Mumbai-based professionally managed on-campus student accommodation facilities provider Elevate Campuses, which is backed by the Singapore-headquartered global alternative investment manager Hillhouse Investment, has filed draft red herring prospectus with the SEBI to raise Rs 2,550 crore funds via initial share sale.
The IPO (initial public offering) consists of entirely fresh issue by the company with no offer-for-sale component.
As a part of fresh issue, it may consider raising funds up to Rs 510 crore in pre-IPO placement before the filing of red herring prospectus with the Registrar of Companies for IPO launch.
Elevate Campuses is owned by Genius Bidco Holdings, and Genius Rajkot Investment Holdings which both are controlled by Genius Assetco Holdings. And Genius Assetco Holdings is ultimately controlled by funds of Hillhouse Investment.
Siddhartha Gupta founded Alta Capital is the operating partner of Singapore based Rava Partners, in India. Rava Partners is the real estate division of Singapore based Hillhouse Investments
Elevate Campuses claims the largest institutionalised and independent education platform, managing on-campus student accommodation across HEIs (higher education institutes) and owning K-12 assets in India as of August 2025 with a portfolio owned and managed assets comprising 66,272 beds as of August 2025.
Elevate Campuses will utilise Rs 1,100 crore of IPO proceeds for the acquisition of the K-12 entities and campuses. The K-12 entities and campuses are currently owned by the K-12 HoldCos and indirectly owned and controlled by funds of Hillhouse Investment.
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The company said the proposed acquisition would make it the largest institutionalised and independent education platform, owning and managing on-campus student accommodation across HEIs and owning K-12 assets in India by student capacity.
Further, Rs 750 crore will be used for repaying debt, and the remaining IPO funds for inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes.
As of August 2025, the company and subsidiaries had total outstanding borrowing of Rs 1,432.1 crore.
On the financial front, Elevate Campuses has reported profit at Rs 52.65 crore in the year ended March 2025, increased 32.7 percent compared to Rs 39.7 crore in previous year. Revenue during the same period grew by 6.6 percent to Rs 369.8 crore, up from Rs 347 crore.
The book running lead managers handling the Elevate Campuses IPO are JM Financial, IIFL Capital Services, and Morgan Stanley India Company.
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