Elevate Campuses IPO: Price Band, Lot Size, Financials & Review
Elevate Campuses IPO listed on BSE & NSE on Wed, 30 Sep 2026. The issue was subscribed 1.89x overall.
- Open Date
- 23 Sep 2026
- Close Date
- 25 Sep 2026
Last updated
- Price band
- ₹343 – ₹362
- Lot size
- 41 shares
- Min. investment
- ₹14,842
- Issue size
- ₹2,100 Cr
- Last GMP
- +₹6.5
- Subscribed
- 🔥 1.89x
Elevate Campuses IPO details
Elevate Campuses IPO is a ₹2,100 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue was open from Wed, 23 Sep 2026 to Fri, 25 Sep 2026. Allotment was finalised on Mon, 28 Sep 2026, and the shares listed on BSE & NSE on Wed, 30 Sep 2026.
The price band is ₹343 to ₹362 per share and the lot size is 41 shares, so the minimum retail application is ₹14,842. Retail investors can apply for up to 13 lots (533 shares, ₹1,92,946).
KFin Technologies Limited is the registrar, and IIFL Capital Services Limited, Morgan Stanley India Company Private Limited and JM Financial Limited are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last Elevate Campuses IPO GMP before listing was +₹6.5 (+1.80% against the upper price band of ₹362), implying an estimated listing price of ₹368.5. Across 10 days of tracking, GMP ranged from +₹2.5 (24 Sep) to +₹16 (21 Sep).
| Last GMP | +₹6.5 |
|---|---|
| GMP vs upper band | +1.80% |
| Estimated listing price | ₹368.5 |
| Highest (21 Sep) | +₹16 |
| Lowest (24 Sep) | +₹2.5 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Elevate Campuses IPO day-wise GMP.
Subscription
Day-wise subscription →Elevate Campuses IPO was subscribed 1.89x overall: QIB 2.66x, NII 0.89x and retail 1.07x.
| Category | Subscribed |
|---|---|
| QIB | 2.66x |
| NII | 0.89x |
| └ bNII (above ₹10 lakh) | 0.87x |
| └ sNII (₹2–10 lakh) | 0.93x |
| Retail | 1.07x |
| Total | 1.89x |
Final figures at the close of bidding on 25 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Elevate Campuses IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 2,61,04,972 | 45.00% |
| Qualified Institutions | 1,74,03,315 | 30.00% |
| Non-Institutional | 87,01,657 | 15.00% |
| └ BNII | 58,01,105 | 10.00% |
| └ SNII | 29,00,552 | 5.00% |
| Retail Investors | 58,01,105 | 10.00% |
| Total | 5,80,11,049 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Elevate Campuses IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 41 | ₹14,842 |
| Retail (Max) | 13 | 533 | ₹1,92,946 |
| S-HNI (Min) | 14 | 574 | ₹2,07,788 |
| S-HNI (Max) | 67 | 2,747 | ₹9,94,414 |
| B-HNI (Min) | 68 | 2,788 | ₹10,09,256 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
At the upper price band of ₹362, the issue is priced at 23.03x pre-issue earnings and 35.11x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Promoter holding falls from 100.00% before the issue to 65.58% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹15.72 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 23.03x |
| EPS (post-issue) EPS on the enlarged share capital | ₹10.31 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 35.11x |
| Promoter holding (pre-issue) | 100.00% |
| Promoter holding (post-issue) | 65.58% |
Elevate Campuses Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹394.13 Cr to ₹603.39 Cr, and profit after tax rose from ₹49.74 Cr to ₹173.76 Cr. The PAT margin for 31 Mar 2026 was 28.80%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 5,773.35 | 2,421.20 | 2,104.74 |
| Total Income | 603.39 | 394.13 | 362.61 |
| Profit After Tax | 173.76 | 49.74 | 39.69 |
| EBITDA | 545.00 | 256.40 | 220.13 |
| Net Worth | 956.29 | 699.78 | 655.77 |
| Reserve & Surplus | 947.45 | 697.57 | 653.56 |
| Total Borrowings | 4,120.53 | 1,206.60 | 984.71 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROCE % | 6.42 | 9.90 | 9.72 |
| Debt / Equity | 4.98 | 2.71 | 3.32 |
| RoNW % | 18.17 | 7.11 | 6.05 |
| Pat Margin % | 28.80 | 12.62 | 10.95 |
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses |
| 2 | Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of borrowings availed by our Company and certain of our Subsidiaries, namely GHS Shoolini, GHS Sonipat, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries |
| 3 | Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes |
About Elevate Campuses Limited
Elevate Campuses Ltd.
