Elevate Campuses - IPO Report

Elevate Campuses (formerly Good Host Spaces), promoted by Hillhouse Investment-controlled entities, owns, operates and manages on-campus student accommodation for Higher Education Institutions (HEIs) and owns K-12 school assets. As of March 31, 2026, it had capacity for 80,255 students across 15 Indian cities and Dubai, UAE, under the "Good Host Spaces" and "ScholarZ" brands.

The owned portfolio comprises 7 campuses with 20,368 beds across six cities and 2 Dubai K-12 assets, while the managed portfolio includes 14 campuses with 55,487 beds. Owned beds are supported by long-term HEI contracts with an 87.55% blended minimum occupancy guarantee.

Key HEI partners include O.P. Jindal Global University, Manipal University Jaipur and Shoolini University, with 15 of 19 HEIs rated "NAAC A" or better. The top three HEIs contributed 61.46% of FY26 revenue, down from 89.00% in FY25, indicating a broader revenue base.

With 78,542 beds as of June 15, 2026, Elevate is 2.1× the next-largest professionally managed student accommodation (PMSA) player and 6.2× the third-largest, while serving only around 0.85% of the 12.66 million student TAM. Following the proposed acquisition of 16 K-12 assets from promoter-affiliated entities, the platform will hold 18 K-12 assets with total capacity of approximately 1,04,341.

Owned-bed occupancy stood at 89.37% as of March 31, 2026, down from 99.47% in AY25, mainly due to vacancies at County and Woodstock. Excluding these assets, occupancy was 98.44%, and both assets have since been re-leased or reopened. The company also has a 1,878-bed IIT Madras concession for development of two hostel blocks.