Elevate Campuses IPO Review 2026: GMP, Price, Dates, Lot Size & Allotment Details

Elevate Campuses IPO is a book-built mainboard issue of ₹2,100 crore. The IPO comprises an entirely fresh issue of 5,80,11,049 equity shares with a face value of ₹1 each. There is no offer for sale component. The company has fixed the price band at ₹343 to ₹362 per equity share.

The Elevate Campuses IPO will open for subscription on September 23, 2026 and close on September 25, 2026. Anchor investor bidding is scheduled for September 22, while the basis of allotment is expected on September 28. Refunds and demat credit are scheduled for September 29, followed by the tentative listing on September 30, 2026 on BSE and NSE.

The IPO lot size is 41 shares. At the upper price band of ₹362, the minimum retail investment is ₹14,842. Retail investors can apply for up to 13 lots, representing 533 shares and an investment of ₹1,92,946 at the upper price band.

Elevate Campuses Limited operates as an education infrastructure platform focused on student accommodation for higher education institutions and K-12 school assets. Its student accommodation operations are conducted under the Good Host Spaces and ScholarZ brands. As of March 31, 2026, its pre-acquisition group had capacity for 80,255 students across 15 Indian cities and one city in the United Arab Emirates.

Elevate Campuses IPO Details Information

ParticularDetails
IPO NameElevate Campuses IPO
Company NameElevate Campuses Limited
IPO TypeBook Build Issue
IPO CategoryMainboard
Face Value₹1 per share
Price Band₹343 to ₹362 per share
Issue Size₹2,100 Crore
Fresh Issue₹2,100 Crore
Offer for SaleNil
IPO Open DateSeptember 23, 2026
IPO Close DateSeptember 25, 2026
Anchor Investor BiddingSeptember 22, 2026
Basis of AllotmentSeptember 28, 2026
Refund InitiationSeptember 29, 2026
Shares Credited to Demat AccountSeptember 29, 2026
Listing DateSeptember 30, 2026
Listing ExchangeBSE and NSE
Lot Size41 Shares
RegistrarKFin Technologies Limited
Book Running Lead ManagersJM Financial Limited, IIFL Capital Services Limited, Morgan Stanley India Company Private Limited

The Elevate Campuses IPO is entirely a fresh issue, meaning the ₹2,100 crore issue proceeds are raised by the company rather than through a sale of shares by existing shareholders. The company proposes to use the net proceeds for acquisition of K-12 entities and campuses, repayment or prepayment of certain borrowings, and inorganic growth and general corporate purposes.

The issue is being made through the book-building process. At least 75% of the issue is available for allocation to QIBs, not more than 15% is available to NIIs and not more than 10% is available to RIIs, subject to applicable regulations.

Elevate Campuses IPO Dates

IPO EventDate
Anchor Investor BiddingSeptember 22, 2026
IPO Opening DateSeptember 23, 2026
IPO Closing DateSeptember 25, 2026
Basis of AllotmentSeptember 28, 2026
Refund InitiationSeptember 29, 2026
Shares Credited to Demat AccountSeptember 29, 2026
Listing DateSeptember 30, 2026

The bidding period for the Elevate Campuses IPO will run from September 23 to September 25, 2026. The basis of allotment is expected to be finalised on September 28, followed by refund initiation and demat credit on September 29. The tentative listing date is September 30, 2026.

Elevate Campuses IPO Reservation

Investor CategoryReservation
QIBNot less than 75% of the Issue
NIINot more than 15% of the Issue
RIINot more than 10% of the Issue

At least 75% of the issue is reserved for Qualified Institutional Buyers. Not more than 15% is available for Non-Institutional Investors and not more than 10% for Retail Individual Investors. The QIB portion can include an anchor investor allocation in accordance with applicable SEBI regulations.

The relatively large QIB allocation reflects the mainboard book-building structure of the issue. The final category-wise allotment will depend on valid bids received at or above the issue price and the applicable allocation rules.