Incorporated in 2005, Elevate Campuses Ltd. owns, operates, and manages on-campus student accommodation across higher education institutions (HEIs) and K-12 assets. As of August 31, 2025, the company has a total capacity to serve 94,758 students across 20 cities in India and one city in the United Arab Emirates (UAE). Its student housing business operates under the brands “Good Host Spaces” and “ScholarZ.”
Portfolio
- Owned Portfolio:
- 5 student accommodation campuses comprising 16,934 beds
- 16 K-12 assets (including 3 under development)
- 2 student accommodation facilities managed by HEIs but owned by K-12 HoldCos across 8 Indian cities
- 2 K-12 assets located in Dubai
- Managed Portfolio:
- 14 student accommodation campuses with 49,338 beds
Beyond accommodation, the company also provides community and campus technology services, including media coverage for HEIs and community event management.
Partnerships & Platform
Elevate collaborates with leading institutions such as Manipal Academy of Higher Education (MAHE), Manipal University Jaipur (MUJ), and Meraki Education. Its integrated Elevate Platform combines student housing and K-12 assets to support students throughout their academic lifecycle.
Growth & Expansion
Between Academic Year 2023 and August 2025, the company added:
- 21,764 new beds
- 6 K-12 assets (on a post-acquisition group basis)
During the same period, Elevate expanded its presence from 17 cities and 23 institutes to 21 cities and 33 institutes, through a mix of greenfield and brownfield K-12 developments.
Workforce
As of August 31, 2025, Elevate Campuses Ltd. employed 397 full-time staff.
Promoters
- Genius Bidco Holdings Pte. Ltd.
- Genius Rajkot Investment Holdings Pte. Ltd.
Contact details
Elevate Campuses Ltd.
Naman Midtown, Unit No 902-906
9 th Floor, Tower B, Senapati Bapat Marg,
Lower Parel,
Mumbai, Maharashtra, 400013
Phone: +91 22 6820 1600
Email: companysecretary@elevatecampuses.com
Website: http://www.elevatecampuses.com/
Elevate Campuses IPO FAQs
- What is the Elevate Campuses IPO price band?
- The Elevate Campuses IPO price band is ₹343 to ₹362 per share.
- What is the Elevate Campuses IPO lot size and minimum investment?
- The Elevate Campuses IPO lot size is 41 shares. The minimum retail investment is ₹14,842 for one lot at the upper price band. Retail investors can apply for up to 13 lots (533 shares), costing ₹1,92,946.
- When was Elevate Campuses IPO open for subscription?
- Elevate Campuses IPO was open for subscription from Wed, 23 Sep 2026 to Fri, 25 Sep 2026.
- What is the Elevate Campuses IPO subscription status?
- Elevate Campuses IPO was subscribed 1.89x overall: QIB 2.66x, NII 0.89x and retail 1.07x. Day-wise and category-wise figures are on the subscription page.
- What was the Elevate Campuses IPO GMP before listing?
- The last Elevate Campuses IPO GMP before listing was +₹6.5 (+1.80% against the upper price band of ₹362), implying an estimated listing price of ₹368.5. Across 10 days of tracking, GMP ranged from +₹2.5 (24 Sep) to +₹16 (21 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Elevate Campuses IPO allotment date?
- The Elevate Campuses IPO basis of allotment was finalised on Mon, 28 Sep 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Elevate Campuses IPO listing date?
- Elevate Campuses IPO listed on BSE & NSE on Wed, 30 Sep 2026.
- Is the Elevate Campuses IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the Elevate Campuses IPO?
- The registrar for the Elevate Campuses IPO is KFin Technologies Limited, and the book running lead managers are IIFL Capital Services Limited, Morgan Stanley India Company Private Limited and JM Financial Limited.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.