Elevate Campuses Limited IPO

The Balance Sheet Date Group derived 100.00% of its revenue from operations in the last three Financial Years, from the student accommodation business. Any inability to maintain occupancy rates may adversely affect its business, results of operations, financial condition, and cash flows.

The Balance Sheet Date Group derived 89.00%, 88.60%, 87.50% of its revenue from operations for the Financial Years 2025, 2024, and 2023, 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.

The Balance Sheet Date Group derived 100% of its revenue from operations in the last three Financial Years, 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 the company's business, results of operations, financial condition and cash flows.

Delays in payment of lease rentals by the operators of K-12 Assets or monthly management fees by HEIs in the company's Managed Portfolio for student accommodation may adversely affect its business, results of operations, and cash flows.

The Company proposes to utilize approximately 43.14% of the Gross Proceeds of the Issue towards funding the Proposed Acquisitions from K-12 HoldCos which are affiliates of our Promoters. The company may not be able to achieve anticipated benefits following the acquisition of K-12 Assets, which may adversely affect our business, results of operations, financial condition, and cash flows.

The company's agreements with HEIs and K-12 Operators are subject to risks of early termination, non-renewal, and renegotiation, which could adversely affect its business, results of operations, financial condition and cash flows.

The sale of its student accommodation business at HEI Karnataka may affect the company's business, results of operations, financial condition and cash flows.

The Post-Acquisition Group relies 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.

The company's expansion into greenfield development projects exposes the company to regulatory, execution, financing and reputational risks, which may adversely affect its business, results of operations, financial condition and cash flows.

As there is no central title registry for land parcels in India and property records are generally updated manually through physical records, we are subject to the risk of inaccuracies, errors, or contradictions in such property records. Accordingly, the company may not be able to identify or correct defects or irregularities in title to the land which we own, lease, or intend to acquire.