Elevate Campuses IPO

Elevate Campuses is an education infrastructure company that owns, operates and manages student accommodation located on the campuses of Higher Educational Institutions (HEIs) in India. It also owns K-12 education assets in India and Dubai.

As of March 31, 2026, the pre-acquisition group had capacity to serve 80,255 students across 15 cities in India and one city in the United Arab Emirates. The company operates its student accommodation business under the “Good Host Spaces” and “ScholarZ” brands.

The company operates across three main businesses: Student Accommodation (Owned Portfolio), Student Accommodation (Managed Portfolio) and K-12 Assets. As of March 31, 2026, the Owned Portfolio included seven student accommodation campuses with 20,368 beds across six cities in India, along with two K-12 Assets in Dubai. The Managed Portfolio comprised 14 student accommodation campuses with 55,487 beds under management. For the Managed Portfolio, the company also provides community and campus technology services, including media coverage for HEIs and community events.

The company started operations as an independent owner and operator of student accommodation in FY18. Since then its owned beds have grown from 9,153 in FY18 to 20,368 as of March 31, 2026. The company also transitioned to an asset-light model through management contracts with HEIs, beginning FY24. This resulted in a Managed Portfolio of 55,487 beds as of March 31, 2026. The cmpany further expanded its K-12 education business by acquiring two K-12 assets in Dubai on September 23, 2025. Growth came from a mix of organic expansion and strategic acquisitions.

The company has established partnerships with several well-ranked, established HEIs. As of June 15, 2026, 15 of 19 HEIs in the Owned Portfolio and Managed Portfolio obtained the “NAAC A” rating or above. Key partners include Manipal University, Jaipur (MUJ) which is the first private university in Rajasthan to get NAAC A+ accreditation and ranked at 58th among the 14,163 universities that participated in NIRF Ranking 2025. The Owned Portfolio achieved an occupancy rate of 89.3% for the AY25-26 through March 31, 2026. This was around the national average for the company’s target addressable market (TAM), which was estimated at 85-90%. As of March 31, 2026, the company also had a minimum occupancy guarantee of approximately 87.55% for Owned Portfolio under HEI, on a combined basis, excluding County and Woodstock. As of March 31, 2026, the pre-acquisition group operated across 16 cities in India and one city in the UAE. It served 17 HEIs through 20,368 owned beds and 55,487 managed beds. The company has 17 HEIs and 18 K-12 assets pan India in 22 cities on post-acquisition basis. The geographic concentration of revenues was relatively high with the northern and southern regions of India accounting for 70.13% of the revenues from operations of the pre-acquisition group in FY26.

The company purchased ScholarZ in April 2025. ScholarZ, a hostel management company with 46,550 managed beds, strengthened the company’s management services capabilities. The integration also added a team of 460 as of March 31, 2026. It also acquired Data Ram Sons on 17 December 2025. The entity owns and operates the student accommodation undertaking at UPES Dehradun, with a total capacity of 1,717 beds.

The company, on February 19, 2026, made arrangements with Manav Rachna International Institute of Research and Studies and Uthan Educational Trust, adding 891 beds. On March 23, 2026, the company acquired Student Housing-11 (SH-11) from O.P. Jindal Global University, Sonipat, which consists of 885 beds.

The company has a secured student accommodation development pipeline of around 1,878 beds at IIT Madras under a concession agreement dated November 3, 2025. The project is expected to be finished by FY28. At UPES Dehradun, the company is developing approximately 250 beds, with completion expected by FY28. The K-12 development pipeline includes brownfield development at St. Andrews Suchitra High School covering 182,000 sq. ft., as well as greenfield development at St. Andrews Suchitra High School covering 95,000 sq. ft., St. Andrews Keesara covering 60,000 sq. ft., and Billabong High International School covering 45,000 sq. ft. These projects are expected to be completed between FY27 and FY29.

PMSA comprises student facilities managed by private operators through ownership-and-operation or asset-light management models. India’s PMSA sector serves less than 0.5% of higher-education enrolment, with demand supported by rising private-HEI enrolment, urban migration and preference for organised accommodation. Annual revenue potential is forecast to increase from USD 2.33 billion in AY24-25 to USD 4.36 billion in AY28-29, a 17% CAGR; investible real-estate opportunity is forecast to expand from 269 msf. to 412 msf., an 11% CAGR.

India’s relevant private unaided K-12 target market comprises national and international-board schools above specified annual-fee thresholds. Tuition-fee revenue is projected to rise from USD 17.0 billion in AY25-26 to USD 28.4 billion by AY28-29. The associated infrastructure opportunity is forecast to expand from 607 msf. to 998 msf., an 18.0% CAGR, while rental-revenue potential increases from USD 3.0 billion to USD 5.0 billion.

The company has built a large institutional platform in the PMSA market. According to the CBRE Report, its capacity is approximately 2.1x that of the next largest PMSA player and approximately 6.2x that of the third largest player. Despite this scale, the company served only approximately 0.85% of the TAM of 1.27 crore total student enrollment in India during AY25-26. This highlights the size of the addressable market relative to the company's existing footprint.

Now, Elevate Campuses is launching its initial public offering (IPO), which consists of a fresh issue of ₹2,100 crore. Its shares will be listed on the NSE and BSE.

If you are interested in this investment opportunity but unsure how to apply for a Elevate Campuses IPO, follow these steps.

When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Elevate Campuses IPO on Upstox: