About Elevate Campuses IPO
The Elevate Campuses IPO is a 100% book-built issue comprising a fresh issue worth up to ₹2,550 crore, with a face value of ₹1. Elevate Campuses Ltd. gets SEBI approval for its IPO on February 5, 2026.
The price band, lot size, and issue dates have not been disclosed. The equity shares are proposed to be listed on the BSE and NSE. Funds are intended to be used for the repayment of debt and acquisition of K-12 entities and campuses. The Book Running Lead Managers (BRLMs) appointed for this issue are JM Financial Ltd., IIFL Capital Services Ltd., and Morgan Stanley India Company Private Ltd., with KFin Technologies Ltd. as the Registrar to the Offer.
Company Background
Elevate Campuses Ltd. was incorporated as "Woodstock Ambience Private Limited" in Bengaluru on April 8, 2005. Over the last two decades, the company rebranded to "Good Host Spaces" in 2018 and finally to "Elevate Campuses Limited" in September 2025, consolidating all services under one platform.
The company is a leading player in the "purpose-built student accommodation" (PBSA) sector, providing ownership, operation, and management of student housing integrated with higher education institutions (HEIs). Elevate Campuses fills a key gap in the Indian education system by offering professional management services for student housing facilities.
Operations and Product Range
The company operates under the brands "Good Host Spaces" and "ScholarZ," delivering services beyond room leasing, including food, laundry, security, and cleaning. Additionally, the company is expanding into K-12 education infrastructure, serving schools and universities with fully integrated living and learning solutions.
Facilities and Capacity
As of August 31, 2025, Elevate Campuses manages 94,758 student beds across 21 cities in India. This includes 5 owned campuses with 16,934 beds and 14 managed campuses with 49,338 beds. The IPO is expected to enhance capacity through additional acquisitions.
The company has a PPP project with a premier technology institute in South India and plans to integrate two major K-12 assets in Dubai, UAE, into its portfolio, boosting its international capacity.
Brands and Market Presence
"Good Host Spaces" and "ScholarZ" have established a strong presence in the institutional student housing market, providing standardized, professional experiences across 21 cities. International expansion into the UAE marks a new growth phase.
Revenue Streams and Business Model
Elevate Campuses generates recurring revenue through property rentals and professional service fees, stabilized by long-term agreements with educational institutions. For FY 2025, EBITDA was ₹259.32 crore.
Revenue is segmented into:
- • Owned Portfolio: revenue from company-owned properties.
- • Managed Portfolio: fees from managing third-party or institutional assets.
Management and Shareholding
Promoters include Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd., both controlled by Hillhouse Investment, a global investment manager with over ₹9,000 crore AUM. Before the IPO, promoters held 100% of the equity.
Board and Key Management
The board includes Siddhartha Gupta, Arpit Nahata, and Sagar Punjabi as directors, with independent directors Anami Narayan Prema Roy and Rashmi Satish Joshi. Financial operations are overseen by Vinod Rao (Whole-Time Director & CFO) and supported by Nishthi Haresh Dharmani (CS & Compliance Officer).
Elevate Campuses IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 1 per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Issue only |
| Total Issue Size | [.] shares (agg. up to ₹ 2,550 Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | Up to ₹ 2,550.00 Cr |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | 100 % Book Built Issue |
| Listing At | BSE and NSE |
| Share Holding Pre Issue | 100.00 % (held by Promoters and existing shareholders) |
| Share Holding Post Issue | - |
Elevate Campuses IPO Financial Information
Latest Revenue
394.13
₹ Crore
Profit After Tax
52.65
₹ Crore
Net Worth
702.71
₹ Crore
Total Borrowing
1,206.60
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| FY 2025 (31 Mar) | 2,421.18 | 394.13 | 52.65 | 702.71 | 700.50 | 1,206.60 | |||
| FY 2024 (31 Mar) | 2,104.74 | 362.61 | 39.69 | 655.77 | 653.56 | 984.71 | |||
| FY 2024 (31 Mar) FY 2023 (31 Mar) | 1,850.00 | 300.92 | 29.00 | 577.00 | 574.78 | 1,850.00 | |||
| Amount in ₹ Crore | |||||||||
Elevate Campuses Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | 10.02% |
| Debt/Equity | - |
| RoNW | 7.49% |
| PAT Margin | 13.36% |
| EBITDA Margin | 65.80% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ₹23.77 (Basic, FY25) | ₹1.61 (Basic, FY25) |
| P/E (x) | [.] | [.] |
IPO Objectives
The capital raised will be used for:
- • Payment to acquire K-12 entities and campuses.
- • Repayment or prepayment of certain borrowings.
- • Funding inorganic growth via acquisitions and strategic initiatives.
- • General corporate purposes.
Conclusion
The Elevate Campuses IPO provides an opportunity to invest in a growing student accommodation business with strong institutional backing from Hillhouse. The company aims to expand its market share domestically and internationally, capitalizing on the increasing demand for quality student housing and integrated K-12 infrastructure.
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Competitive Strengths
Leading Market Position: Largest institutional provider in the Indian PBSA market with a capacity to serve nearly 95,000 students.
Asset-Light Management Scalability: A large managed portfolio allows for rapid expansion without the heavy capital expenditure associated with land ownership
Integrated Lifestyle Services: Deep expertise in delivering end-to-end student services, including dining, security, and digital infrastructure.
Strong Institutional Partnerships: Long-term collaborations with premier educational institutions ensure high occupancy and stable operations.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 05/02/2026 | - |
| 2 | Filed with SEBI/Exchange | 28/09/2025 | View DRHP |
Elevate Campuses IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |