💡 Overview & Quick Summary
Elevate Campuses Limited IPO Summary: Elevate Campuses Limited (formerly Good Host Spaces Limited) is launching a 100% fresh issue public offer of Rs. 2,100 Crore (5,80,11,049 shares, Face Value Rs. 1/-) in a price band of Rs. 343 to Rs. 362 per share, open from September 23 to September 25, 2026. The company owns, operates, and manages on-campus student accommodation for Higher Education Institutions (HEIs) and owns K-12 assets across India and Dubai under the "Good Host Spaces" and "ScholarZ" brands. Elevate Campuses commands an institutionalized scale of 78,542 beds (as of June 15, 2026) - approximately 2.1x the next largest PMSA player and 6.2x the third largest - operating at 89.37% occupancy with long-term contracts carrying minimum-occupancy guarantees. Over FY24-26, Total Income delivered a 29% CAGR to Rs. 603.39 crore, EBITDA surged at a 57.29% CAGR to Rs. 544.998 crore, PAT reached Rs. 173.76 crore, diluted EPS expanded to Rs. 17.81, and RONW reached 18.17%. Crucially, there is zero Offer for Sale (OFS), aligning shareholder interests. Sushil Finance recommends SUBSCRIBE for investors with a medium-to-long-term horizon.
1. IPO Overview
Elevate Campuses Limited has announced the launch of its Initial Public Offering (IPO). The issue opens for bidding on September 23, 2026, and closes on September 25, 2026. The price band has been fixed at Rs. 343 to Rs. 362 per equity share with a face value of Rs. 1/- each.
The total issue size is Rs. 2,100 crore representing 5,80,11,049 equity shares. The offer is structured entirely as a 100% Fresh Issue with Nil Offer for Sale (OFS). The equity shares will be listed on both premier Indian stock exchanges: BSE & NSE.
| Issue Parameter |
Details |
| Price Band |
Rs. 343 to Rs. 362 Per Share |
| Issue Opens on |
Sep 23, 2026 |
| Issue Closes on |
Sep 25, 2026 |
| Lot Size |
41 Shares & in Multiples thereafter |
| Issue Size |
Rs. 2,100 Cr. |
| No of Shares |
5,80,11,049 |
| Face Value |
Rs. 1/- |
| Listing Exchanges |
BSE & NSE |
| Lead Managers |
JM Financial Ltd., Morgan Stanley India Co. Pvt. Ltd., IIFL Capital Services Ltd. |
| Registrar |
Kfin Technologies Ltd |
2. Key IPO Details
The entire Rs. 2,100 crore issue represents fresh capital issuance designed to strengthen balance sheet resilience and fund asset expansion. The issuance breakdown and category reservations across Qualified Institutional Buyers (QIB), Non-Institutional Investors / High Net-Worth Individuals (HNI), and Retail Individual Investors are outlined below:
Offer Structure
| Issuance |
in Cr. |
| Fresh Issue |
2,100 |
| Offer for Sale |
Nil |
| Total |
2,100 |
Issue Breakup
| Reservation for |
% of Issue |
in Cr. (at upper band) |
| QIB |
75% |
1,575 |
| HNI |
15% |
315 |
| RETAIL |
10% |
210 |
| TOTAL |
100% |
Rs. 2,100 |
3. Company Overview
Elevate Campuses Limited (formerly Good Host Spaces Limited) owns, operates, and manages on-campus student accommodation for Higher Education Institutions (HEIs) and owns K-12 assets in India and Dubai, under the "Good Host Spaces" and "ScholarZ" brands.
As of March 31, 2026, its diversified footprint comprised:
- Owned Portfolio: 20,368 beds across six Indian cities plus two K-12 assets in Dubai.
- Managed Portfolio: 55,487 beds.
- Student Reach: Together serving 80,255 students across 15 Indian cities and Dubai.
- Reputed Institutional Partnerships: Strategic long-term partnerships with reputed HEIs such as Manipal Academy of Higher Education (MAHE), Manipal University Jaipur (MUJ), and Meraki Education.
- Occupancy: Operating at an impressive 89.37% occupancy in FY2025-26.
4. Objects of the Issue
The Company proposes to utilise the Net Proceeds of the Rs. 2,100 crore Fresh Issue towards:
- Acquiring K-12 Entities and Campuses: Rs. 1,100 crore for acquiring K-12 Entities and Campuses from fellow subsidiaries of the Promoters.
- Debt Repayment / Prepayment: Rs. 750 crore for repayment/prepayment of borrowings of the Company and certain Subsidiaries.
- Inorganic Growth & General Corporate Purposes: The balance fresh proceeds for inorganic growth and general corporate purposes.
There is no Offer for Sale - the entire issue is fresh capital, ensuring that all funds raised are directed into strengthening the balance sheet and expanding revenue-generating infrastructure.
5. Key Investment Highlights
- Institutionalized, scaled platform: Portfolio of 78,542 beds as of June 15, 2026 - approximately 2.1x the next largest Purpose-Built Student Accommodation (PMSA) player and 6.2x the third largest - while serving only ~0.85% of the 12.66 million Total Addressable Market (TAM).
- Strong operational and asset management capability: Owned and Managed Beds grew to 75,855 as of March 31, 2026 from 53,717 in Academic Year 2024, including the ScholarZ acquisition.
- Commitment to superior student experience: Technology-enabled, student-centric accommodation built around a 'home away from home' philosophy, with proprietary applications for onboarding, digital payments, and service requests.
- Strategically located, quality portfolio: Established presence across Jaipur, Bengaluru, Mangalore, and Dehradun at 89.37% occupancy (vs. 85-90% industry average), plus a September 2025 entry into Dubai via the HIS Dubai acquisition.