Elevate Campuses IPO Lot Size

ApplicationSharesAmount
Retail Minimum41₹14,842
Retail Maximum533₹1,92,946
S-HNI Minimum574₹2,07,788

The Elevate Campuses IPO lot size is 41 shares. At the upper price band of ₹362, one lot requires ₹14,842. Retail investors can apply for a maximum of 13 lots, equivalent to 533 shares and ₹1,92,946. The minimum S-HNI application is 14 lots, equivalent to 574 shares and ₹2,07,788 at the upper price band.

About Elevate Campuses Limited

Elevate Campuses Limited was incorporated in 2005 and operates as an education infrastructure platform focused on student accommodation and K-12 assets.

The company owns, operates and manages on-campus student accommodation across higher education institutions and owns K-12 school assets. Its student accommodation operations are conducted under the Good Host Spaces and ScholarZ brands.

As of March 31, 2026, the company’s pre-acquisition group had student accommodation capacity of 80,255 students across 15 cities in India and one city in the United Arab Emirates. The portfolio included seven owned student accommodation campuses with 20,368 beds across six Indian cities and 14 managed campuses with 55,487 beds.

The company has expanded its platform since commencing operations as an independent owner and operator of student accommodation in FY2018. Its business covers site selection, development, acquisition, asset management, campus operations and student-community services.

The company’s portfolio also includes K-12 assets. The proposed IPO acquisitions are intended to expand its education-infrastructure platform by adding additional K-12 entities and campuses.

Business Operations

Elevate Campuses operates two principal business areas: student accommodation associated with higher education institutions and K-12 education infrastructure.

The student accommodation business provides on-campus residential facilities for students. Through Good Host Spaces and ScholarZ, the company provides services including accommodation management, dining, security, housekeeping, laundry, recreational facilities, study areas and technology-enabled campus services.

Its owned portfolio consisted of seven student accommodation campuses with 20,368 beds across six Indian cities as of March 31, 2026. Its managed portfolio consisted of 14 campuses with 55,487 beds.

The company also provides services related to campus operations and community engagement. These include deal sourcing, site selection, development, asset acquisition, asset repositioning and ongoing management.

The K-12 business focuses on owning and managing education infrastructure used by school operators. The company provides institutional-grade campus infrastructure, including classrooms, laboratories, sports facilities, wellbeing spaces and other supporting facilities.

The company works with educational institutions including Manipal Academy of Higher Education, Manipal University Jaipur and other institutional partners. Its owned student accommodation portfolio reported an occupancy rate of 89.37% for Academic Year 2025-26 as of March 31, 2026.

Industry Overview

The Indian education infrastructure market covers both K-12 school education and higher education. Growth in student enrolment, expansion of private educational institutions and increasing demand for organised campus infrastructure create opportunities for specialised education-infrastructure providers.

Student accommodation is an important supporting segment because higher education institutions require residential facilities for students, particularly where campuses attract students from different cities and states.

The organised student accommodation segment is also supported by increasing institutionalisation of campus operations. Professional accommodation providers can offer standardised services covering housing, food, security, maintenance, technology and student engagement.

The K-12 segment provides another opportunity because schools require long-term physical infrastructure and campus facilities. Education operators can focus on academic activities while specialised infrastructure owners and managers handle campus development and facilities.

However, the education-infrastructure industry is capital intensive. Companies operating owned assets can have significant debt, depreciation and interest costs. Occupancy levels, institutional relationships, lease arrangements and asset utilisation can therefore influence financial performance.

Business Strategy

Elevate Campuses’ strategy is focused on building a standardised education-infrastructure platform covering student accommodation and K-12 assets.

The company intends to expand its K-12 portfolio through acquisitions. ₹1,100 crore of the IPO proceeds is proposed for the purchase consideration for acquisition of K-12 entities and campuses.

Another ₹750 crore of the net IPO proceeds is proposed for repayment or prepayment of certain outstanding borrowings and applicable prepayment penalties of the company and specified subsidiaries.

The company also proposes to use the remaining net proceeds for unidentified acquisitions, other strategic initiatives and general corporate purposes.

The strategy combines organic expansion of the existing student accommodation platform with inorganic expansion through K-12 acquisitions. The company also seeks to improve its operating platform through asset management, campus operations and standardised student services.

