Indiqube Spaces Ltd. Share Price

Elevate Campuses

• Elevate Campuses is coming out with a 100% book building; initial public offering (IPO) of 6,12,24,489 shares of face value Rs 1 each in a price band Rs 343-362 per equity share.
• Not more than 75% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 10% for the retail investors.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 343 times of its face value on the lower side and 362 on the higher side.
• Book running lead managers to the issue are JM Financial, IIFL Capital Services and Morgan Stanley India Company.
• Compliance officer for the issue is Jenny Vishal Shah. 

Profile of the company

Elevate Campuses owns, operates and manages on-campus student accommodation across Higher Education Institutions (HEIs) and own K-12 Assets. As of March 31, 2026, the company’s current capacity in the Pre-Acquisition Group enables it to cater to 80,255 students and it is present across 15 cities in India and one city in United Arab Emirates (UAE). It enables HEIs and K-12 school operators (K-12 Operators) to offer quality learning environments that support student development and foster all-round growth. It operates its student accommodation business under the “Good Host Spaces” and “ScholarZ” brands. The company’s mission is to build inclusive educational communities by delivering modern student accommodation and K12 Assets that nurture student wellbeing and holistic development.

The company’s portfolio comprises both owned and managed assets. Its ‘Owned Portfolio’ comprises seven student accommodation campuses totaling 20,368 beds (Owned Beds) across six Indian cities as of March 31, 2026, and two K-12 Assets in Dubai (UAE). Its ‘Managed Portfolio’ comprises 14 student accommodation campuses, totaling 55,487 beds under management (Managed Beds), as of March 31, 2026 (Managed Portfolio). It also delivers community and campus technology services for its Managed Portfolio such as media coverage of HEIs and organizing community events at the HEIs (Community and Campus Technology Services).

The company’s comprehensive operating capabilities including deal sourcing, site selection, development, asset acquisition, asset repositioning and community engagement, enable it to streamline non-core operations for HEIs and K-12 Assets, allowing them to focus on delivering academic outcomes, ensuring skill development and managing academic curriculum which is core to their business. It also benefits from increased operational efficiency and superior service quality. It collaborates with leading educational institutions known for their academic outcomes, accreditations, faculty credentials, research contributions and placement records. These institutions include several campuses of Manipal Academy of Higher Education (MAHE), Manipal University, Jaipur (MUJ) and the Meraki Education (Meraki).

Proceed is being used for: 

• Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses from the fellow subsidiaries of its promoters
• Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by the company and certain of its wholly-owned Subsidiaries, namely GHS Shoolini, GHS Sonipat, Data Ram Sons Private Limited, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries
• Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes

Industry overview

The Indian formal education system encompasses both the school education (K-12) and higher education segments (graduate & post graduate education). The K-12 segment includes schools providing education from kindergarten to class 12th, while the higher education segment comprises universities, colleges, and standalone institutions, collectively referred to as Higher Educational Institutions (HEIs). India's education sector is experiencing profound changes, fueled by technological innovations, policy changes, and shifting societal demands. Simultaneously, there is an increasing global and domestic emphasis on sustainability and environmentally responsible development, particularly in the real estate and infrastructure sectors. Further, as part of regulatory policy shifts or institutional mandates, green building norms may become mandatory, particularly for projects involving public or private institutions.

The Indian higher education sector is witnessing steady growth, characterized by rising quality expectations from a growing middle class and favourable government initiatives. From Academic Year 2011- 12 to Academic Year 2021- 22, private HEIs expanded in both the number of new institutions and student enrolments, primarily due to the private sector’s capacity to develop capital intensive infrastructure, offer industry relevant courses more rapidly than public institutions, limited expansion capacity of public HEIs, and favourable government policies & support promoting the segment. This trend is likely to continue with the private sector expected to drive the future growth of Indian higher education.

The growth in HEIs and regular influx of migrant students have created demand for student accommodation segment in India. Historically, this demand has been primarily met by the university/ college provided accommodation and unorganized alternatives like Paying Guest Accommodations (PGs) and rented apartments. These alternatives are not purpose built and often have limited services and infrastructure to meet student specific needs. In recent years, this gap has led to the emergence of specialized providers offering Professionally Managed Student Accommodations (PMSAs), both on and off-campus. PMSAs are usually designed with amenities and services that cater specifically to student lifestyles. Moreover, PMSA facilities acquired and managed by private companies/ operators, may allow HEIs to focus on their core competence which is academic education and associated infrastructure.

Pros and strengths 

Large-scale student accommodation portfolio: The company is an institutionalized and independent platform engaged in owning, operating and managing on-campus student accommodation across HEIs in India and owning K-12 Assets in India and Dubai. The company’s student accommodation portfolio comprises 78,542 beds as of June 15, 2026, which represents approximately 2.1 times the capacity of the next largest PMSA player and approximately 6.2 times that of the third largest. Despite its scale, as of Academic Year 2025-2026, it serves only approximately 0.85% of the TAM of 12.66 million total student enrolment in India, indicating significant future growth opportunities.