- Derisked, cash-flow visible model: Long-term HEI contracts with occupancy guarantees underpin Total Income CAGR of 29.0% to Rs. 603.39 crore in FY2026 from Rs. 362.61 crore in FY2024.
6. Brief Financial Performance & Valuation Metrics
*Not Annualized:
| Particulars |
FY2024 |
FY2025 |
FY2026 |
| Total Income (Rs. in Cr.) |
3,626.08 |
3,941.27 |
6,033.92 |
| Total Expenditure (Rs. in Cr.) |
2,904.09 |
3,038.28 |
5,045.49 |
| EBITDA (Rs. in Cr.) |
2,201.29 |
2,564.03 |
5,449.98 |
| Profit Before Tax (PBT) (Rs. in Cr.) |
621.33 |
796.26 |
2,037.62 |
| Profit After Tax (PAT) (Rs. in Cr.) |
396.89 |
497.38 |
1,737.59 |
| E.P.S. (Diluted) (Rs.) |
4.48 |
5.63 |
17.81 |
| P/E (Diluted)* |
80.80x |
64.30x |
20.33x |
| RONW / ROE (%) |
6.05% |
7.11% |
18.17% |
7. IPO Timeline & Payment Charts
Indicative Time Table
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
28/9/2026 |
| Initiation of refunds/unblocking ASBA Fund |
29/9/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
29/9/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
30/9/2026 |
PRICE CHART (@Rs. 362) (Retail Category Application Table)
| LOT SIZE |
Amount (Rs.) |
| 41 | 14,842 |
| 82 | 29,684 |
| 123 | 44,526 |
| 164 | 59,368 |
| 205 | 74,210 |
| 246 | 89,052 |
| 287 | 1,03,894 |
| 328 | 1,18,736 |
| 369 | 1,33,578 |
| 410 | 1,48,420 |
| 451 | 1,63,262 |
| 492 | 1,78,104 |
| 533 | 1,92,946 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
574 |
2,07,788 |
| Big HNI |
2,788 |
10,09,256 |
8. Our View / Recommendation
Analyst Recommendation: SUBSCRIBE
Sushil Finance Research Stance & Investment Thesis
Elevate Campuses has grown strongly Total Income CAGR of 29.0% to Rs. 603.39 crore in FY2026, diluted EPS up from Rs. 4.48 to Rs. 17.81 and RONW improved to 18.17% from 6.05%.
Elevate Campuses has shown strong income and profitability momentum over FY2024-26. Total Income grew a modest 8.69% in FY2025 (to Rs. 394.13 crore) before accelerating sharply to 53.10% growth in FY2026 (to Rs. 603.39 crore), translating into a 29% CAGR over the two years. EBITDA growth followed a similar but steeper pattern, rising 16.48% in FY2025 (to Rs. 256.40 crore) and then surging 112.55% in FY2026 (to Rs. 544.998 crore), a 57.29% CAGR.
The moat is real, not promotional: a 78,542-bed portfolio that is 2.1x the next-largest organised student-accommodation player and 6.2x the third-largest, with occupancy of 89.37% and long-term HEI contracts carrying minimum-occupancy guarantees and inflation-linked escalations giving strong revenue visibility in a structurally under-penetrated market.
The K-12 diversification into Dubai adds a second, higher-margin annuity stream on a triple-net lease structure. Crucially, this is a 100% fresh issue with no Offer for Sale - every rupee raised builds the balance sheet and funds growth rather than cashing out existing holders, aligning promoter and public-shareholder interests.
We recommend Subscribe, for investors with a medium-to-long-term horizon.
9. Frequently Asked Questions (FAQs)
Q1. What is the business model of Elevate Campuses Limited?
Elevate Campuses Limited (formerly Good Host Spaces Limited) owns, operates, and manages on-campus student accommodation for Higher Education Institutions (HEIs) and owns K-12 assets in India and Dubai, operating under the "Good Host Spaces" and "ScholarZ" brands.
Q2. What is the scale of the company's student bed portfolio and occupancy rate?
As of June 15, 2026, the company operates a portfolio of 78,542 beds (~2.1x the next largest PMSA player and 6.2x the third largest). As of March 31, 2026, its owned (20,368 beds) and managed (55,487 beds) portfolio served 80,255 students across 15 Indian cities and Dubai at an occupancy rate of 89.37%.
Q3. Who are the primary higher education partners of Elevate Campuses?
Elevate Campuses maintains long-term institutional partnerships with reputed HEIs such as Manipal Academy of Higher Education (MAHE), Manipal University Jaipur (MUJ), and Meraki Education.
Q4. How will the fresh issue capital of Rs. 2,100 crore be allocated?
The proceeds are allocated towards: (i) Rs. 1,100 crore for acquiring K-12 Entities and Campuses from fellow subsidiaries of the Promoters; (ii) Rs. 750 crore for repayment/prepayment of borrowings; and (iii) the balance for inorganic growth and general corporate purposes.
Q5. What is the valuation and price-to-earnings multiple of the IPO?
At the upper price band of Rs. 362, the stock is valued at a diluted P/E multiple of 20.33x based on FY2026 diluted EPS of Rs. 17.81, down from 80.80x in FY2024 and 64.30x in FY2025.
Q6. Why does Sushil Finance recommend 'Subscribe' to this public offer?
The recommendation is based on strong top-line and EBITDA CAGR (29.0% and 57.3% respectively), a market-leading 78,542-bed portfolio, inflation-linked long-term contracts with occupancy guarantees, Dubai K-12 triple-net lease annuity income, and a 100% fresh capital issue structure.
10. Red Herring Prospectus (RHP) Reference
11. Disclaimer
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
