Elevate Campuses IPO

The company operates as an institutionalized and independent platform in on-campus student accommodation across Higher Education Institutions (HEIs) in India and K-12 assets in India and Dubai. As of June 15, 2026, the student accommodation portfolio comprised 78,542 beds under management. 

The student accommodation portfolio expanded to 75,855 Owned and Managed Beds as of March 31, 2026, up from 53,717 beds in Academic Year 2023–2024 (including the acquisition of ScholarZ). 

Total income for the Pre-Acquisition Group grew by 53.10% year-on-year to ₹6,033.92 million for Financial Year 2026, up from ₹3,941.27 million for Financial Year 2025. 

Capital expenditure investments totalled ₹24,419.46 million between Financial Years 2024 and 2026 (including ₹21,377.50 million towards acquisitions of Souk HIS UAE and Souk NLCS UAE). 

Contracts in the K-12 Assets business are structured on a triple-net basis, with operators responsible for insurance, property taxes, and maintenance in addition to base rent. Long-term agreements and minimum occupancy guarantee protect revenue streams across economic cycles. 

Organized third-party providers face an estimated demand-supply gap of approximately 0.22 million (226,578) beds within the target addressable market in Academic Year 2025–2026, offering substantial greenfield development potential. 

The adoption of asset-light models by K-12 operators and public-private partnership (PPP) models by premier public institutions (such as IITs and IIMs) opens up avenues for long-term infrastructure contracts. 

Secured pipeline developments include projects at IIT Madras (~1,878 beds), UPES Dehradun (~250 beds), and multiple brownfield/greenfield K-12 expansions (such as St. Andrews Suchitra and Billabong High International School) targeted for completion between FY 2027 and FY 2029. 

The company proposes to utilize approximately 52.38% of the Gross Proceeds (₹11,000 million) to acquire K-12 entities and campuses from fellow promoter subsidiaries. Integrating these assets involves managing new counterparty dynamics, potential operational inconsistencies, and resolving ongoing operational demands/disputes raised by K-12 operators. 

The Pre-Acquisition Group derived 65.74% of its revenue from student accommodations in its Owned Portfolio in FY 2026. Any sustained drop in occupancy or prolonged asset vacancies, such as the vacancy at the Woodstock asset following lease termination, directly impacts revenue. Although occupancy at Woodstock has resumed gradually since July 2026, current occupancy remains below originally projected levels. 

Total consolidated borrowings stood at ₹41,205.34 million as of March 31, 2026 (including convertible debentures of ₹10,500.00 million). On a pro forma basis, total borrowings for the Post-Acquisition Group reached ₹48,322.51 million. 

Approximately 66.61% of total borrowings are subject to floating interest rates, leaving the company vulnerable to macroeconomic interest rate hikes and benchmark rate volatility. 

Expanding into greenfield development projects (such as student accommodation at IIT Madras and UPES Dehradun) exposes the company to construction delays, capital cost overruns, and regulatory approval dependencies. Furthermore, due to the lack of a centralized title registry for land parcels in India, property records are subject to potential inaccuracies, local disputes, or title defects. 

Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials. 

Locate the IPO Section: Navigate to the 'IPO' section on the platform. 

Select IPO: Find and select the Elevate Campuses IPO from the list of open IPOs. 

Enter the Lot Size: Specify the number of lots you want to bid for. 

:Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 

Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

Log in to the Angel One app. 

Go to the IPO Section and then to IPO Orders. 

Select the individual IPO that you had applied for and check the allotment status. 

Angel One will notify you of your IPO allotment status via push notification and email.