India’s largest institutionalized education platform, Elevate Campuses (formerly known as Good Host Spaces), has filed Draft papers for INR 2,550 crore IPO with the Securities and Exchange Board of India (SEBI). Elevate Campuses IPO will be a totally fresh issue, signaling the company’s intent to channel fresh capital into expansion, acquisitions, and debt reduction.
Company Overview
Elevate Campuses owns, operates, and manages on-campus student accommodations across higher education institutions (HEIs) and K-12 assets in India and abroad. As of 31 August 2025, its portfolio had a total capacity of 94,758 students across 20 Indian cities and Dubai (UAE).
The business operates under the “Good Host Spaces” and “ScholarZ” brands for student accommodation and manages K-12 assets under long-term lease models. With 66,272 beds (16,934 owned and 49,338 managed), Elevate Campuses is nearly 1.7x the size of its closest rival in the organized on-campus accommodation sector, according to CBRE.
On the K-12 front, Elevate controls 18 assets (including schools in Dubai) and works with reputed operators such as Meraki Education. Several of its schools and partner HEIs boast high accreditations, including NAAC A+ ratings, NIRF top-100 rankings, and global recognitions such as WELL Health-Safety ratings and KHDA’s “Very Good” ratings.
Elevate Campuses IPO: Financial Performance
Elevate has demonstrated strong growth in both topline and profitability:
- Revenue from operations rose from INR 2,925 crore in FY23 to INR 3,698 crore in FY25, a CAGR of 12.4%.
- EBITDA stood at INR 2,593 crore in FY25, with a healthy margin of ~66%.
- Profit after tax increased from INR 290 crore in FY23 to INR 527 crore in FY25.
- EPS improved to INR 23.81 in FY25, up from INR 13.11 in FY23.
- Return on Adjusted Capital Employed (RoACE) improved to 10.02% in FY25.
- Net debt declined from INR 8,400 crore in FY23 to INR 6,953 crore in FY25, with leverage moderating (Net Debt/EBITDA down to 2.68x).
The company maintains occupancy levels above 99% in its owned student housing portfolio, compared to a national average of ~85–90%. Long-term contracts with HEIs, often spanning 50–60 years with minimum occupancy guarantees, provide stability and predictability of cash flows.
Shareholding Structure
Elevate Campuses is promoted by Genius Bidco Holdings and Genius Rajkot Investment Holdings Currently, Genius Bidco holds 62.74%, while Genius Rajkot controls 37.26%, together owning 100% of the company.
Elevate Campuses IPO Details & Use of Proceeds
Elevate Campuses IPO, worth INR 2,550 crore, will be managed by JM Financial, IIFL Capital Services, and Morgan Stanley India, with KFin Technologies as the registrar.
The net proceeds are earmarked for:
- Acquisition of K-12 entities and campuses – INR 1,100 crore in FY26.
- Debt repayment/prepayment – INR 750 crore in FY27, aimed at strengthening the balance sheet and reducing interest costs.
- Inorganic growth & strategic initiatives – balance allocation towards acquisitions and general corporate purposes.
Market Opportunity
India represents one of the largest education markets globally:
- 50.8 crore students in the 3–23 years age group.
- 24.8 crore enrolled in K-12 schools and 4.3 crore in higher education.
- Private sector dominance is expanding – private unaided schools’ share of enrolments has more than doubled to 36.3% in 2023-24 from 16.6% in 2001-02.
- CBRE estimates the organized student housing opportunity at 24.8 lakh beds by FY28, representing a USD 3.8 billion annual revenue potential.
Elevate, with its scale and first-mover advantage in both K-12 and on-campus student accommodation, is strategically positioned to benefit from these tailwinds.
Competitive Strengths
- Scale leadership – India’s largest institutionalized platform in education-linked real estate.
- Resilient cash flows – Long-term HEI contracts with occupancy guarantees and inflation-linked escalations.
- Operational excellence – Asset-light + asset-heavy hybrid model, enabling rapid expansion and strong margins.
- Brand credibility – Trusted partner of reputed HEIs (e.g., MAHE, MUJ) and premium K-12 operators.
- Technology integration – Mobile applications for student services, enhancing experience and operational efficiency.
- Strategic footprint – Presence in four of India’s top five K-12 hubs and three of the top six HEI hubs, plus expansion into Dubai.
Growth Strategy
Elevate aims to:
- Expand student accommodation capacity by bridging the demand-supply gap in PMSA beds.
- Pursue strategic acquisitions in the K-12 segment (including the remaining Promoter-owned assets).
- Continue expanding its asset-light managed portfolio for higher returns on capital.
- Enhance student experience with technology-driven services and value-added offerings.
Management Bench Strength
The company is led by a seasoned leadership team:
- COO – Stanislos Simon D’Britto
- CFO – Vinod Raja Rao
- CIO – Ajay Kumar
The team brings deep expertise across education, real estate, investment, and operations – key to scaling a diversified education infrastructure platform.
Final Words
Elevate Campuses IPO represents a rare play on India’s education-linked real estate sector, an industry with strong entry barriers, secular demand growth, and highly visible cash flows. The company’s dual presence in student accommodation and K-12 assets, coupled with its institutionalized scale, sets it apart in a fragmented market.
However, investors must weigh factors such as execution risks in acquisitions, regulatory changes in education, and debt repayment timelines. With strong occupancy, expanding margins, and sector tailwinds, Elevate Campuses could be a long-term compounding story, appealing to investors seeking exposure to India’s rising education economy.
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