, supported by an asset-light management model and presence across leading educational institutions.
- Strong operational capabilities spanning deal sourcing, development, acquisitions, asset repositioning and student experience management, supporting portfolio expansion and efficient management of accommodation assets.
- Student-centric facilities include gyms, sports amenities, libraries, high-speed internet, security systems, healthcare support and community events, helping create a comprehensive campus living experience.
- Owned student accommodation achieved 89.37% occupancy in Academic Year 2025-26, supported by relationships with reputed HEIs and long-term arrangements that provide greater visibility into accommodation demand.
- An experienced management team with expertise across education, real estate, operations, facility management, project development, investment, governance and financial control supports the company’s expansion strategy.
Business Risks
- High dependence on student occupancy rates, with 65.74% of FY2026 operating revenue generated from the student accommodation business within the company’s Owned Portfolio.
- Revenue concentration remains significant, with three largest HEIs contributing 61.46% of FY2026 operating revenue, making performance sensitive to developments affecting these institutions.
- Planned K-12 acquisitions may face integration challenges due to differences in rental obligations, escalation clauses, lock-in periods, management responsibilities and operational procedures across acquired assets.
- Regional concentration remains a concern, with 70.13% of FY2026 operating revenue derived from HEIs and student accommodation assets located across northern and southern India.
- Delays in receiving lease rentals from K-12 Operators or monthly management fees from HEIs could adversely affect the company’s cash flows, business performance and financial condition.
- Agreements with HEIs and K-12 Operators may face early termination, non-renewal or renegotiation, potentially affecting revenue, relationships and the company’s financial performance.
Financial Performance
Elevate Campuses Ltd. – Financials (₹ in Million) Pre-Acquisition Group (on a restated basis)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 5,686.33 | 3,698.11 | 3,470.01 |
| Total Income | 6,033.92 | 3,941.27 | 3,626.08 |
| EBITDA | 5,449.98 | 2,564.03 | 2,201.29 |
| EBITDA Margin (%) | 90.32% | 65.06% | 60.71% |
| Profit / (Loss) After Tax (PAT) | 1,737.59 | 497.38 | 396.89 |
| PAT Margin (%) | 28.80% | 12.62% | 10.95% |
| Return on Adjusted Capital Employed (%) | 6.42% | 9.90% | 9.72% |
(Source: RHP)
Key Ratios & Metrics
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Return on Capital Employed (ROCE) | 6.42% | 9.90% |
| Debt-to-Equity Ratio | 4.98 | 2.71 |
| Return on Net Worth (RoNW) | 18.17% | 7.11% |
| PAT Margin | 28.80% | 12.62% |
| EBITDA Margin | 90.32% | 65.06% |
| Net Asset Value (NAV per share) | ₹432.62 | ₹316.58 |
(Source: RHP)
Objects of the Issue
The company plans to deploy the net proceeds from the IPO for the following purposes:
- ₹1,100 crore towards the purchase consideration for acquiring the K-12 entities and campuses.
- ₹750 crore towards the full or partial repayment or prepayment of certain outstanding borrowings, including applicable prepayment penalties, of the company and specified subsidiaries through investments in those subsidiaries.
- The remaining proceeds will be used to support inorganic growth initiatives, potential acquisitions, other strategic initiatives and general corporate purposes.
Conclusion
The Elevate Campuses IPO offers a closer look at a company operating at the intersection of education and student accommodation. Its sizeable owned and managed bed portfolio, relationships with established higher education institutions and asset-light management model are key aspects of its business.
The company has also expanded into K-12 assets, adding another dimension to its education-focused portfolio. At the same time, high occupancy dependence, revenue concentration across major HEIs, regional exposure and risks linked to contractual arrangements remain important considerations. Investors should review the company’s financial performance, business model, proposed acquisitions, IPO objectives and risk factors in the RHP before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
Paytm Money Ltd. SEBI Reg. No. Broking – INZ000240532; Depository Participant – IN – DP – 416 – 2019, Depository Participant Number: CDSL – 12088800. Trading and clearing member of NSE (90165, M52073), BSE (6707), MCX (57525), NCDEX (1315, M51110), and MSEI (85300). SEBI Reg. No. Research Analyst – INH000020086. Regd. Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019. For complete Terms & Conditions and Disclaimers visit: https://www.paytmmoney.com/stocks/policies/terms
