Business Profile of Elevate Campuses Limited
Elevate Campuses Ltd. was incorporated in 2005 and it owns, operates, and manages on-campus student accommodation across higher education institutions (HEIs) and K-12 assets. The company collaborates with leading institutions including Manipal Academy of Higher Education (MAHE), Manipal University Jaipur (MUJ), and Meraki Education. Its integrated Elevate Platform combines student accommodation and K-12 assets. As of August 31, 2025, the company’s capacity caters to 94,758 students across 20 cities in India and one city in the United Arab Emirates. In addition, the company delivers community and campus technology services such as media coverage of HEIs and community event management.
Objective of Elevate Campuses IPO
As per the draft red hearing prospects, the IPO issue consists only fresh issues. The fresh issue consists of XXXX shares at the face value of ₨ 1.00 each aggregating up to ₹ 25,500.00 millions. There are only fresh issues and main objective of company is payment for the acquisition of the K-12 Entities, repayment of outstanding borrowings & funding inorganic growth.
Details of Elevate Campuses IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX Equity Shares |
| Aggregating up to ₨ 25,500.00 million | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 25,500.00 million | |
| Offer For Sale | N.A |
| N.A | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 75% of the Net Issue |
| Retail Shares Offered | Not more than 10% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Elevate Campuses IPO: Issue Price & Size
The issue price of ELEVATE CAMPUSES LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has only fresh issues aggregating up to ₹ XXXX million at the price of ₨XXXX.
Launch Date of Elevate Campuses IPO
The IPO opening date of ELEVATE CAMPUSES LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Elevate Campuses Limited
| Particulars (Rs in Millions) | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Income | |||
| Revenue from operations | 3,698.11 | 3,470.01 | 2,925.01 |
| Other income | 243.15 | 156.07 | 84.16 |
| Total income | 3,941.27 | 3,626.08 | 3,009.17 |
| Expenses | |||
| Employee benefits expenses | 263.23 | 279.87 | 203.98 |
| Finance costs | 1,255.42 | 1,092.34 | 1,036.23 |
| Depreciation and amortisation expenses | 512.35 | 487.62 | 438.14 |
| Other expenses | 978.15 | 1,044.26 | 770.50 |
| Total expenses | 3,009.15 | 2,904.09 | 2,448.85 |
| Restated profit before exceptional items and tax | 932.12 | 721.99 | 560.32 |
| Exceptional items | 106.73 | 100.66 | 168.32 |
| Restated profit before tax | 825.39 | 621.33 | 392.00 |
| Tax expenses | |||
| Current tax | 2.33 | 39.23 | 7.99 |
| Current tax pertaining to earlier years | – | 3.18 | – |
| Deferred tax | 254.28 | 190.40 | 92.98 |
| Deferred tax pertaining to earlier years | 42.27 | ( 8.37 ) | 1.00 |
| Total tax expense | 298.88 | 224.44 | 101.97 |
| Restated profit for the year | 526.51 | 396.89 | 290.03 |
Key financial ratios of Elevate Campuses Limited
| Key Performance Indicators | Units | As of end of fisacal year | ||
| March 31, 2025 | March 31, 2024 | March 31, 2023 | ||
| Total Income | INR Mn | 3,941.27 | 3,626.08 | 3,009.17 |
| % growth in Total Income | % | 8.69 % | 20.50 % | NA * |
| Revenue from Operations | INR Mn | 3,698.11 | 3,470.01 | 2,925.01 |
| % growth in Revenue from Operations | % | 6.57 % | 18.63 % | NA “ |
| EBITDA | INR Mn | 2,593.16 | 2,201.29 | 1,866.37 |
| EBITDA Margin | % | 65.80 % | 60.71 % | 62.02 % |
| Profit / ( loss ) for the year | INR Mn | 526.51 | 396.89 | 290.03 |
| Profit / ( loss ) margin for the year | % | 13.36 % | 10.95 % | 9.64 % |
| Net Debt | INR Mn | 6,952.89 | 7,303.07 | 8,399.82 |
| Net Debt to EBITDA | Number | 2.68 | 3.32 | 4.5 |
| ROCE | % | 10.25% | 9.72% | 9.78% |
| Occupancy (owned Beds) | % | 99.47% | 99.92% | 99.75% |
Promoters & Shareholding Elevate Campuses IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| Name of shareholder | Number of shares | Percentage of shareholding |
| Promoter & Promoter Group | ||
| Elevate BGLR Holdings Pte. Ltd. | 22,104,372 | 100 |
| Public | – | – |
| Total | 22,104,372 | 100.00 |
Should You Subscribe To Elevate Campuses IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Elevate Campuses IPO
Largest education platform in India
The company is largest institutionalized and independent education platform engaged in owning, operating and managing on-campus student accommodation across HEIs and owning K-12 Assets in India by student capacity as of August 31, 2025. Enhanced service offerings and superior campus experiences have also helped maintain high occupancy rate across several student accommodation facilities. The institutionalized operations enable company to deliver consistent, quality services, and drive operational efficiencies.
