Elevate Campuses to Open ₹2,100 Crore IPO on September 23

Elevate Campuses is set to open its ₹2,100 crore initial public offering on September 23, with the Hillhouse Capital-backed student accommodation operator opting to raise the entire amount through fresh shares. 

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There will be no offer-for-sale in the issue. 

The three-day IPO will close on September 25, while institutional investors will get access to the anchor book a day before the public offer opens, on September 22. Share allotment is expected to be completed by September 28, followed by a likely stock-market debut on September 30. 

The company filed its red herring prospectus with the Registrar of Companies on September 17. It had initially proposed a ₹2,550 crore IPO when it filed its draft papers in September 2025, before reducing the size of the offer to ₹2,100 crore. SEBI had cleared the draft document in February 2026. 

A large part of the money being raised already has a defined use. 

Elevate Campuses plans to spend ₹1,100 crore from the net proceeds to acquire K-12 entities and campuses from fellow subsidiaries of its promoters. Another ₹750 crore is earmarked for partial repayment of borrowings taken by the company and some of its wholly owned subsidiaries. 

The remaining proceeds are intended for inorganic growth through acquisitions that have not yet been identified, along with general corporate purposes. 

Elevate Campuses and its subsidiaries had total outstanding borrowings of ₹3,130 crore as of March 2026. 

From student housing to K-12 assets 

The Mumbai-based company operates student accommodation under the Good Host Spaces and ScholarZ brands. Its footprint covers 15 Indian cities and one city in the United Arab Emirates, catering to 80,255 students. 

Its owned portfolio includes seven student accommodation campuses with 20,368 beds spread across six Indian cities. It also has two K-12 assets in Dubai. 

A further 14 student accommodation campuses form part of its managed portfolio, accounting for 55,487 beds under management as of March 2026. 

The K-12 entities and campuses that Elevate Campuses plans to acquire are currently indirectly owned and controlled by funds of Hillhouse Investment. 

The company is promoted by Genius Bidco Holdings and Genius Rajkot Investment Holdings. Both are ultimately controlled by Singapore-headquartered Hillhouse Investment, also known as Hillhouse Capital, through Hillhouse Real Asset Investment LP. 

Profit rises to ₹173.8 crore in FY26 

Elevate Campuses reported a consolidated profit of ₹173.8 crore for the year ended March 2026, more than three times the ₹49.7 crore recorded in the previous financial year. 

Revenue from operations increased 53.8% to ₹568.6 crore from ₹369.8 crore over the same period. 

JM Financial, IIFL Capital Services and Morgan Stanley India Company are managing the IPO. 

Elevate Campuses will be the fourth mainboard company scheduled to open an IPO next week, alongside Varmora Granito, ArMee Infotech and A-One Steels India.