Elevate Campuses IPO
Elevate Campuses IPO Details
-
Open Date
23 Sep 2026
-
Close Date
25 Sep 2026
- IPO Price Range
₹ 343 to ₹362
- IPO Size
₹ 2100 Cr
Elevate Campuses IPO Timeline
Last Updated: 20 September 2026 5:41 AM by 5paisa
Elevate Campuses Limited, formerly known as Good Host Spaces Limited, is an education infrastructure company that owns, operates and manages on-campus student accommodation across higher education institutions and owns K-12 assets. Its student accommodation business operates under the Good Host Spaces and ScholarZ brands.
As of March 31, 2026, the Company's pre-acquisition group catered to 80,255 students across 15 cities in India and one city in the UAE. Its owned student accommodation portfolio comprised seven campuses with 20,368 beds across six Indian cities, while its managed portfolio covered 14 campuses with 55,487 beds. The Company also owned two K-12 assets in Dubai.
Elevate's operating model extends beyond accommodation infrastructure. It works with educational institutions across areas such as campus operations, facility management and student services. Through the proposed acquisition of K-12 entities and campuses in India, the Company is seeking to expand its presence across a broader part of the student lifecycle.
Established in: 2005
Chief Executive Officer: Jayakumar Narasimha Raghavan
Elevate Campuses commenced operations as an independent owner and operator of student accommodation in FY2018.
Elevate Campuses Objectives
1. Payment of purchase consideration for the acquisition of K-12 entities and campuses – ₹1,100 crore
2. Repayment and/or prepayment, in full or in part, of certain outstanding borrowings and applicable prepayment penalties of the Company and certain subsidiaries – ₹750 crore
3. Funding inorganic growth through unidentified acquisitions and other strategic initiatives
4. General corporate purposes
The subsidiaries covered under the debt repayment object include GHS Shoolini, GHS Sonipat, Souk HIS UAE and Souk NLCS UAE. The proposed K-12 acquisition involves entities and campuses presently held through promoter-group entities.
Elevate Campuses IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹2,100 Cr |
| Offer For Sale | NIL |
| Fresh Issue | ₹2,100 Cr |
Elevate Campuses IPO Lot Size
| 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 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 347.00 | 369.81 | 568.63 |
| EBITDA | 220.13 | 256.40 | 545.00 |
| PAT | 39.69 | 49.74 | 173.76 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 2,104.74 | 2,421.20 | 5,773.35 |
| Share Capital | 655.77 | 699.78 | 956.29 |
| Total Liabilities | 984.71 | 1,206.60 | 4,120.53 |
Strengths
1. Elevate Campuses has built scale across both owned and managed student accommodation. As of March 31, 2026, its portfolio included 20,368 owned beds and 55,487 managed beds across 21 student accommodation campuses.
2. The Company operates long-term relationships with higher education institutions. Certain lease arrangements include annual rent escalations of around 3% to 5%, with lock-in periods ranging from 10 to 29 years.
3. Financial performance strengthened in FY26, with revenue from operations rising 53.8% year-on-year and PAT increasing from ₹49.74 crore to ₹173.76 crore.
4. Its combination of student accommodation and K-12 infrastructure gives Elevate exposure to different parts of the education infrastructure market.
Weaknesses
1. Revenue remains concentrated among a relatively small group of higher education institutions. O.P. Jindal Global University, Manipal University Jaipur and Shoolini University together accounted for 61.46% of FY26 revenue.
2. Occupancy in the Company's owned student accommodation portfolio declined from 99.92% in FY24 to 89.37% in FY26.
3. Borrowings increased materially during FY26, with total borrowings reported at ₹4,120.53 crore in the restated financial information.
4. With no directly comparable listed company in India, conventional peer-based valuation benchmarking is limited.
Opportunities
1. Growth in higher education enrolment and demand for organised student accommodation can expand the addressable market for institutional campus infrastructure providers.
2. The proposed acquisition of 16 K-12 entities and campuses in India is intended to broaden Elevate's presence beyond student accommodation and expand its education infrastructure portfolio.