Strong operational capabilities
The has strong established operating capabilities of company across the value chain, including pipeline sourcing, development, acquisition, asset repositioning, infrastructure management, and student experience management. The operational capability is reflected in the growth of student accommodation portfolio, which increased to 66,272 Owned Beds and Managed Beds as of August 31, 2025 from 44,508 Owned Beds and Managed Beds in the Financial Year 2023, including the acquisition of ScholarZ.
Strategically location
The strategic location of company are present across four of the top five K-12 educational hubs and three of the top six HEI educational hubs, including cities like Jaipur in Rajasthan, Hyderabad in Telangana, Pune in Maharashtra, Bengaluru and Mangalore in Karnataka, Chennai and Coimbatore in Tamil Nadu. . Institute credentials and quality student accommodation allow company to maintain strong occupancy rates at their university campuses.
De-risked business model with clear cash flow
The company employs a mix of asset ownership and asset-light management, optimizing capital deployment and enhancing returns. The operational capabilities to educational institutions, position company as trusted collaborator for their ongoing and future expansion. Further, cost management and operational capabilities have driven consolidated growth of company such as increased at a CAGR of 14.44% to ₹3,941.27 million for the Financial Year 2025 from ₹3,009.17 million for the Financial Year 2023.
Risk Factors of Elevate Campuses IPO
Single-segment revenue risk
The company balance sheet date group derived 100% of its revenue from operations in the last three Financial Years, from the student accommodation business. Any failure or inability to maintain occupancy rates may adversely affect our business, results of operations, financial condition, and cash flow. The Potential reasons may include a decline in student enrolment at the HEI, adverse reputational events affecting the HEI, increased competition from alternative housing providers, regulatory restrictions and macroeconomic conditions.
Geographic concentration
The majority of revenue from operations of company derived from northern and southern regions of India in last three Financial Years. The concentration of revenue from operations in the northern and southern regions of India increases company vulnerability to state-level regulatory changes, policy changes by educational institutions, natural disasters, infrastructural impairments, localized economic slowdowns, or political disruptions in this region.
Uncertainty of K-12 Acquisition
The company proposes to utilize approximately 43.14% of the Gross Proceeds of the Issue towards funding the Proposed Acquisitions from K-12 HoldCos which are affiliates of company Promoters. If company may not be able to achieve anticipated benefits following the acquisition of K-12 Assets, it may adversely affect business, results of operations, financial condition, and cash flows.
High competition
The education infrastructure industry is competitive and company ability to compete successfully is dependent on several factors, including its capacity to (i) enter into long-term, stable, and revenue-assured agreements with reputed HEIs and K-12 Operators; (ii) deliver 52 quality student accommodation management and facility maintenance services at optimal cost; and (iii) maintain consistent service standards across portfolio. Any inability to compete effectively may adversely affect business and cash flows.
Elevate Campuses IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the ELEVATE CAMPUSES LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
