Elevate Campuses Sets IPO Price Band at ₹343–₹362; Issue to Open on September 23
Bilkul Bazaar
Ahmedabad
Elevate Campuses Limited, an education-focused platform operating student accommodation and K-12 assets, has announced a price band of ₹343 to ₹362 per equity share for its initial public offering (IPO), which will open for subscription on September 23, 2026 and close on September 25, 2026.
The company’s IPO will raise up to ₹2,100 crore, with the shares having a face value of ₹1 each. The bidding for anchor investors will take place on September 22, 2026, a day before the issue opens for other investors.
Investors, other than anchor investors, can bid for a minimum of 41 shares and in multiples of 41 thereafter. At the price band, the minimum investment would range from ₹14,063 at the lower end to ₹14,842 at the upper end, before applicable charges.
Elevate Campuses owns, operates and manages on-campus student accommodation across higher education institutions and also owns K-12 assets. As of March 31, 2026, its capacity covered 80,255 students across 15 cities in India and one city in the UAE. Its student accommodation operations are conducted under the Good Host Spaces and ScholarZ brands, while its K-12 assets are managed through long-term lease arrangements with K-12 operators.
The company has a combination of owned and managed assets. Its owned portfolio comprises seven student accommodation campuses with 20,368 beds across six Indian cities, along with two K-12 assets in Dubai. Its managed portfolio includes 14 student accommodation campuses with 55,487 beds under management.
The IPO is being offered through the book-building process. At least 75% of the issue is reserved for Qualified Institutional Buyers (QIBs), while not more than 15% is available to Non-Institutional Investors (NIIs) and not more than 10% to Retail Individual Investors (RIIs), subject to the applicable regulations.
Elevate Campuses is promoted by entities ultimately owned and controlled by funds of Hillhouse Investment. The company said its management team has experience across real estate, deal financing, operations and facility management. Hillhouse established Rava Partners in 2020 as its real-assets strategy and has committed more than US$3.5 billion since inception across various growth sectors of Asia’s real-asset economy, including education, logistics and industrial assets, life sciences and healthcare, and digital infrastructure.
The company, formerly known as Good Host Spaces Limited, filed its Red Herring Prospectus (RHP) with SEBI, the Registrar of Companies, Mumbai, and the stock exchanges on September 17, 2026. The company has cautioned potential investors that equity investment involves risks and advised them to examine the company, the IPO and the risk factors contained in the RHP before making an investment decision.
IPO Snapshot
| Particular | Details |
|---|---|
| Company | Elevate Campuses Limited |
| IPO Size | Up to ₹2,100 crore |
| Price Band | ₹343 – ₹362 per share |
| IPO Opens | September 23, 2026 |
| IPO Closes | September 25, 2026 |
| Anchor Bidding | September 22, 2026 |
| Minimum Bid | 41 shares |
| Minimum Investment | ₹14,063 – ₹14,842 |
| QIB Allocation | At least 75% |
| NII Allocation | Not more than 15% |
| Retail Allocation | Not more than 10% |
| Business | Student accommodation and K-12 assets |
| Student Capacity | 80,255 students |
| Student Accommodation | 20,368 owned beds + 55,487 managed beds |
| Promoter/Ownership | Funds ultimately controlled by Hillhouse Investment |
Disclaimer: This report is for information and educational purposes only and should not be construed as investment advice or a recommendation to buy or sell securities; investors should conduct their own research and consult a qualified financial adviser before making investment decisions.
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