Elevate Campuses Limited is set to enter the primary market with its initial public offering, with the ₹2,100 crore issue scheduled to open on Wednesday, September 23, 2026. The IPO will remain open until Friday, September 25, while the anchor investor bidding is scheduled for Tuesday, September 22.
The company has fixed the price band at ₹343 to ₹362 per equity share, with each share having a face value of ₹1. Bidders, other than anchor investors, can apply for a minimum of 41 equity shares and in multiples of 41 thereafter.
The total issue size comprises equity shares aggregating up to ₹21,000 million, or ₹2,100 crore. The issue will be conducted through the Book Building Process in accordance with applicable provisions of the SEBI ICDR Regulations.
Student Accommodation Platform
Elevate Campuses operates in the education infrastructure space, with a focus on owning, operating and managing on-campus student accommodation across higher education institutions. The company also owns K-12 assets.
As of March 31, 2026, the company’s capacity covered 80,255 students across 15 cities in India and one city in the United Arab Emirates. Its student accommodation operations are conducted under the Good Host Spaces and ScholarZ brands, while its K-12 assets are managed through long-term lease arrangements with K-12 operators.
The company has both owned and managed assets in its portfolio, giving its operations a presence across different education-related infrastructure segments.
Owned and Managed Portfolio
As of March 31, 2026, Elevate Campuses’ owned portfolio included seven student accommodation campuses with a total of 20,368 beds across six Indian cities. It also owned two K-12 assets in Dubai, UAE.
Its managed portfolio consisted of 14 student accommodation campuses with 55,487 beds under management. Together, these assets form the company’s broader accommodation platform across higher education institutions.
The company is positioned around the growing need for organised student accommodation and education-related infrastructure. Its portfolio combines direct ownership with management arrangements across multiple locations.
IPO Allocation Structure
Under the issue structure, at least 75% of the IPO is available for allocation to Qualified Institutional Buyers. Subject to applicable regulations, up to 60% of the QIB portion may be allocated to Anchor Investors.
Not more than 15% of the issue will be available for Non-Institutional Investors, with the portion further divided according to application size. Not more than 10% of the issue will be available for Retail Individual Investors, subject to valid bids being received at or above the issue price.
Management and Promoters
Elevate Campuses is led by a management team with experience in real estate, deal financing, operations and facility management. The company’s promoters are ultimately owned and controlled by funds of Hillhouse Investment, a global alternative investment manager.
Hillhouse established Rava Partners in 2020 as its real-assets strategy. According to the company, Rava Partners has committed more than US$3.5 billion since inception across growth sectors of Asia’s real-asset economy, including education, logistics and industrial assets, life sciences and healthcare, and digital infrastructure.
With the IPO scheduled for September 23, investors will be able to review the company’s offer documents, business operations, financial information and associated risks before making any investment decision.
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