1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Elevate Campuses Limited (formerly Good Host Spaces Limited) |
| IPO Type | Fresh issue; Offer for Sale not applicable |
| Fresh Issue | Up to ₹21,000 million |
| Total Issue Size | ₹21,000 million |
| Face Value | ₹1 per Equity Share |
| Price Band | ₹343–₹362 per Equity Share |
| Lot Size | 41 Equity Shares |
| Anchor Bidding | September 22, 2026 |
| Issue Opens | September 23, 2026 |
| Issue Closes | September 25, 2026 |
| Listing Exchange | BSE and NSE; NSE is the Designated Stock Exchange |
| Registrar | KFin Technologies Limited |
| Lead Managers | JM Financial; IIFL Capital Services; Morgan Stanley India Company |
2. IPO Details
| Particular | At Floor Price ₹343 | At Cap Price ₹362 |
|---|
| Fresh Issue Shares | 61,224,489 | 58,011,049 |
| Fresh Issue Amount | ₹21,000.00 million | ₹21,000.00 million |
| Pre-Issue Shares | 110,519,988 | 110,519,988 |
| Post-Issue Shares | 171,744,477 | 168,531,037 |
| Post-Issue Market Capitalisation | ₹58,908.36 million | ₹61,008.24 million |
3. Issue Reservation
| Category | Reservation / allocation |
|---|
| QIB | Not less than 75% of the Issue |
| Anchor Investors | Up to 60% of QIB Portion; anchor allocation conditions apply |
| Mutual Funds within Net QIB | 5% of Net QIB Portion |
| NII | Not more than 15% of the Issue |
| NII sub-category 1 | One-third of NII Portion for applications >₹200,000 and up to ₹1,000,000 |
| NII sub-category 2 | Two-thirds of NII Portion for applications >₹1,000,000 |
| Retail Individual Investors | Not more than 10% of the Issue |
4. IPO Lot Size
| Application | Lots | Shares | Amount @ ₹343 | Amount @ ₹362 |
|---|
| Retail (Min) | 1 | 41 | ₹14,063 | ₹14,842 |
| Retail (Max) | 13 | 533 | ₹1,82,819 | ₹1,92,946 |
| S-HNI (Min) | 14 | 574 | ₹1,96,882 | ₹2,07,788 |
| S-HNI (Max) | 67 | 2,747 | ₹9,42,221 | ₹9,94,414 |
| B-HNI (Min) | 68 | 2,788 | ₹9,56,284 | ₹10,09,256 |
5. About the Company
Elevate Campuses Limited was originally incorporated as Woodstock Ambience Private Limited on April 8, 2005 in Bengaluru. The name was changed to Good Host Spaces Private Limited in 2018. The company was converted into a public limited company in August 2025 as Good Host Spaces Limited and subsequently renamed Elevate Campuses Limited in September 2025 as part of a re-branding exercise.
The RHP describes the company as an institutionalized and independent platform engaged in owning, operating and managing on-campus student accommodation across HEIs and owning K-12 assets in India and Dubai. As of March 31, 2026, the Owned Portfolio comprised seven student-accommodation campuses with 20,368 beds; the Managed Portfolio comprised 141 facilities with 55,487 beds; and the company had two K-12 assets with 4,400 student capacity.
The RHP states that the company intends to acquire 16 K-12 entities and campuses using IPO proceeds. Its stated growth strategy includes increasing student-accommodation beds, pursuing strategic K-12 acquisitions, developing greenfield assets, exploring strategic adjacencies and investing in data analytics and technology-enabled solutions.
