Elevate Campuses IPO
Elevate Campuses LtdMainboard
This IPO closed on 25 Sep 2026.
- Open date
- 23 Sep 2026
- Close date
- 25 Sep 2026
- Min. Investment
- ₹14,842
- Lot Size
- -
- Fresh Issue
- ₹2100.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers2.52x
- Non-Institutional Investors0.84x
- Retail-Individual Investors1.01x
- Total1.79x
Schedule
- Completed: IPO open date23 Sep 2026
- Completed: IPO close date25 Sep 2026
- Current step: Allotment date28 Sep 2026
- Upcoming: Funds unblock or debit29 Sep 2026
- Upcoming: Tentative listing date30 Sep 2026
About
Promoter shareholding in Elevate Campuses Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Genius Bidco | 8,84,17,488 | 80.00% | 8,84,17,488 | 52.46% |
| Genius Rajkot | 2,21,02,500 | 20.00% | 2,21,02,500 | 13.11% |
Financials of Elevate Campuses IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 347.00 | 369.81 | 568.63 |
| Total Expenses | 300.47 | 332.06 | 509.08 |
| Profit Before Tax | - | - | - |
| Total Profit | 39.69 | 49.74 | 173.76 |
Elevate Campuses IPO Strengths & Risks
- We are an institutionalized and independent platform engaged in owning, operating, and managing on-campus student accommodation across HEIs in India and owning K-12 assets in India and Dubai trusted by leading education groups
- Strong operational capabilities and superior asset management expertise.
- Commitment to superior student experience and well being.
- Strategically located, quality modern portfolio.
- Derisked business model with clear cash flow visibility and consistent growth and profitability.
- Highly experienced senior management team.
- Risks Relating to the Business: The Pre-Acquisition Group derived 65.74%, 99.24% and 99.72% of its revenue from operations in the Financial Years 2026, 2025 and 2024, respectively, from the student accommodation business in the company's Owned Portfolio. Any inability to maintain occupancy rates may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The Pre-Acquisition Group derived 61.46%, 89.00% and 88.60% of its revenue from operations for the Financial Years 2026, 2025 and 2024, respectively, from three of its largest HEIs. Any adverse developments affecting such HEIs may adversely affect the company's business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The Company proposes to utilize approximately 52.38% of the Gross Proceeds of the Issue towards acquisition of the K-12 Entities and Campuses from the fellow subsidiaries of its Promoters. The company may not be able to achieve anticipated benefits following the acquisition of K-12 Assets, which may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The Pre-Acquisition Group derived 70.13%, 100.00% and 100.00% of its revenue from operations in the Financial Years 2026, 2025 and 2024, respectively, from HEIs and other student accommodation assets (Woodstock and County) located in the northern and southern regions of India. Any adverse developments affecting such regions may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Delays in payment of lease rentals by the operators of K-12 Assets or monthly management fees by HEIs in the company's Managed Portfolio for student accommodation may adversely affect its business, results of operations, and cash flows.
- Risks Relating to the Business: The company agreements with HEIs and K-12 Operators are subject to risks of early termination, non-renewal, and renegotiation, which could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The sale of the company's student accommodation business at T.A. Pai Management Institute may affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The Post-Acquisition Group will relies on HEIs and K-12 Operators they engages with for the quality of education provided to students. Any adverse effect on the reputation of the HEIs and K-12 Assets operated by K-12 Operators, or the brands under which they operates, may adversely affect the business, results of operations, financial condition, and cash flows of the Post-Acquisition Group.
- Risks Relating to the Business: The company expansion into greenfield development projects exposes it to regulatory, execution, financing and reputational risks, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The Post-Acquisition Group will have a limited operating history in relation to the K-12 Assets business, which may make it difficult to evaluate its future prospects and could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: As there is no central title registry for land parcels in India and property records are generally updated manually through physical records, the company is subject to the risk of inaccuracies, errors, or contradictions in such property records. Accordingly, its may not be able to identify or correct defects or irregularities in title to the land which the company own, lease, or intends to acquire.
- Risks Relating to the Business: If the company is unable to successfully integrate and realize the anticipated benefits from the businesses that its acquired or intends to acquire, the company's business, results of operations, financial condition, and cash flows could be adversely affected.
