• IPO details: Elevate Campuses is launching an IPO with a price band of ₹343 to ₹362 per share and a fresh issue size of ₹2,100 crore, resulting in an approximate company valuation of ₹6,100 crore.
• Core business model: The company owns and manages on-campus student accommodation with full amenities like dining, gyms, and laundry, while also leasing owned K-12 school assets to independent operators.
• Defensive revenue characteristics: The business model exhibits high cash flow predictability and resilience against macroeconomic shocks and geopolitical conflicts due to non-cyclical, sustained parental spending on education.
• Asset selection criteria: Properties are structured under freehold ownership or long-term leases spanning 40 to 70 years, with university partners screened based on institutional standing, enrollment growth, and student placement performance.