Elevate Campuses Limited is an education infrastructure company focused on student accommodation for HEIs and K-12 education assets, operating its student accommodation business under the Good Host Spaces and ScholarZ brands.
As of March 31, 2026, the Company had a capacity of 80,255 students across India and the UAE, including 7 owned student accommodation campuses with 20,368 beds across six Indian cities, 14 managed campuses with 55,487 beds, and 2 K-12 assets in Dubai with a capacity of 4,400 students.
The Company offers student accommodation services including dining, laundry, gym, sports facilities, security, retail and recreation facilities. As of March 31, 2026, 62 retail outlets were operational across its portfolio.
Elevate provides capabilities in deal sourcing, site selection, development, asset acquisition, repositioning and community engagement. It also offers community and campus technology services and collaborates with institutions including MAHE, MUJ and Meraki Education.
Since FY2018, the Company has expanded its owned accommodation portfolio from 9,153 to 20,368 beds and its managed portfolio to 55,487 beds since FY2024. Its owned portfolio recorded 89.37% occupancy in Academic Year 2025-26.
he Company has expanded into K-12 education infrastructure, including two Dubai assets. Its model involves owning and developing school infrastructure, leasing it to operators, and managing upgrades and facilities.
As of March 31, 2026, the Pre-Acquisition Group had 460 full-time employees.
Elevate Campuses IPO – Details
| IPO Opening Date | 23 September 2026 |
| IPO Closing Date | 25 September 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 5,80,11,049 Shares Worth ₹2100.00 Crore Fresh Issue: 5,80,11,049 Shares Worth ₹2100.00 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹343 – ₹362per share |
| Market Lot | 41 Shares |
| Min Order | 41 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Elevate Campuses IPO – Date Schedule
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Basis of Allotment | 28 September 2026 |
| Initiation of Refund | 29 September 2026 |
| Credit of Shares to Demat Account | 29 September 2026 |
| IPO Listing Date | 30 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 25, 2026 |
Elevate Campuses IPO – Lots Size & Price
| 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 | 2747 | ₹9,94,414 |
| B-HNI (Min) | 68 | 2788 | ₹10,09,256 |
Competitive Strength
- An institutionalized 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, trusted by 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.
Company Promoters
- Genius Bidco Holdings Pte.Ltd.
- Genius Rajkot Investment Holdings Pte. Ltd.
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹362.61 Cr | ₹290.41 Cr | ₹39.69 Cr | ₹984.71 Cr |
| 31 March 2025 | ₹394.13 Cr | ₹303.83 Cr | ₹49.74 Cr | ₹1,206.60 Cr |
| 31 March 2026 | ₹603.39 Cr | ₹504.55 Cr | ₹173.76 Cr | ₹4,120.53 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROCE | 6.80% |
| Debt/Equity | 4.98 |
| RoNW | 18.17% |
| PAT Margin | 28.80% |
| EBITDA Margin | 90.32% |
| NAV | 432.62 |
| Pre IPO | Post IPO | |
| EPS (₹) | 15.72 | 10.31 |
| P/E (x) | 23.03 | 35.11 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses. | ₹1100.00 |
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by Company and certain of Subsidiaries, namely GHS Shoolini, GHS Sonipat, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries. | ₹750.00 |
| Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes. |
Elevate Campuses IPO Peer Comparison
- The Company does not have any listed peer in India with a comparable business portfolio; accordingly, industry comparisons may not be relevant.
✅Strengths
- Strong Portfolio with 75,855 student accommodation beds.
- Diversified Assets across student accommodation and K-12.
- Institutional Relationships with leading HEIs.
- High Occupancy of 89.37% in owned portfolio.
- Asset-Light Model supporting scalable growth.
⚠️Risks
- High Capital Needs for asset development.
- HEI Dependence for occupancy and demand.
- Occupancy Risk from lower student demand.
- Geographic Concentration across key education hubs.
- Limited Peer Comparison with no comparable listed Indian peer.
Elevate Campuses IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | 65.58% |
Elevate Campuses IPO Prospectus
Company Contact Information
| Elevate Campuses Ltd. Naman Midtown, Unit No 902-906 9 th Floor, Tower B, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, 400013 Phone: +91 22 6820 1600 Email: companysecretary@elevatecampuses.com Website: https://www.elevatecampuses.com/ |
Elevate Campuses IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: Elevatecampuses.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Elevate Campuses IPO Lead Manager(s)
| 1. JM Financial Limited 2. IIFL Capital Services Limited 3. Morgan Stanley India Company Private Limited |
Elevate Campuses IPO FAQs
| What is the Elevate Campuses IPO? Elevate Campuses IPO is a main-board IPO. The issue is priced at ₹343 to ₹362 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Elevate Campuses IPO open? The IPO is to open on 23 September 2026 for QIB, NII, and Retail Investors. |
| What is Elevate Campuses IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is the Elevate Campuses IPO Size? Elevate Campuses IPO size is ₹2100.00 Crore. |
| What are the Elevate Campuses IPO Minimum and maximum lot sizes for Retail? The minimum bid is 41 Shares with ₹14,842, while the maximum bid is 533 Shares with ₹1,92,946. |
| What is the Elevate Campuses IPO Allotment Date? Elevate Campuses IPO allotment date is 28 September 2026. |
| What is the Elevate Campuses IPO Listing Date? Elevate Campuses IPO listing date is 30 September 2026. The IPO is to be listed on the BSE and the NSE. |
