IPO · Real Estate & PropTech

Elevate Campuses gets Sebi nod for ₹2,550 crore IPO

By Startup Enthusiast · 9 February 2026

What they do

Elevate Campuses provides student housing under 'Good Host Spaces' and 'ScholarZ' brands

It received Sebi approval to raise ₹2,550 crore entirely through a fresh issue of shares

The company plans to use ₹1,100 crore to acquire K-12 schools and campuses

Elevate Campuses has received Sebi approval to raise ₹2,550 crore via an initial public offering (IPO).
The IPO is a fresh issue of shares; there is no offer-for-sale component.
The company will use ₹1,100 crore to acquire K-12 education entities and campuses.
It will use ₹750 crore to repay outstanding borrowings.
The remaining funds will go toward inorganic growth initiatives.
The book-running lead managers are JM Financial Ltd, IIFL Capital Services Ltd, and Morgan Stanley India Company Private Ltd.

India's higher education system has about 58,642 institutions and 43.3 million students (2021-22).
The Gross Enrolment Ratio (GER) in India is only 31% (2023-24), compared to 76.3% in Germany and 74.6% in China.
Private unaided schools' share of total enrolments rose to 36.3% (2023-24), up from 16.6% (2001-02).
Education infrastructure, especially student accommodation, is emerging as an alternative real estate asset class attracting institutional capital.

Elevate Campuses operates student housing under the brands 'Good Host Spaces' and 'ScholarZ'.
It is created by Alta Capital, the sole operating partner for Hillhouse Real Estate strategy in India.
Alta Capital has deployed over $1.5 billion in India across real estate asset classes.