3. The Company can expand through a mix of owned and managed campuses, allowing it to increase operating capacity without necessarily owning every asset.
4. Further acquisitions and strategic initiatives could extend the Company's presence across additional institutions and locations.
Threats
1. The business depends on continuing relationships with higher education institutions. Non-renewal, termination or renegotiation of agreements could affect occupancy, revenues and operating performance.
2. The Company has reported payment delays from certain K-12 operators during past periods, with some delays ranging between one and six months.
3. A substantial ₹1,100 crore of IPO proceeds is proposed to be used for acquiring K-12 entities and campuses from promoter-group entities. The scale of the transaction creates acquisition and integration-related execution risks.
4. Changes in student enrolment, campus occupancy, education-sector regulations or the expansion plans of partner institutions may influence demand for the Company's infrastructure and services.
1. Elevate Campuses has established scale in institutional student accommodation, with seven owned campuses and 14 managed campuses as of March 31, 2026.
2. Revenue from operations increased from ₹347 crore in FY24 to ₹568.63 crore in FY26, while PAT rose from ₹39.69 crore to ₹173.76 crore over the same period.
3. The proposed K-12 acquisitions are intended to expand the Company's business beyond its existing student accommodation portfolio and create a broader education infrastructure platform.
4. As the issue is entirely a fresh issue, the proceeds will be directed towards the Company's stated acquisition, debt repayment, inorganic growth and general corporate objectives rather than being paid to selling shareholders.
India's education infrastructure market spans a large network of higher education institutions and K-12 schools, while organised institutional student accommodation remains relatively specialised. Elevate Campuses operates within this infrastructure layer rather than as an education provider itself, partnering with universities and school operators to provide accommodation, campus assets and related services.
The Company describes itself as India's largest institutionalised and independent education platform by student capacity, based on the CBRE report cited in its offer documents. Its current student accommodation presence combines owned campuses with an asset-lighter managed portfolio, while the proposed K-12 acquisitions are intended to extend the platform across school infrastructure as well.
As of March 31, 2026, the pre-acquisition group catered to 80,255 students across India and the UAE. The proposed acquisition portfolio would add 16 K-12 entities and campuses in India to the Company's existing two K-12 assets in Dubai. This broadens Elevate's exposure across the education infrastructure lifecycle, although future growth will remain dependent on occupancy, institution partnerships, acquisition integration and the Company's ability to manage its capital structure.
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FAQs
Elevate Campuses IPO opens on September 23, 2026 and closes on September 25, 2026. The anchor investor bidding date is September 22, 2026.
The Elevate Campuses IPO has a total issue size of ₹2,100 crore. The entire IPO consists of a fresh issue of equity shares, with no Offer for Sale component.
The price band of Elevate Campuses IPO is fixed at ₹343 to ₹362 per equity share. The face value of each equity share is ₹1.
To apply for Elevate Campuses IPO, follow the steps given below:
1. Login to your 5paisa demat account and select the issue under the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Elevate Campuses IPO.
3. Enter your UPI ID and submit the application. Your bid will then be placed with the exchange.
4. Approve the mandate received through your UPI application to block the required funds.
The minimum lot size for the Elevate Campuses IPO is 41 shares. At the upper price band of ₹362 per share, the minimum retail investment is ₹14,842.
The basis of allotment for the Elevate Campuses IPO is expected to be finalised on September 28, 2026. Refund initiation and the credit of shares to successful applicants' demat accounts are tentatively scheduled for September 29, 2026.
Elevate Campuses shares are tentatively scheduled to list on BSE and NSE on September 30, 2026.
JM Financial Limited, IIFL Capital Services Limited and Morgan Stanley India Company Private Limited are the book-running lead managers to the Elevate Campuses IPO. KFin Technologies Limited is the registrar to the issue.
Elevate Campuses proposes to use ₹1,100 crore towards acquiring K-12 entities and campuses and ₹750 crore towards repayment or prepayment of certain borrowings of the Company and specified subsidiaries. The remaining net proceeds are proposed to fund unidentified acquisitions, other strategic initiatives and general corporate purposes.