Bengaluru, Sept. 18 -- Hillhouse Investment-backed Elevate Campuses Ltd, a student accommodation and K-12 platform, will hit the primary market with its Rs.2,100-crore initial public offering (IPO) on 23 September, marking the first-ever public listing in this emerging and fragmented real estate asset class in India.

"The IPO is a pivotal moment for the sector because this unique, resilient asset class is now being priced in Indian public markets," Narasimha Jayakumar, CEO, Elevate Campuses, told Mint in an interview.

"It acts like 'REIT Plus' with predictable annuity income and solid growth. Overseas, this is an established asset class with companies such as American Campus Communities, Harrison Street, Greystar in the US, and Unite St...