BSE List Price : ₹356.50

NSE List Price : ₹355.10

Subscription

Category	Times
QIBs	2.66x
HNIs	0.88x
Retail	0.98x
Total : 1.89X

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	1	41	₹14,842
Retail Maximum	13	533	₹192,946
S-HNI Minimum	14	574	₹207,788
S-HNI Maximum	67	2,747	₹994,414
B-HNI Minimum	68	2,788	₹1,009,256

About the Company

Elevate Campuses Limited is an education infrastructure platform that owns, operates and manages on-campus student accommodation for higher education institutions (HEIs) and owns K-12 school assets. Its student accommodation business operates under the Good Host Spaces and ScholarZ brands. As of March 31, 2026, its pre-acquisition group had student accommodation capacity of 80,255 students across 15 cities in India and one city in the UAE.

The company operates through an Owned Portfolio and a Managed Portfolio. Its K-12 business owns school infrastructure that is leased to third-party school operators rather than providing academic education itself.

Products & Services
• Student Accommodation – On-campus accommodation with facilities such as dining, laundry, gyms, security and recreational services.

• Managed Accommodation – Operating and managing student accommodation for HEIs.

• K-12 School Assets – Ownership and leasing of school infrastructure to K-12 operators.

• Campus & Community Services – Campus technology, media coverage, community events and student engagement services

Products & Services

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
2024	₹362.61	₹290.41	₹39.69	₹2104.74
2025	₹394.13	₹303.83	₹49.74	₹2421.20
2026	₹603.39	₹504.55	₹173.76	₹5773.35

Company Promoter

Genius Bidco Holdings Pte.

Genius Rajkot Investment Holdings Pte.

Know before investing

• • Strengths

  Institutionalised Education Infrastructure Platform: Owns, operates and manages student accommodation and K-12 assets, with relationships across leading education groups.

  Large Student Accommodation Portfolio: As of March 31, 2026, the pre-acquisition group had 20,368 owned beds and 55,487 managed beds.

  Strategic Campus Locations: Student accommodation is located on or around established higher education campuses, supporting access to institutional student demand.

  Long-term Contractual Arrangements: Agreements with HEIs and operators can include minimum occupancy arrangements, escalation clauses and advance collections, supporting revenue visibility.

  Experienced Management Team: The senior management team has experience across education, real estate investment, operations, facility management and project development.

• • Risks

  Occupancy Risk: Student accommodation contributed 65.74% of revenue from operations in FY26. Lower occupancy could adversely affect revenue and cash flows.

  Customer Concentration: Three largest HEIs contributed 61.46% of revenue from operations in FY26, creating dependence on key institutions.

  K-12 Acquisition Risk: Approximately 52.38% of gross IPO proceeds is proposed to be used for acquiring K-12 entities and campuses from promoter-group fellow subsidiaries. The expected benefits from these acquisitions may not be achieved.

  Geographical Concentration: 70.13% of FY26 revenue came from HEIs and other student accommodation assets located in northern and southern India.

  Contract Renewal Risk: Agreements with HEIs and K-12 operators may face early termination, non-renewal or renegotiation.

  Payment Risk: Delays in lease rentals from K-12 operators or management fees from HEIs could affect cash flows.

Objects of the Issue & Utilisation of proceeds

Acquisition of K-12 Entities & Campuses: 1,100 crore

Repayment / Pre-payment of Borrowings: 750 crore

Inorganic Growth, Strategic Initiatives & General Corporate Purposes: 250 crore

Company Address

Elevate Campuses Ltd.
Naman Midtown, Unit No 902-906
9 th Floor, Tower B, Senapati Bapat Marg,
Lower Parel,
Mumbai, Maharashtra, 400013
Phone: +91 22 6820 1600
Email: companysecretary@elevatecampuses.com
Website: https://www.elevatecampuses.com/

IPO Registrar

Kfin Technologies Ltd.
Phone: 040-79615565
Email: Elevatecampuses.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/