Elevate Campuses is India’s first educational infrastructure provider to list in the public markets — a milestone that required two of the country’s most prominent law firms to guide it across the line. Elevate Campuses Limited (formerly known as Good Host Spaces Limited) has made an initial public offering of its equity shares aggregating to approximately ₹2,100 crore. Shardul Amarchand Mangaldas & Co and Cyril Amarchand Mangaldas served as the Elevate Campuses IPO legal advisers, each representing distinct sides of the transaction.
Introduction
Elevate Campuses Limited, formerly known as Good Host Spaces Limited, raised approximately ₹2,100 crore through an initial public offering of its equity shares. The total IPO was structured entirely as a fresh issue, with the entire ₹2,100 crore raised going directly to the company, with nothing going to existing shareholders.
Elevate Campuses owns, operates and manages on-campus student accommodation across higher education institutions and K-12 Assets, and as of March 31, 2026, the company is present across 15 cities in India and one city in the United Arab Emirates. The IPO was launched from September 23, 2026 to September 25, 2026, and the company listed on BSE and NSE on September 30, 2026.
Deal Value
The total IPO size of Elevate Campuses Limited is up to ₹2,100 crore, made entirely through a fresh issue of equity shares, with no offer for sale (OFS). The company proposed to deploy the net proceeds across three objectives: acquisition of K-12 entities and campuses (₹1,100 crore), repayment or prepayment of borrowings (₹750 crore), and inorganic growth, strategic initiatives, and general corporate purposes (₹250 crore). The book running lead managers for the IPO were JM Financial Ltd., IIFL Capital Services Ltd., and Morgan Stanley India Company Private Limited.
Legal Teams Involved
Shardul Amarchand Mangaldas & Co — Advised Hillhouse, Alta Capital and Elevate Campuses
Shardul Amarchand Mangaldas & Co advised Hillhouse, Alta Capital and Elevate Campuses on this IPO. Two internal teams — Capital Markets and General Corporate — worked in tandem on the mandate.
Capital Markets Team:
- Nikhil Naredi (Partner)
- Krupa Brahmbhatt (Partner)
- Chinmay Sethia (Principal Associate)
- Avani Sharda (Associate)
- Soundarya Mathavan (Associate)
- Anshika Tyagi (Associate)
General Corporate Team:
- Anuj Bhasme (Partner)
- Rishikesh Desai (Partner)
- Aakash Rao (Senior Associate)
- Regan Dmello (Associate)
Cyril Amarchand Mangaldas — Advised the Book Running Lead Managers
Cyril Amarchand Mangaldas advised on the IPO as counsel to the book running lead managers — JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), and Morgan Stanley India Company Private Limited.
Transaction Team:
- Manan Lahoty (Partner, Head – Capital Markets)
- Abhiroop Lahiri (Partner)
- Anjali Menon (Principal Associate)
- Veena Raghav (Senior Associate Designate)
- Arnab Roy (Associate)
- Akhil Sreenadhu (Associate)
- Shvabh Chakarwarti (Associate)
- Khadri Mohammed (Associate)
Significance and Impact
The Elevate Campuses IPO carries considerable milestone weight for India’s education sector. Elevate Campuses is India’s first educational infrastructure provider to list in the public markets, marking the emergence of institutionally managed student accommodation as a standalone, publicly traded asset class in the country.
The structuring of the transaction as a 100% fresh issue underscores the company’s growth-oriented capital deployment strategy. Almost half of the IPO funds will be used to acquire 16 K-12 entities and campuses from the promoter group and its connected entities, and ₹750 crore is set aside for paying off debt. This makes the IPO as much a balance-sheet restructuring exercise as a growth capital event.
The dual-counsel structure — with Shardul Amarchand Mangaldas & Co running separate Capital Markets and General Corporate workstreams for the issuer and its investor shareholders, while Cyril Amarchand Mangaldas stewarded the three BRLMs — reflects the complexity and transaction volume typical of large mainboard IPOs in India. For current and past deal mandates across Indian capital markets, see the Deal Meter.
Shardul Amarchand Mangaldas & Co advised Hillhouse, Alta Capital and Elevate Campuses Limited on ECL’s initial public offering of its equity shares aggregating to approximately ₹21,000 million. Cyril Amarchand Mangaldas acted as counsel to the book running lead managers on the same transaction. Together, the two firms shepherded a landmark listing — one that places India’s professionally managed student housing sector firmly on the public markets map.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
