Elevate Campuses IPO
UpcomingMainboardOpens 23 September 2026Closes 25 September 2026
Incorporated in 2005 (formerly known as Good Host Spaces Limited), Elevate Campuses Limited is a premier institutional owner, operator, and administrator of on-campus student accommodation across higher education…
Incorporated in 2005 (formerly known as Good Host Spaces Limited), Elevate Campuses Limited is a premier institutional owner, operator, and administrator of on-campus student accommodation across higher education institutions (HEIs) and K-12 school infrastructure assets in India and the United Arab Emirates. As of August 31, 2025, the platform caters to 94,758 students across 20 cities in India and Dubai, operating under recognized brands such as 'Good Host Spaces' and 'ScholarZ'. Its Owned Portfolio encompasses key student housing campuses (including O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University) and 18 K-12 school assets (including top-tier international schools in Dubai and India), complemented by a managed operations portfolio of 14 campuses totaling over 49,000 beds.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
23 Sept 2026
IPO Closes
25 Sept 2026
Allotment
28 Sept 2026
Listing
30 Sept 2026
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| Allotment Date | 28 September 2026 |
| Listing Date | 30 September 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,842 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,92,946 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,07,788 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,94,414 |
BHNIAbove ₹10,00,000 | 68 | ₹10,09,256 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 75.00% |
| NII (Non-Institutional Investor) | 15.00% |
| SHNI (Small Non-Institutional Investor) | 5.00% |
| BHNI (Big Non-Institutional Investor) | 10.00% |
| Retail | 10.00% |
| Total | 100.00% |
IPO Objectives
- Payment of purchase consideration for the acquisition of the K-12 Entities and Campuses from fellow subsidiaries of the Promoters (₹1,100.00 Cr / ₹11,000.00 Million).
- Repayment and/or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties availed by the Company and select Subsidiaries including GHS Shoolini, GHS Sonipat, Data Ram Sons, and UAE entities (₹750.00 Cr / ₹7,500.00 Million).
- Funding inorganic growth through unidentified acquisitions, other strategic initiatives, and general corporate purposes.
Strengths
- India's leading specialized institutional education infrastructure and on-campus student living platform catering to 94,758 students across 20 Indian cities and Dubai.
- Long-tenured partnership arrangements with premier higher education institutions (including O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University) featuring minimum occupancy commitments and exclusivity clauses.
- Predictable cash generation underpinned by multi-decade master triple-net leases and structured periodic rental escalations.
- Exceptional financial trajectory in FY26, with total income expanding 53% to ₹603.39 Cr and restated PAT surging 249% to ₹173.76 Cr.
Weaknesses
- Significant institutional revenue concentration, with three universities contributing over 61% of total revenue from operations in FY26.
- Elevated indebtedness with total borrowings of ₹4,120.53 Cr (including ₹1,050.00 Cr in convertible debentures) and a Net Debt to EBITDA ratio of 4.98x.
- Integration and execution complexities linked to the mega acquisition of K-12 assets (₹1,100 Cr outlay) and capital-intensive greenfield campus developments.
- Absence of direct Indian listed peers in the public markets, making peer-relative performance benchmarking and sector multiples harder to assess.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 5,773.35 | 2,421.2 | 2,104.74 |
| Revenue (₹ Cr.) | 603.39 | 394.13 | 362.61 |
| PAT (₹ Cr.) | 173.76 | 49.74 | 39.69 |
| Net Worth (₹ Cr.) | 956.29 | 699.78 | 655.77 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Elevate Campuses | 1.14 | 35.11 | 18.17% | 956.29 |
Subscription Details
No daily bids available.
No subscription statistics available.
Company Details
- Elevate Campuses Limited
- Naman Midtown, Unit No. 902-906, 9th Floor, Tower B, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
- +91 22 6820 1600
- companysecretary@elevatecampuses.com
- https://www.elevatecampuses.com
Registrar Details
- KFin Technologies Limited
- +91 40 6716 2222
- elevatecampuses.ipo@kfintech.com
- https://www.kfintech.com
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Elevate Campuses IPO News & Updates
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Elevate Campuses IPO Details
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Sources
We match Elevate Campuses IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- KFin Technologies LimitedOfficial site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.