As per the draft red herring prospectus (DRHP), Elevate Campuses plans to deploy ₹ 1,100 crore towards payment of acquisition consideration for the acquisition of educational institutions and primary and secondary education campuses. Another ₹750 crore will be used for repayment of certain outstanding loans, while the remaining funds will be spent on inorganic growth initiatives.JM Financial Ltd, IIFL Capital Services Ltd and Morgan Stanley India Company Private Ltd have been appointed as the book-running lead managers for the issue.
Alta Capital, the sole operating partner for the Hillhouse Real Estate strategy in India, has founded the platform and company Elevate Campuses. This is the first IPO of Siddhartha Gupta-led Alta Capital, which has already deployed over $1.5 billion across real estate asset classes in India. Separately, Gupta and Mukesh Tiwari also sit on the board of Elevate.
Elevate Campuses operates as an integrated education infrastructure platform, focused on owning, operating and managing on-campus student housing and K-12 education resources across India. The company positions itself as an enabler for higher education institutions and school operators to provide modern living and learning environments designed to support student well-being and holistic development.
As of August 31, 2025, the company’s portfolio included a total capacity of 66,272 beds across owned and managed assets. The owned portfolio includes five student housing campuses with 16,934 beds and 16 primary and secondary education facilities across eight Indian cities. This portfolio also includes three K-12 assets under development and two student housing facilities owned by K-12 holding companies but managed by the respective higher education institutions. In addition, the company owns two primary and secondary education assets in Dubai. The managed portfolio includes 14 student housing campuses with 49,338 beds under management. In addition to lodging services, Elevate Campuses also provides community and campus technology services, including student engagement initiatives, media and outreach support for institutions, and campus community events management.
The company operates its student housing business under the brands ‘Good Host Spaces’ and ‘ScholarZ’ and focuses on organized, professionally managed student housing segments that remain largely under-penetrated in India.
Industry experts emphasize that the IPO comes at a time when India’s education infrastructure segment is witnessing growing interest from institutional investors, driven by favorable demographics, rising enrollments and increasing demand for organized student housing solutions.
According to a CBRE report, India’s higher education system is among the largest in the world, with approximately 58,642 institutions serving approximately 43.3 million students, accounting for nearly 17.5% of global enrollments in the 2021-2022 academic year. However, India’s gross enrollment ratio (GER) remains relatively low at an estimated 31% for the 2023-2024 academic year, compared to 76.3% in Germany and 74.6% in China, indicating significant growth potential.
The primary and secondary education segment has also seen strong expansion, with the contribution of private, unsubsidized schools to total enrollments rising sharply to 36.3% in the 2023-2024 academic year, translating into approximately 90 million enrollments, up from 16.6% in 2001-2002.
Market experts note that platforms focused on education infrastructure, especially student housing, are increasingly emerging as an alternative real estate asset class, attracting long-term institutional capital. The Elevate Campuses IPO is expected to further deepen investor participation in organized education infrastructure in India and support the expansion of purpose-built student housing in key education centers.
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