The proposed public issue will comprise entirely a fresh issue of equity shares, with no offer-for-sale component, signalling the company’s focus on capital infusion for expansion, debt reduction, and acquisitions.
According to the draft red herring prospectus (DRHP), Elevate Campuses plans to deploy ₹1,100 crore towards payment of purchase consideration for the acquisition of K-12 education entities and campuses. Another ₹750 crore will be utilised for repayment of certain outstanding borrowings, while the remaining funds will be directed towards inorganic growth initiatives.
JM Financial Ltd, IIFL Capital Services Ltd and Morgan Stanley India Company Private Ltd have been appointed as the book-running lead managers to the issue.
Alta Capital, the sole operating partner for Hillhouse Real Estate strategy in India, has created the platform and company Elevate Campuses. This is the 1st IPO from Siddhartha Gupta led Alta Capital, who has already deployed over $ 1.5 Bn in India across real estate asset classes. Separately, Gupta and Mukesh Tiwari are also on the board of Elevate.
Elevate Campuses operates as an integrated education infrastructure platform, focused on owning, operating and managing on-campus student accommodation and K-12 educational assets across India. The company positions itself as an enabler for higher education institutes (HEIs) and school operators to offer modern residential and learning environments designed to support student wellbeing and holistic development.
As of August 31, 2025, the company’s portfolio comprised a total capacity of 66,272 beds across owned and managed assets. Its owned portfolio includes five student accommodation campuses with 16,934 beds and 16 K-12 education assets across eight Indian cities. This portfolio also includes three K-12 assets under development and two student accommodation facilities owned by K-12 holding companies but managed by respective HEIs. Additionally, the company owns two K-12 assets in Dubai.The managed portfolio comprises 14 student accommodation campuses with 49,338 beds under management. Alongside accommodation services, Elevate Campuses also provides community and campus technology services, including student engagement initiatives, media and outreach support for institutions, and campus community event management.
The company operates its student housing business under the “Good Host Spaces” and “ScholarZ” brands, targeting organised, professionally managed student accommodation segments that remain largely under-penetrated in India.
Industry experts highlight that the listing comes at a time when India’s education infrastructure segment is witnessing growing institutional investor interest, driven by favourable demographics, rising enrolments and increasing demand for organised student housing solutions.
According to a CBRE report, India’s higher education system is among the largest globally, with approximately 58,642 institutions catering to about 43.3 million students, accounting for nearly 17.5% of global enrolments as of the academic year 2021-22. However, India’s Gross Enrolment Ratio (GER) remains relatively low at an estimated 31% for the academic year 2023-24, compared to 76.3% in Germany and 74.6% in China, indicating significant growth potential.
The K-12 segment has also witnessed strong expansion, with the contribution of private unaided schools to total enrolments rising sharply to 36.3% in the academic year 2023-24, translating into around 90 million enrolments, up from 16.6% in 2001-02.
Market experts note that platforms focused on education infrastructure, particularly student accommodation, are increasingly emerging as an alternative real estate asset class, attracting long-term institutional capital. Elevate Campuses’ IPO is expected to further deepen investor participation in India’s organised education infrastructure space and support expansion of purpose-built student housing across key education hubs.