Elevate Campuses IPO
Hillhouse-backed Elevate Campuses launches its ₹2,100-crore initial public offering on September 23.
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Key Points
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Elevate Campuses reduced the planned IPO size from ₹2,550 crore in its 2025 draft prospectus to ₹2,100 crore in the current offering. Its draft document was approved by SEBI in February 2026.
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As of March 2026, Elevate Campuses and its subsidiaries had total outstanding borrowings of ₹3,130 crore, providing context for the proposed ₹750 crore debt repayment.
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The company is promoted through Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd., entities associated with Hillhouse Investment in Singapore.
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At the upper end of the price band, Elevate Campuses is expected to have a post-listing market capitalisation of approximately ₹6,100.82 crore.
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The company is expected to list on both the BSE and NSE, and available IPO information indicates that it has no listed peer companies for direct valuation comparison.
Elevate Campuses, a Hillhouse Capital-backed student housing and K-12 education platform, will launch its ₹2,100-crore initial public offering on September 23, 2026, according to Daily Excelsior. The IPO will price shares between ₹342 and ₹362 each, with bidding closing September 25 and listing expected by September 30.
The company plans to use ₹1,100 crore from IPO proceeds to buy K-12 schools and campuses from promoter subsidiaries, repay ₹750 crore in debt, and fund acquisitions, as reported by CNBC TV18. At the upper price band, Elevate is expected to reach a market value of ₹6,100.82 crore.
Price Band and IPO Timeline Set Clear Path to Market
Elevate Campuses fixed its IPO price band at ₹342–₹362 per share, according to Upstox. Anchor investors can bid starting September 22, with regular bidding open September 23–25. The company will allot shares by September 28 and begin trading on both BSE and NSE by September 30.
The minimum bid size is 41 shares, meaning retail investors need ₹14,022 at the floor price. All 2,100 crore rupees raised will be from newly issued shares, not from existing shareholders selling stakes.
IPO Size Trimmed From Earlier 2025 Plan
Elevate Campuses cut its planned IPO size from ₹2,550 crore in its 2025 draft prospectus to ₹2,100 crore now. India's Securities and Exchange Board (SEBI) approved the draft red herring prospectus in February 2026, clearing the path for the September launch.
The company had earlier filed plans for a ₹1,850-crore fresh issue, but this expanded to ₹2,100 crore in the final offering structure. This scaling reflects investor appetite and market conditions in mid-2026.
Debt Reduction and Acquisition Strategy Drive Fund Use
As of March 2026, Elevate and its subsidiaries owed ₹3,130 crore in total debt. The company will use ₹750 crore from IPO proceeds to cut borrowings, reducing financial leverage before going public, reported CNBC TV18.
The remaining capital will fund Elevate's core acquisition strategy. The company plans to buy K-12 schools and student housing assets from Genius Bidco Holdings and Genius Rajkot Investment Holdings, its Hillhouse-linked promoter entities in Singapore.
Investor Allocation Favors Institutions Over Retail Buyers
Qualified institutional buyers will claim 75% of the IPO shares, non-institutional investors 15%, and retail investors just 10%, according to allocation guidelines. This heavy institutional weighting reflects typical IPO structures in India for large offerings.
At the ₹362 upper price band, Elevate is valued at roughly ₹6,100.82 crore. The company operates as India's largest institutionalized student accommodation platform, with minimal listed peers for direct valuation comparison.
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