Elevate Campuses files DRHP with Sebi to raise ₹2,550 crore via IPO

Elevate Campuses, India's largest student accommodation platform, has filed draft papers with Sebi for a Rs 2,550 crore IPO to fund acquisitions, debt repayment and expansion

Elevate Campuses, an on-campus student accommodation manager, has filed a Draft Red Herring Prospectus (DRHP) with Sebi to raise Rs 2,550 crore through an initial public offering (IPO).

 

Elevate is promoted by Genius Bidco, which is fully owned by Genius Assetco Holdings and ultimately controlled by Singapore-based Hillhouse Investment funds.

 

According to a CBRE Report, Elevate is the largest institutionalised and independent education platform engaged in owning, operating and managing on-campus student accommodation across higher education institutes (HEIs), and in owning K-12 assets in India, based on student capacity as of 31 August 2025.

 

K-12 assets are resources used by kindergarten through 12th-grade educational institutions. 

 

The IPO will be an entirely fresh issue, likely to be completed within the current financial year. Proceeds from the issue will be used to pay for the acquisition of K-12 entities and campuses, repay certain borrowings, and fund inorganic growth through acquisitions, strategic initiatives and general corporate purposes.

 

Elevate reported revenue from operations of Rs 369.81 crore in FY25, up from Rs 347 crore in FY24. Its earnings before interest, taxes, depreciation and amortisation (Ebitda) rose to Rs 259.32 crore in FY25 from Rs 220.13 crore in FY24.

 

As of 31 August 2025, Elevate had the capacity to cater to 94,758 students across 20 Indian cities and one in the United Arab Emirates. It operates student accommodation under the ‘Good Host Spaces’ and ‘ScholarZ’ brands.

 

Its owned portfolio comprises five student accommodation campuses totalling 16,934 beds; 16 K-12 assets in eight Indian cities; and two K-12 assets in Dubai. Its managed portfolio includes 14 student accommodation campuses with 49,338 beds under management.

 

Elevate has expanded rapidly, growing its student accommodation portfolio to 66,272 owned and managed beds as of 31 August 2025, from 44,508 in FY23.