The company has fixed the IPO price band at ₹343-₹362 per equity share. Investors can bid for a minimum of 41 shares and in multiples thereof.
At the upper end of the price band, Elevate Campuses aims to raise ₹2,100 crore through the public issue. The IPO comprises entirely of a fresh issue of shares, with no offer-for-sale (OFS) component.
Hillhouse Investment, Singapore, is the promoter of Elevate Campuses through two entities — Genius Bidco Holdings and Genius Rajkot Investment Holdings Pte. Ltd.
The anchor investor portion will open for bidding on September 22, while the public issue will remain open until September 25.
At the upper end of the price band, Elevate Campuses is expected to command a post-listing market capitalisation of ₹6,100.82 crore.
Of the total issue size, 75% has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail investors.
Use of IPO proceeds
Elevate Campuses plans to use ₹1,100 crore from the net IPO proceeds to acquire K-12 entities and campuses from fellow subsidiaries of its promoters. This represents around 52.4% of the total issue size.
Another ₹750 crore will be used to repay part of the debt availed by the company and certain wholly owned subsidiaries. The remaining proceeds will be used for inorganic growth through unidentified acquisitions and general corporate purposes.
The proposed acquisition of the K-12 assets will significantly expand Elevate Campuses’ school-infrastructure portfolio.
Business model
Elevate Campuses describes itself as an institutionalised and independent education platform, but it is primarily an education-infrastructure company rather than an educator.
The company owns and manages student accommodation for colleges and universities and owns K-12 school infrastructure that is leased to third-party school operators.
As of March 2026, the company had a total student accommodation capacity of 80,255 beds across 16 cities in India and Dubai. Of this, 20,368 were owned beds, while 55,487 beds were under management contracts with higher education institutions.
Its student accommodation portfolio includes assets associated with institutions such as Manipal, OP Jindal Global University and Shoolini University. The company earns rental and management fees, along with income from services such as dining, laundry, gyms and other campus facilities.
Its owned assets typically have long operating lives of 50-60 years, while contracts for its managed portfolio are generally asset-light, with management contracts of up to five years.
Elevate Campuses also operates with higher education institutions under contracts that include minimum occupancy guarantees. The company collects fees upfront under these arrangements, supporting a negative working capital model.
K-12 business
In the K-12 segment, Elevate Campuses does not operate schools or provide education services. Instead, it owns the underlying land, school buildings and related infrastructure and leases these assets to third-party school operators.
The company currently owns two K-12 assets in Dubai – Hartland International School and North London Collegiate School. These assets were acquired in September 2025 from a promoter-group entity for around ₹2,137.75 crore.
Following the IPO, Elevate Campuses plans to acquire 16 additional K-12 entities and campuses in India, including assets in Hyderabad, Chennai and Pune, using ₹1,100 crore of the issue proceeds.
The acquisition would take its K-12 portfolio to 18 assets with a combined capacity of around 24,086, according to CBRE estimates.
Under its triple-net lease model, the school operator is responsible for property taxes, insurance, common-area maintenance and regulatory approvals, while Elevate Campuses collects base rent with pre-agreed escalations. Lease contracts typically include annual rent escalations of 3-5% and lock-in periods ranging from 10 to 29 years.
Key risks
A significant portion of the IPO proceeds — around 52.4% — is earmarked for the acquisition of K-12 entities and campuses from promoter-group entities.
The company has also reported instances of delayed payments by K-12 operators over the past three financial years and the current financial year, with delays ranging from one to six months in certain cases.
Owned-bed occupancy has also declined, from 99.92% in FY24 to 89.37% in FY26.
Elevate Campuses has exposure to a concentrated set of higher education institutions. The top three institutions – O.P. Jindal Global University, Manipal University Jaipur and Shoolini University – accounted for 61.46% of FY26 revenue, compared with 89% in FY25. OP Jindal Global University alone accounted for around 36% of FY26 revenue.
Financial performance
On the financial front, Elevate Campuses reported a 3.5-fold increase in consolidated profit to ₹173.8 crore for the year ended March 2026, compared with ₹49.7 crore in the previous year.
Revenue from operations increased 53.8% to ₹568.6 crore in FY26 from ₹369.8 crore in FY25.
JM Financial, IIFL Capital Services and Morgan Stanley India Company have been appointed as the merchant bankers for the Elevate Campuses IPO.
The IPO allotment is expected to be finalised on September 28, while trading in Elevate Campuses shares is expected to commence on the bourses on September 30.
