Hillhouse Investment backed Elevate Campuses Ltd, an education platform owning, operating and managing on-campus student accommodations across private higher education institutions (HEIs) and K-12 assets, is planning to raise ₹2,100 crore through an Initial Public Offer (IPO) at a price band of ₹343 to ₹362 per share with face value of ₹1.
It will be the first student housing REIT type platform to be listed in India.
Bids will open on Wednesday (September 23, 2026) and close on Friday (September 25, 2026).
The net proceeds will be used to buy 14 K-12 entities/campuses in India and Dubai from promoter group companies, the repay debt and for unidentified acquisitions.
As of March 31, 2026, the company’s current capacity enables to cater to 80,255 students across 15 cities in India and one city in United Arab Emirates namely Dubai.
The business operates under the “Good Host Spaces” and “ScholarZ” brands for student accommodation and manages K-12 assets under long-term lease arrangements with K-12 operators.
Elevate Campuses portfolio comprises both owned and managed assets. The ‘Owned Portfolio’ comprises seven student accommodation campuses totaling 20,368 beds across six Indian cities as of March 31, 2026, and two K-12 Assets in Dubai (UAE).
The ‘Managed Portfolio’ comprises 14 student accommodation campuses, totaling 55,487 beds under management as of March 31, 2026.
The company is led by an experienced management team with expertise across real estate, deal financing and operations and facility management.
The Company’s promoters are ultimately owned and controlled by funds of Hillhouse Investment, a global alternative investment manager.
Hillhouse established Rava Partners in 2020 as its real-assets strategy, which has committed over $3.5 billion since inception across growth sectors of Asia’s real-asset economy, including education, logistics/industrial, life sciences/healthcare and digital infrastructure.
