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Anand Rathi Recommends "Subscribe - Long Term" for Elevate Campuses Ltd IPO
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Moneycontrol•23-09-2026, 10:48
Anand Rathi Recommends "Subscribe - Long Term" for Elevate Campuses Ltd IPO
- •Elevate Campuses Limited is an integrated education infrastructure platform operating in India and the UAE, focusing on student accommodation and K-12 assets.
- •The company owns, operates, and manages on-campus student accommodation under "Good Host Spaces" and "ScholarZ" brands, alongside two K-12 assets in Dubai.
- •As of March 31, 2026, the Pre-Acquisition Group had capacity for 80,255 students across 15 Indian cities and one UAE city.
- •Its portfolio includes seven owned student accommodation campuses (20,368 beds), 14 managed campuses (55,487 beds), and two K-12 assets (4,400 student capacity).
- •Anand Rathi values the IPO at a P/E of 29.5x and EV/EBITDA of 17.28x based on FY26 earnings, recommending a "Subscribe – Long Term" rating.
Key Questions Answered
At the upper price band based on FY26 earnings, the company is valued at a P/E of 29.5x and an EV/EBITDA of 17.28x with a post-issue market capitalization of ₹61,008 million, prompting a "Subscribe – Long Term" rating from Anand Rathi.
Elevate Campuses operates an integrated education infrastructure platform across India and the United Arab Emirates under the "Good Host Spaces" and "ScholarZ" brands, covering 20,368 owned beds, 55,487 managed beds, and two K-12 assets in Dubai with a student capacity of 4,400.
Elevate Campuses raised ₹945 crore from 40 anchor investors by issuing 2.61 crore equity shares at the upper end of its price band ahead of its initial public offering.