Strong end-to-end operating capabilities: The company has established strong operating capabilities across the value chain, including pipeline sourcing, development, acquisition, asset repositioning, infrastructure management, and student experience management. Its strong operational execution allows it to consistently offer enriching student experiences. The company’s operational capability is reflected in the growth of its student accommodation portfolio, which increased to 75,855 Owned Beds and Managed Beds as of March 31, 2026, from 53,717 Owned Beds and Managed Beds in the Academic Year 2023-2024, including the acquisition of ScholarZ.

Student-centric approach and quality experience: The company is committed to providing a quality, student-centric experience across its student accommodations and K12 Assets. The company’s student accommodations and K-12 Assets are designed to create a ‘home away from home’, with a focus on student satisfaction, well-being and a quality learning environment. This commitment is reflected in the modern amenities and the support systems it provides. The company’s campuses feature modern gyms, sports facilities, libraries and amphitheatres, complemented by a variety of events such as music concerts and match screenings at each of its HEIs through the year. The company’s campuses also have high-speed internet connectivity, largely provided by the institutions, to support academic and extracurricular activities.

Experienced leadership team driving portfolio growth: The company’s management team’s deep domain expertise and strategic leadership has been instrumental in scaling its portfolio. Its leadership team comprises three Key Managerial Personnel (KMP) and six Senior Managerial Personnel (excluding KMPs), who oversee and optimize daily operations, ensure effective coordination across departments and HEIs and drive alignment with its strategic objectives and long-term vision. Its team has in-depth experience in education, real estate investment, operations and facility management, project management, real estate development, structuring and deal financing, governance, risk and compliance and financial control. Its key managerial personnel have several years of relevant industry experience.

Risks and concerns

High revenue dependence on owned student accommodation portfolio: The Pre-Acquisition Group derived 65.74%, 99.24% and 99.72% of its revenue from operations in the Financial Years 2026, 2025 and 2024, respectively, from the student accommodation business in its Owned Portfolio. Any inability to maintain occupancy rates may adversely affect its business, results of operations, financial condition, and cash flows.

Significant revenue concentration among key HEI customers: The Pre-Acquisition Group derived 61.46%, 89.00% and 88.60% of its revenue from operations for the Financial Years 2026, 2025 and 2024, respectively, from three of its largest HEIs. Any adverse developments affecting such HEIs may adversely affect its business, results of operations, financial condition, and cash flows.

Revenue concentration in Northern and Southern India: The Pre-Acquisition Group derived 70.13%, 100.00% and 100.00% of its revenue from operations in the Financial Years 2026, 2025 and 2024, respectively, from HEIs and other student accommodation assets (Woodstock and County) located in the northern and southern regions of India. Any adverse developments affecting such regions may adversely affect its business, results of operations, financial condition and cash flows.

Dependence on reputation of HEIs and K-12 operators: The Post-Acquisition Group will rely on HEIs and K-12 Operators they engage with for the quality of education provided to students. Any adverse effect on the reputation of the HEIs and K-12 Assets operated by K-12 Operators, or the brands under which they operate, may adversely affect the business, results of operations, financial condition, and cash flows of the Post-Acquisition Group.

Outlook

Elevate Campuses is an education infrastructure company engaged in owning, operating and managing on-campus student accommodation for higher education institutions (HEIs) and owning K-12 school assets. The company operates its student accommodation business under the Good Host Spaces and ScholarZ brands. The company’s Pre-Acquisition Group had a student accommodation capacity of 80,255 students across 15 cities in India and one city in the United Arab Emirates. Its portfolio included seven owned student accommodation campuses with 20,368 beds across six Indian cities and 14 managed campuses with 55,487 beds. On the concern side, the Pre-Acquisition Group derives a significant portion of its revenue from HEIs and student accommodation assets, including Woodstock and County, located in northern and southern India. Adverse developments in these regions may negatively impact its business, financial condition and cash flows. Moreover, the Post-Acquisition Group will have a limited operating history in relation to the K-12 Assets business, which may make it difficult to evaluate its future prospects and could adversely affect the company’s business, results of operations, financial condition and cash flows.

The issue has been offering 6,12,24,489 shares in a price band of Rs 343-362 per equity share. The aggregate size of the offer is around Rs 2100.00 crore to Rs 2216.33 crore based on lower and upper price band respectively. Minimum application is to be made for 41 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 53.76% to Rs 5,686.33 million for the Financial Year 2026 from Rs 3,698.11 million for the Financial Year 2025. Moreover, the company’s restated profit for the year increased significantly to Rs 1,737.59 million for the Financial Year 2026 from Rs 497.38 million for the Financial Year 2025.

Meanwhile, the company is also focused on unlocking value from underutilized assets within its portfolio, such as the Shri Ram, Chennai, St. Andrews Suchitra High School and St. Andrews Keesara schools, by identifying opportunities to expand capacity within the same facility or in adjacent locations to cater to student demand. It aims to focus on reinvesting and deploying funds on capital accretive projects, such as the renovation in Shoolini University where it generated a return on investment (as defined in the contractual agreement) of 20% on the capital expenditure incurred. Its asset management capabilities enable it to identify and execute on opportunities to enhance yields and operational efficiency. It continues to invest in the development of new facilities to meet the growing demand in its target markets.