Elevate Campuses Limited, an education-focused real estate platform specialising in student accommodation and K-12 assets, will open its Rs. 2,100 crore initial public offering (IPO) for subscription on September 23. The issue will remain open until September 25.
The company has fixed the IPO price band at Rs. 343 to Rs. 362 per equity share, with a face value of Rs. 1 per share. The bidding for anchor investors will take place on September 22, a day before the issue opens.
Non-anchor investors can bid for a minimum of 41 shares and in multiples of 41 thereafter.
Elevate Campuses owns, operates and manages student accommodation located on the campuses of higher education institutions, while also owning K-12 assets. As of March 31, 2026, its portfolio had the capacity to cater to 80,255 students across 15 cities in India and one city in the UAE.
The company operates its student accommodation business under the Good Host Spaces and ScholarZ brands. Its K-12 assets are managed through long-term lease arrangements with K-12 operators.
Its portfolio is divided between owned and managed assets. The owned portfolio included seven student accommodation campuses with a total of 20,368 beds across six Indian cities as of March 31, 2026, along with two K-12 assets in Dubai.
The managed portfolio comprised 14 student accommodation campuses with 55,487 beds under management.
The company said its platform is supported by a management team with experience across real estate, deal financing, operations and facility management. Elevate Campuses’ promoters are ultimately owned and controlled by funds of Hillhouse Investment.
Hillhouse established Rava Partners in 2020 as its real-assets investment strategy. The platform has committed more than $3.5 billion since inception across sectors including education, logistics and industrial assets, life sciences and healthcare, and digital infrastructure.
The IPO is being conducted through the book-building process under the applicable SEBI regulations. At least 75% of the issue is reserved for qualified institutional buyers, while not more than 15% is available to non-institutional investors and not more than 10% to retail individual investors, subject to applicable regulations and valid bids.
The company has filed its red herring prospectus with SEBI, the Registrar of Companies, Mumbai and the stock exchanges on September 17, 2026.
The IPO comes as institutional interest in student housing and education-linked real estate continues to grow, with operators increasingly looking to build organised accommodation capacity around higher education campuses. Elevate Campuses’ portfolio combines directly owned assets with third-party managed campuses, giving it exposure to both asset ownership and management-led operations.
