Announcements

Sidley Advises on US$220 Million Elevate Campuses IPO — India’s First Student Housing Company Listing

October 1, 2026

Sidley advised the book-running lead managers JM Financial, IIFL Capital, and Morgan Stanley on the approximately US$220 million initial public offering (IPO) of equity shares of Elevate Campuses Limited, marking the first public listing of a student housing company in India.

Elevate Campuses owns, operates, and manages on-campus student accommodation under the Good Host Spaces and ScholarZ brands. It also owns K-12 education assets and, according to CBRE, is the largest owner of K-12 schools in India with 13 operational schools across nine locations in India and Dubai. Across its portfolio, Elevate Campuses has the capacity to cater to more than 80,000 students across 16 cities in India and the United Arab Emirates.

The Sidley team was led by Manoj Bhargava and included Rachna Talati, Oindree Bandyopadhyay, Edward Lee, Sarangan Rajesh Kumar, and Dhanush Dinesh (Capital Markets) with support from Carla G. Teodoro (Investment Funds).

Sidley’s India practice is at the forefront of many of the market’s largest and most high-profile offerings. Recent highlights include advising on the US$2.36 billion IPO of NSE, India’s largest IPO of 2026 and second largest IPO in Indian history; the US$1.75 billion IPO of Tata Capital, India’s largest IPO of 2025 and the largest-ever nonbanking financial company IPO; the US$3.3 billion offer for sale (OFS) of shares in Life Insurance Corporation of India by the government of India, the largest-ever OFS in India; and the US$1.2 billion IPO of ICICI Prudential Asset Management Company Limited, the largest IPO in India by an asset management company to date. Sidley is ranked #1 international legal counsel for India equity and rights offerings for FY2025 by Bloomberg (manager-ranked, by deal count and volume) and was named among the Top 15 foreign law firms for India-related work by India Business Law Journal in 2026, marking the firm’s ninth consecutive year on the publication’s “Top Foreign Law Firms” list.