- Risks Relating to the Business: Growth of online and education technology alternatives businesses may adversely affect the demand for the traditional in-person education delivery, and in turn affect the company's business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The Equity Shares held by one of the company's Promoters, Genius Bidco Holdings Pte. Ltd., may be encumbered in favour of external lenders, post-listing, which may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Certain of its Group Companies and Subsidiaries have incurred losses in the past and may continue to incur losses in the future, which may adversely affect the company's consolidated financial performance, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The Company has experienced a period of non-compliance with the minimum shareholder requirement under the Companies Act, 2013. While the Company has filed an adjudication application for such violation, consequently, the Company may be subject to regulatory actions and penalties, which could adversely affect the Company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The valuation report obtained for the Proposed Acquisitions is based on various assumptions and may not be indicative of the true value of the K-12 Entities and Campuses.
- Risks Relating to the Business: The Unaudited Pro Forma Financial Information included in this Red Herring Prospectus is presented for illustrative purposes only and may not accurately reflect the company's future financial condition and results of operations.
- Risks Relating to the Business: The company is dependent on the growth and stability of the education sector and any adverse developments in this sector may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The education infrastructure industry is competitive and the company's inability to compete effectively may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: Any delay in payment of statutory dues by the Company and Subsidiaries in future, may result in the imposition of penalties and in turn may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company has in the past entered into related party transactions and may continue to do so in the future. The terms of these related party transactions, while at arm's length, may be unfavorable to the company which may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The Post-Acquisition Group may not be able to maintain or increase the fees per student for student accommodation in the company's Owned Portfolio, management fees charged to HEIs for student accommodation business in its Managed Portfolio and lease rentals charged to K-12 Operators, which may adversely affect the business, results of operations, financial condition and cash flows of the Post-Acquisition Group.
- Risks Relating to the Business: The company relies on a large workforce, including contract labor, and faces risks of service disruptions, compliance failures, and related liabilities that may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company may be unable to protect its intellectual property rights and may be exposed to misappropriation and infringement claims by third parties, which may adversely affect the company's reputation, business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The occupancy level at the company recently refurbished Woodstock asset remains below its originally projected levels, and any failures to achieve or sustain projected occupancy levels at the company's Woodstock asset could adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company relies on third-party vendors for delivering value-added services in its student accommodations and K-12 Assets. Any deficiencies, disruptions, or failures by such parties may adversely affect the company's business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: Cash flows from student accommodation in the company's Owned Portfolio is linked to the academic cycle, and is therefore subject to seasonality, which may contribute to fluctuations in its results of operations and financial condition.
- Risks Relating to the Business: The company is exposed to risks associated with the development and renovation of student accommodation and K-12 Assets. Delays or cost overruns in the construction of new buildings or in the renovation of its existing infrastructure may adversely affect the company's business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company's ability to realize benefits from its pipeline projects is subject to uncertainties, and any delay, modification or cancellation of such projects could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's inability to effectively manage its expansion and execute the company's growth strategy may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company's employee attrition rate was 56.43%, 21.43% and 18.35% for the Financial Years 2026, 2025, and 2024, respectively. The company's business depends substantially on the efforts of its employees, particularly, the company's Key Managerial Personnel, Senior Management, and failures to attract or retain such persons may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company is unable to trace some of its historical records including forms filed with the RoC, and certain of the company's forms are undated and / or unstamped and / or have factual discrepancy. Further, the company has delayed in making certain regulatory filings to be made with RBI under applicable law. There is no assurance that regulatory proceedings or actions will not be initiated against the company in the future and that its will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- Risks Relating to the Business: The company does not have any listed peer in India whose business portfolio is comparable with its and, accordingly, industry comparisons may not be relevant.