6. Restated Financial Information
| Particulars (₹ million, except EPS) | FY2024 | FY2025 | FY2026 |
|---|
| Revenue from operations | 3,470.01 | 3,698.11 | 5,686.33 |
| Other income | 156.07 | 243.16 | 347.59 |
| Total income | 3,626.08 | 3,941.27 | 6,033.92 |
| EBITDA | 2,201.29 | 2,564.03 | 5,449.98 |
| EBITDA margin | 60.71% | 65.06% | 90.32% |
| EBITDA before exceptional items | 2,301.95 | 2,670.76 | 4,400.79 |
| PBT | 621.33 | 796.26 | 2,037.62 |
| PAT | 396.89 | 497.38 | 1,737.59 |
| PAT margin | 10.95% | 12.62% | 28.80% |
| Basic EPS (₹) | 4.49 | 5.63 | 19.65 |
| Diluted EPS (₹) | 4.48 | 5.63 | 17.81 |
| Total equity | 6,557.70 | 6,997.80 | 9,562.89 |
| Investment properties | 10,318.82 | 9,898.83 | 37,057.01 |
| Total assets | 21,047.37 | 24,212.04 | 57,733.52 |
| Non-current borrowings | 8,852.01 | 11,837.29 | 40,032.25 |
| Current borrowings | 995.10 | 228.67 | 1,173.09 |
| Finance costs | 1,092.34 | 1,255.42 | 2,390.95 |
| Depreciation & amortisation | 487.62 | 512.35 | 1,021.41 |
| Cash & cash equivalents | 774.02 | 3,067.30 | 1,591.78 |
| Inventory | 17.98 | 9.96 | 9.10 |
| Trade receivables | 19.74 | 23.71 | 58.58 |
| Trade payables | Not separately disclosed | Not separately disclosed | ₹557.28 million* |
| Net cash flow from operating activities | 2,644.51 | 2,187.24 | 2,970.75 |
| Net cash flow from/(used in) investing activities | (1,194.80) | (1,040.07) | (31,843.18) |
| Net cash flow from/(used in) financing activities | (1,513.57) | 1,146.27 | 26,794.94 |
7. IPO Valuation
| Metric | Floor / Lower End | Cap / Upper End |
|---|
| Price Band | ₹343 | ₹362 |
| Basic EPS FY2026 | ₹19.65 | ₹19.65 |
| Diluted EPS FY2026 | ₹17.47 | ₹17.47 |
| P/E based on basic EPS | 17.46x | 18.42x |
| P/E based on diluted EPS | 19.63x | 20.72x |
| RoNW FY2026 – restated | 18.17% | 18.17% |
| Weighted average RoNW – last 3 fiscals | 12.46% | 12.46% |
| NAV per Equity Share – March 31, 2026 | ₹432.62 | ₹432.62 |
| NAV at price band | ₹239.09 | ₹243.65 |
| Pro forma NAV | ₹219.65 | ₹219.65 |
8. Shareholding & Capital Structure
| Particular | Final Disclosure |
|---|
| Authorized Equity Share Capital | 200,000,000 Equity Shares of ₹1 each |
| Authorized CCPS | 100,000,000 CCPS of ₹1 each |
| Pre-Issue Equity Shares | 110,519,988 |
| Promoter – Genius Bidco | 88,417,488 |
| Promoter – Genius Rajkot | 22,102,500 |
| Pre-Issue promoter shareholding | 100.00% |
| Post-Issue promoter shareholding | 64.35% at floor / 65.58% at cap |
| Post-Issue public shareholding | 35.65% at floor / 34.42% at cap |
| Post-Issue shares | 171,744,477 at floor / 168,531,037 at cap |
| Securities premium before Issue | ₹17,103.22 million |
9. Objects of the Issue
| Particular | Amount / Details |
|---|
| Acquisition of K-12 Entities and Campuses | ₹11,000.00 million |
| Repayment / prepayment of certain borrowings | ₹7,500.00 million |
| Inorganic growth through unidentified acquisitions, strategic initiatives and general corporate purposes | [●] |
| Gross Issue Proceeds | ₹21,000.00 million |
10. Key Risks Highlighted in the RHP
| Category | RHP Disclosure | Potential Impact |
|---|
| Business / Occupancy | Dependence on student accommodation occupancy and revenue contribution from the Owned Portfolio. | Lower occupancy may reduce revenue and cash flows. |
| Customer concentration | The top three HEIs contributed 61.46% of FY2026 revenue from operations. | Adverse developments affecting these HEIs may affect operations and cash flows. |
| Acquisition | Approximately ₹11,000 million of Gross Proceeds is proposed for K-12 acquisitions. | Expected benefits may not be achieved following acquisition. |
| Geographic | Revenue is concentrated in specified regions, particularly Northern India. | Regional adverse developments may affect business and cash flows. |
| Collection | Delays in lease rentals or management fees may affect cash flows. | Delayed collections may affect operating liquidity. |
| Contractual | HEI and K-12 agreements may face termination, non-renewal or renegotiation. | Loss or alteration of contracts may affect revenue. |
| Expansion / Execution | Greenfield projects involve regulatory, financing and execution requirements. | Delays, cost overruns or approval issues may affect project economics. |
