Elevate Campuses, an India-based education platform backed by Hillhouse Investment, is preparing to launch an initial public offering (IPO) in August, aiming to raise $305 million (₹2,550 crore). The IPO will be a fresh issue of shares, with no offer-for-sale component. The company may also consider a pre-IPO placement of up to $61 million (₹510 crore) before filing its red herring prospectus.
The proceeds from the IPO are allocated for several key purposes. Approximately $132 million (₹1,100 crore) will be used to acquire K-12 entities and campuses from existing K-12 HoldCos, which are indirectly owned by Hillhouse Investment funds. Another $90 million (₹750 crore) is earmarked for the repayment or prepayment of outstanding borrowings, and the remaining funds will support inorganic growth through acquisitions, other strategic initiatives, and general corporate purposes.
Financial performance for Elevate Campuses shows growth. For the fiscal year ending March 2025, the company reported a profit of $6.3 million (₹52.65 crore), a 32.7% increase from the previous year's $4.8 million (₹39.7 crore). Revenue during the same period rose by 6.6%, from $41.5 million (₹347 crore) to $44.3 million (₹369.8 crore). As of August 2025, the company and its subsidiaries had a total outstanding debt of $171.3 million (₹1,432.1 crore). The book-running lead managers for the IPO include Morgan Stanley India Company, IIFL Capital Services, and JM Financial.
Elevate Campuses positions itself as the largest institutionalized and independent education platform in India, based on student capacity as of August 31, 2025. It operates and manages on-campus student accommodation across higher education institutions (HEIs) and owns K-12 assets. Its portfolio, as of August 31, 2025, includes 66,272 beds across both owned and managed assets. The owned portfolio comprises five student accommodation campuses with 16,934 beds and 16 K-12 assets (including three under development) in eight Indian cities, plus two K-12 assets in Dubai. The managed portfolio consists of 14 student accommodation campuses with 49,338 beds. The company also recently secured a 30-year public-private partnership project with IIT Madras to develop and operate an 1,800-bed student housing facility.