- Risks Relating to the Business: The company may be required to sell, surrender, or transfer ownership or leasehold rights in hostel buildings back to HEIs pursuant to contractual provisions, including underperformance, which may adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The Company, K-12 Entities and Campuses, Directors, Promoters, Key Managerial Personnel, Senior Management, Subsidiaries and Group Companies are involved in certain legal proceedings. An adverse outcome in any of these proceedings may adversely affect the company's reputation, business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: Any imposition or increase in goods and services tax or a change in the tax treatment of the company's services may adversely affect the cost and affordability of student accommodation, thereby affecting occupancy and the company's business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company has incurred significant one-time incentive payments to certain employees during the Financial Year 2025, and its may be required to incur similar or additional payments in the future, which may adversely affect the company's results of operations, financial condition and cash flows and may create expectations among other employees.
- Risks Relating to the Business: The company's inability to meet its obligations, including financial and restrictive covenants, under the company's financing arrangements may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: Audit reports issued by statutory auditors for the Company and its Subsidiaries for the past three Financial Years included certain observations specified under the "Report on Other Legal and Regulatory Requirements" and other modifications which did not requires corrective adjustment in the Restated Consolidated Summary Statement included in the annexure to the reports issued under Companies (Auditor's Report) Order, 2020 .
- Risks Relating to the Business: A majority of the company's borrowings are subject to floating interest rates, and any increase in interest rates may adversely affect its results of operations and cash flows.
- Risks Relating to the Business: The company limited operating history makes it difficult to evaluate the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company basic and diluted earnings per share, return on net worth, return on adjusted capital employed, and net debt to EBITDA have fluctuated in recent Financial Years and may continue to fluctuate in the future, which may adversely affect investor confidence in the company's financial performance and the valuation of its Equity Shares.
- Risks Relating to the Business: Incidents of accidents, injuries, health hazards or criminal activities, particularly affecting the students using the company student accommodations or K-12 Assets, may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company is subject to several risks relating to owning real estate assets, such as the Government of India's right to uses or acquire properties and real estate market conditions.
- Risks Relating to the Business: Failures to obtain, maintain or renew the statutory and regulatory licenses, permits, and approvals required for the company's business and operations may adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Any adverse effect on the company's brand and reputation may adversely affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: Increasing focus on sustainability requirements, such as green buildings, may increase costs or requires redesigns, affecting the company's business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company's technology infrastructure is susceptible to disruptions, failures, security breaches and cyberattacks. Any such events could potentially result in damage to its business and reputation adversely affecting the company's business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company's international operations are subject to a number of risks that could affect its business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: The company's Promoters, certain of its Directors, Key Managerial Personnel and Senior Management have interests in the company other than reimbursement of expenses incurred and normal remuneration or benefits.
- Risks Relating to the Business: The Company does not own the premises on which its Registered and Corporate office is situated. If the company is unable to renew its current leases or if the company renew them on terms which are detrimental to it, the company may suffer a disruption in its operations or increased relocating costs, or both, which could adversely affect the company's business, results of operations, financial condition cash flows.
- Risks Relating to the Business: The Pre-Acquisition Group has recorded exceptional items in its Restated Consolidated Summary Statement which may not be recurring and may affect the comparability of the company's results of operations, and any similar items in the future may have an adverse effect on its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's insurance coverage may not be adequate to protect it against all potential losses, which adversely affect the company's business, results of operations, and cash flows.
- Risks Relating to the Business: This Red Herring Prospectus contains information from third parties including an industry report prepared by an independent third-party research agency, CBRE, which we have exclusively commissioned and paid for to confirm our understanding of our industry exclusively in connection with the Issue and reliance on such information for making an investment decision in the Issue is subject to inherent risks.
- Risks Relating to the Business: Certain non-generally accepted accounting principle financial measures and other statistical information relating to the company operations and financial performance have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable with those presented by other companies.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures, and restrictive covenants of the company's financing arrangements.
- Risks Relating to the Business: Disruptions or lack of basic infrastructure such as water supply may adversely affect the company operations.
- Risks Relating to the Business: A downgrade in the company's credit rating may adversely affect its ability to raise capital in the future.
- Risks Relating to the Business: Any variation or delay in the proposed utilization of Net Proceeds may be subject to additional regulatory and shareholder approvals and could adversely affect the company's business plans and results of operations.
- Risks Relating to the Business: The company's Promoters and members of the Promoter Group will continue to retain significant shareholding in the Company after the Issue, which will allow them to exercise significant influence over the company.
