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₹343 - 362
Elevate Campuses Ltd
MiscellaneousIPO
₹343 - 362
Originally incorporated in 2005, Elevate Campuses Ltd operates as India's largest institutional on-campus student accommodation provider and K-12 school property owner, spanning a 94,758-student platform across India and Dubai. The company builds multi-decade cash flow visibility by securing long-term university service agreements with pre-agreed occupancy guarantees alongside triple-net school leases (where tenant school trusts absorb all property taxes, insurance, and maintenance expenses).
Lot41Min Invest₹14,842Face Value₹1Issue Size₹2,100 CrFresh Issue₹2,100 Cr
Timeline
23 Sept
Bidding opens
25 Sept
Bidding closes
28 Sept
Allotment
29 Sept
Refund & demat credit
30 Sept
Listing
Subscription
Subscription opens 23 Sept
Reports
Offer Details
Terms
Issue Size₹2,100 Cr
Fresh Issue₹2,100 Cr
Face Value₹1
Lot Size41 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,8421-13 lots
sNII₹2,07,788from 14 lots
bNII₹10,09,256from 68 lots
Managers & Registrar
Lead ManagerJM Financial Limited
Co-ManagerIIFL Capital Services Limited, Morgan Stanley India Company Private Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group100%65.57%Public0%34.43%
Objects of the Issue
- Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses
- Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of borrowings availed by the Company
- General corporate purposes
Anchor Book
Bid Date22-Sep-202630-day lock-in27-Oct-202690-day lock-in26-Dec-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 109 | 293 | 347 | 370 | 569 |
| Operating ProfitCr | 60 | 195 | 215 | 246 | 405 |
| OPM% | 55.0 | 66.7 | 61.8 | 66.4 | 71.3 |
| PBTCr | -84 | 39 | 62 | 83 | 204 |
| PATCr | -67 | 29 | 40 | 53 | 174 |
| EPS | -31 | 13 | 18 | 24 | - |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 2 | 2 | 2 | 2 | - |
| ReservesCr | 545 | 575 | 654 | 701 | - |
| BorrowingsCr | 1,171 | 1,034 | 992 | 1,208 | - |
| Total AssetsCr | 1,869 | 1,850 | 2,105 | 2,421 | - |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 154 | 245 | 264 | 219 | 297 |
| Investing Cash FlowCr | -111 | 26 | -119 | -104 | -3,184 |
| Financing Cash FlowCr | -10 | -239 | -151 | 115 | 2,679 |
| Net Cash FlowCr | 33 | 32 | -6 | 229 | -208 |
Strengths & Risks
Strengths · as stated in the DRHP
- 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.
Strategies · as stated in the DRHP
- Leverage significant growth opportunities in a large, underserved market.
- Pursue organic and inorganic growth with prudent capital allocation.
- Expanding the Elevate Platform by exploring strategic adjacencies to our existing portfolio.
- Continue to invest in data analytics and technology enabled solutions to drive business growth and enhance operational efficiency.
Risks · as stated in the DRHP
- 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 our Owned Portfolio. Any inability to maintain occupancy rates may adversely affect our business, results of operations, financial condition, and cash flows.
- 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 our business, results of operations, financial condition, and cash flows.
- Our 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 our Promoters. We may not be able to achieve anticipated benefits following the acquisition of K-12 Assets, which may adversely affect our business, results of operations, financial condition, and cash flows.
- 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 our business, results of operations, financial condition and cash flows.
- Delays in payment of lease rentals by the operators of K-12 Assets or monthly management fees by HEIs in our Managed Portfolio for student accommodation may adversely affect our business, results of operations, and cash flows.
- Our agreements with HEIs and K-12 Operators are subject to risks of early termination, non-renewal, and renegotiation, which could adversely affect our business, results of operations, financial condition and cash flows.