Elevate Campuses Ltd IPO
Miscellaneous
Price Band
₹343 – ₹362
Lot Size
41
Minimum Bid Quantity
41
Minimum Investment
₹14842
Issue Size
₹2100Cr
Opens
2026-09-23
Closes
2026-09-25
Listing
30-09-2026
Subscription Status
Qualified Institutional Buyers
2.52 x
Non-Institutional Investor
0.81 x
Retail Individual Investor
0.69 x
Total
1.72 x
IPO Details
Issue Type
EQUITY
Face Value
₹1
Tick Size
1
ISIN
INE147X01013
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Elevate Campuses is an education infrastructure company that owns, operates, and manages on-campus student accommodation across higher education institutions (HEIs) and owns K-12 education assets. Its student accommodation business operates under the “Good Host Spaces” and “ScholarZ” brands. As of March 31, 2026, its owned portfolio comprised seven student accommodation campuses with 20,368 beds across six Indian cities and two K-12 assets in Dubai, UAE. Its managed portfolio comprised 14 student accommodation campuses with 55,487 beds under management. The company also provides community and campus technology services for its managed portfolio, including media coverage of HEIs and organising community events. Overall, its portfolio had the capacity to cater to 80,255 students and was present across 15 cities in India and one city in the UAE as of March 31, 2026. The company’s operations include deal sourcing, site selection, development, asset acquisition, asset repositioning, and community engagement.
Pros
- • Elevate had a student accommodation portfolio of 78,542 beds as of June 15, 2026. According to the CBRE Report cited in the prospectus, this was approximately 2.1 times the capacity of the next-largest PMSA player and 6.2 times that of the third-largest player.
- • The company has expanded its student accommodation portfolio over the past two years. Its Owned Beds and Managed Beds increased to 75,855 as of March 31, 2026, from 53,717 in the academic year 2023-2024. Its portfolio also expanded to 22 cities and 35 institutes on a pro forma basis by March 31, 2026.
- • Elevate has long-term contractual arrangements with HEIs for its owned student accommodation assets. These contracts generally range from 50 to 60 years and typically include annual escalations during the guaranteed escalation period, while some contracts also contain occupancy guarantees, exclusivity, non-compete and right of first fill clauses.
Cons
- • The student accommodation business in the company’s Owned Portfolio contributed Rs 373.84 crore (65.74%), Rs 367.00 crore (99.24%), and Rs 346.01 crore (99.72%) to revenue from operations in FY26, FY25, and FY24, respectively. Occupancy in the Owned Portfolio declined from 99.92% in Academic Year 2023-2024 to 99.47% in Academic Year 2024-2025 and 89.37% in Academic Year 2025-2026 up to March 31, 2026. Any inability to maintain occupancy rates due to factors such as lower student enrolment, competition from alternative housing, regulatory restrictions or adverse developments affecting HEIs could reduce revenue and adversely affect the company’s business, financial condition, and cash flows.
- • Revenue from three of the company’s largest HEIs, O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University, accounted for Rs 349.48 crore, or 61.46% of revenue from operations in FY26, compared with Rs 329.13 crore (89.00%) in FY25 and Rs 307.44 crore (88.60%) in FY24. O.P. Jindal Global University alone contributed 36.97% of FY26 revenue, while Manipal University Jaipur contributed 20.54%. Any adverse developments affecting these institutions or deterioration in the company’s relationships with them could affect its business, financial condition, results of operations and cash flows.
- • The company derived 70.13% of its revenue from operations in FY26 from HEIs and student accommodation assets located in the northern and southern regions of India, compared with 100.00% in FY25 and FY24. The northern region, comprising Haryana, Himachal Pradesh, Punjab, Uttarakhand and Rajasthan, contributed Rs 370.98 crore (65.24%) of FY26 revenue, while the southern region contributed Rs 27.79 crore (4.89%). Any adverse regulatory, economic, environmental, infrastructural or institutional developments in these regions could disrupt operations, increase costs or affect contract renewals, thereby adversely affecting the company’s business, financial condition, results of operations and cash flows.
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