Elevate Campuses, backed by Hillhouse Capital, plans to raise ₹2,100 crore through an IPO, focusing on expanding its K-12 education infrastructure portfolio amid sector growth and operational risks.
Elevate Campuses, the Hillhouse Capital-backed education infrastructure group, has set a price band of ₹342 to ₹362 a share for its ₹2,100 crore initial public offering, which opens for subscription on 23 September. The issue is entirely a fresh sale of shares, with no offer for sale component, and the company expects to finalise the anchor book on 22 September before closing the public offer on 25 September.
At the top of the band, the company would be valued at about ₹6,100.82 crore after listing. Investors can bid for a minimum of 41 shares and in multiples thereafter. The shares are proposed to be split with 75% reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors.
According to the company’s offer details, ₹1,100 crore of the proceeds will be used to buy K-12 entities and campuses from fellow subsidiaries of its promoters, while another ₹750 crore will go towards debt repayment at the company and some wholly owned subsidiaries. The remaining funds are earmarked for acquisitions and general corporate purposes. The proposed purchases would materially expand its school-infrastructure portfolio, which currently includes two K-12 assets in Dubai and a larger student accommodation business across higher education institutions.
Elevate Campuses describes itself as an education platform, but its core business is property and infrastructure rather than teaching. As of March 2026, it had 80,255 student beds across 16 cities in India and Dubai, including owned beds and managed capacity under contracts with colleges and universities. It counts institutions such as Manipal, O.P. Jindal Global University and Shoolini University among its clients, and earns income from rent, management fees and campus services such as dining and laundry.
The K-12 expansion would take the group further into long-duration lease assets. The company said the 16 planned acquisitions would lift its K-12 portfolio to 18 assets with a combined capacity of about 24,086, according to CBRE estimates. But the offer also highlights risks, including delayed payments from some school operators in recent years, a decline in occupancy at owned beds and a concentration of revenue in a handful of higher education clients. Even so, the company reported a sharp jump in annual profit to ₹173.8 crore for the year ended March 2026, from ₹49.7 crore a year earlier, while revenue rose 53.8% to ₹568.6 crore. JM Financial, IIFL Capital Services and Morgan Stanley India are the lead managers to the issue, with trading expected to begin on 30 September.
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