Elevate Campuses, an education infrastructure firm backed by Singapore's Hillhouse Capital, is set to launch its Initial Public Offering (IPO) on September 23, 2026. The public issue will remain open for subscription until September 25, with the anchor investor portion opening a day earlier on September 22. The company has fixed the IPO price band at Rs 343 to Rs 362 per equity share.
The IPO consists entirely of a fresh issue of shares, with no offer-for-sale component, aiming to raise Rs 2,100 crore at the upper end of the price band. Upon listing, Elevate Campuses is projected to achieve a market capitalization of Rs 6,100.82 crore. Investors can bid for a minimum of 41 shares and in multiples thereafter.
Issue Details and Promoter Information
Hillhouse Investment, Singapore, is the promoter of Elevate Campuses, operating through its subsidiaries Genius Bidco Holdings and Genius Rajkot Investment Holdings. The issue's allocation reserves 75 percent for qualified institutional buyers (QIBs), 15 percent for non-institutional investors (NIIs), and 10 percent for retail investors.
Utilization of IPO Proceeds
Elevate Campuses has outlined a clear plan for the net proceeds from the IPO:
- K-12 Acquisitions: Approximately Rs 1,100 crore, or 52.4 percent of the total issue size, will be used to acquire K-12 educational entities and campuses from fellow subsidiaries of its promoters.
- Debt Repayment: Rs 750 crore is earmarked for partially repaying debt incurred by the company and certain wholly-owned subsidiaries.
- Strategic Growth: The remaining funds will support inorganic growth initiatives through unidentified acquisitions and general corporate purposes.
Business Model: Education Infrastructure Focus
Elevate Campuses positions itself as an institutionalized and independent education platform, primarily functioning as an education-infrastructure company. Its operations span two main segments:
Student Accommodation
The company owns and manages student accommodation facilities for colleges and universities. As of March 2026, it boasted a capacity of 80,255 beds across 16 cities in India and Dubai. This includes 20,368 owned beds and 55,487 beds under management contracts with prominent higher education institutions such as Manipal, O.P. Jindal Global University, and Shoolini University.
Revenue in this segment is generated from rental and management fees, alongside income from ancillary services like dining, laundry, and gym facilities. Owned assets typically have long operating lives of 50-60 years, while managed contracts are asset-light, usually running for up to five years, often with minimum occupancy guarantees and upfront fee collection.
K-12 School Infrastructure
In the K-12 segment, Elevate Campuses focuses solely on infrastructure, owning land, school buildings, and related facilities which are then leased to third-party school operators. The company does not directly provide educational services.
It currently owns two K-12 assets in Dubai: Hartland International School and North London Collegiate School, acquired in September 2025 from a promoter-group entity for approximately Rs 2,137.75 crore. Post-IPO, plans include acquiring 16 additional K-12 entities and campuses in Indian cities like Hyderabad, Chennai, and Pune, expanding its portfolio to 18 assets with an estimated combined capacity of 24,086, according to CBRE.
Financial Performance and Key Metrics
Elevate Campuses reported robust financial growth for the year ended March 2026. Consolidated profit surged 3.5-fold to Rs 173.8 crore, up from Rs 49.7 crore in the previous year. Revenue from operations also saw a significant increase of 53.8 percent, reaching Rs 568.6 crore from Rs 369.8 crore.
However, the owned-bed occupancy rate in the student accommodation segment experienced a slight dip, falling from 99.92 percent in FY24 to 89.37 percent in FY26. The company's top three higher education clients—O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University—contributed 61.46 percent of FY26 revenue, a decrease from 89 percent in FY25, with O.P. Jindal Global University alone accounting for about 36 percent.
JM Financial, IIFL Capital Services, and Morgan Stanley India Company are acting as the merchant bankers for the issue. The shares are expected to be listed on September 30.