| K-12 operating history | The post-acquisition group has a limited operating history in the K-12 assets business. | Future performance of the expanded vertical may be difficult to assess from historical experience. |
| Legal / Property | Land records may be incomplete, fragmented or inconsistent, and certain lease deeds may remain unregistered. | Title or enforceability issues could affect development and operations. |
| Acquisition integration | Acquired businesses may require integration and may involve impairment, financing and regulatory risks. | Expected synergies or benefits may take longer or may not be realized. |
| Financial / Leverage | Net Debt and financing requirements are material to the business. | Higher financing costs or inability to secure financing may affect acquisitions and returns. |
| Promoter / Share encumbrance | The RHP discusses potential future encumbrance of promoter shares if specified facilities remain outstanding. | Enforcement could affect promoter shareholding and control. |
| Regulatory | The company had a period below the statutory minimum number of members and filed an adjudication application. | The matter may result in regulatory action or penalty. |
| Sector / Competition | The business depends on education-sector conditions and operates in a competitive education-infrastructure environment. | Changes in demand or competition may affect operations. |
| Technology / IP | The company relies on digital platforms and third-party vendors; trademark applications are pending. | Technology, IP or infringement issues may affect operations and brand protection. |
11. Litigation & Contingent Liabilities
| Area | Disclosure |
|---|
| Tax proceedings | 1 indirect-tax proceeding; aggregate amount ₹96.83 million |
| Subsidiaries – tax | 1 direct-tax case ₹2.61 million; 2 indirect-tax cases ₹276.43 million |
| K-12 entities – regulatory | Proceedings concerning PE Bowenpally/Oaktree relating to a lake-buffer notice and a Benami Property Transactions Act notice; matters pending |
| K-12 entities – tax | 4 direct-tax cases ₹40.24 million; 12 indirect-tax cases ₹62.95 million |
| Directors – criminal | FIR involving Tablespace Technologies Limited in which Joseph Raymond Gagnon and Siddhartha Gupta are directors; matter pending |
| Directors – tax | 3 direct-tax proceedings; aggregate amount ₹2.49 million |
| Contingent liabilities | GST-related ₹372.21 million; income-tax related ₹1.19 million as at March 31, 2026 |
| Outstanding creditors | Material creditors 85; MSMEs 60; other creditors 3; total 148 creditors and ₹557.28 million disclosed |
12. Registrar
| Particular | Details |
|---|
| Name | KFin Technologies Limited |
| Address | Selenium, Tower-B, Plot No. 31 & 32, Financial District, Nanakramguda, Serilingampally, Rangareddi, Hyderabad 500 032, Telangana, India |
| Telephone | +91 40 6716 2222 / 1800 309 4001 |
| Email | Elevatecampuses.ipo@kfintech.com |
| Website | www.kfintech.com |
| Contact | M. Murali Krishna |
| SEBI registration | INR000000221 |
13. Lead Manager(s)
| BRLM | Address / Contact | SEBI Registration |
|---|
| JM Financial Limited | 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025; +91 22 6630 3030; elevate.ipo@jmfl.com; Prachee Dhuri | INM000010361 |
| IIFL Capital Services Limited (formerly IIFL Securities Limited) | 24th Floor, One Lodha Place, Senapati Bapat Marg, Lower Parel (West), Mumbai 400 013; +91 22 4646 4728; elevatecampuses.ipo@iiflcap.com; Gaurav Mittal / Pawan Kumar Jain | INM000010940 |
| Morgan Stanley India Company Private Limited | Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400 018; +91 22 6118 1000; elevate_ipo@morganstanley.com; Keyur Thakar | INM000011203 |
14. Company Contact Details
| Particular | Details |
|---|
| Registered / Corporate Office | Naman Midtown, Unit No. 902-906, 9th Floor, Tower B, Senapati Bapat Marg, Lower Parel, Mumbai 400 013, Maharashtra, India |
| Contact Person | Jenny Vishal Shah, Company Secretary and Compliance Officer |
| Email | companysecretary@elevatecampuses.com |
| Telephone | +91 22 6820 1600 |
| Website | www.elevatecampuses.com |
| CIN | U74994MH2005PLC339336 |