Elevate Campuses IPO Financial Information

Elevate Campuses reported strong growth in its consolidated financial performance in FY2026. Total income increased from ₹394.13 crore in FY2025 to ₹603.39 crore in FY2026. Profit after tax increased from ₹49.74 crore to ₹173.76 crore during the same period.

EBITDA increased from ₹256.40 crore in FY2025 to ₹545.00 crore in FY2026. Net worth increased from ₹699.78 crore to ₹956.29 crore.

At the same time, total borrowings increased significantly from ₹1,206.60 crore in FY2025 to ₹4,120.53 crore in FY2026. The company therefore continues to carry a substantial debt position despite the proposed ₹750 crore repayment or prepayment from IPO proceeds.

Elevate Campuses Financial Summary
ParticularFY2026FY2025FY2024
Assets₹5,773.35 Cr₹2,421.20 Cr₹2,104.74 Cr
Total Income₹603.39 Cr₹394.13 Cr₹362.61 Cr
Profit After Tax₹173.76 Cr₹49.74 Cr₹39.69 Cr
EBITDA₹545.00 Cr₹256.40 Cr₹220.13 Cr
Net Worth₹956.29 Cr₹699.78 Cr₹655.77 Cr
Reserves & Surplus₹947.45 Cr₹697.57 Cr₹653.56 Cr
Total Borrowings₹4,120.53 Cr₹1,206.60 Cr₹984.71 Cr

The company’s total income increased by approximately 53% between FY2025 and FY2026. PAT increased substantially from ₹49.74 crore to ₹173.76 crore, while EBITDA more than doubled during the same period.

Total assets increased materially to ₹5,773.35 crore in FY2026. Net worth also increased to ₹956.29 crore.

The significant increase in total borrowings is an important financial consideration. Borrowings stood at ₹4,120.53 crore in FY2026 compared with ₹1,206.60 crore in FY2025. The IPO objects include ₹750 crore for repayment or prepayment of certain borrowings.

Elevate Campuses IPO Key Performance Indicators (KPIs)

KPIMarch 31, 2026
ROCE6.42%
Debt / Equity4.98
RoNW18.17%
PAT Margin28.80%
EBITDA Margin90.32%
NAV₹432.62
Price to Book Value1.14

For FY2026, Elevate Campuses reported ROCE of 6.42%, RoNW of 18.17% and a debt-to-equity ratio of 4.98. PAT margin was 28.80% and EBITDA margin was 90.32%.

The reported pre-IPO EPS was ₹15.72 and post-IPO EPS was ₹10.31. The reported pre-IPO P/E was approximately 23.03 times and post-IPO P/E was approximately 35.11 times.

The company’s financial ratios should be considered alongside its asset-heavy business model and debt position. The IPO proceeds include a substantial allocation for debt repayment, which is expected to affect the company’s financing structure following the issue.

Objects of the Elevate Campuses IPO

The company proposes to utilise the net proceeds from the issue towards the following objects:

  • Payment of the purchase consideration for acquisition of K-12 entities and campuses.
  • Repayment and/or prepayment of certain outstanding borrowings and applicable prepayment penalties.
  • Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes.
No.Issue ObjectsEstimated Amount (₹ Cr.)
1Payment of purchase consideration for acquisition of K-12 entities and campuses₹1,100.00 Cr
2Repayment and/or prepayment of certain outstanding borrowings and applicable prepayment penalties₹750.00 Cr
3Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposesBalance
Total Net Proceeds₹1,850.00 Cr

The largest identified use of the net IPO proceeds is ₹1,100 crore for acquisition of K-12 entities and campuses. Another ₹750 crore is proposed for repayment or prepayment of certain outstanding borrowings. The balance is proposed for unidentified acquisitions, other strategic initiatives and general corporate purposes.

The proposed K-12 acquisitions are intended to expand the company’s education-infrastructure platform. The debt repayment component is expected to reduce a portion of the company’s outstanding borrowing obligations.

The total IPO size is ₹2,100 crore, while the identified net proceeds for the stated objects amount to ₹1,850 crore after considering issue-related expenses and other applicable adjustments.

Elevate Campuses IPO Listing Performance

ParticularValue
Listing ExchangeBSE and NSE
Listing DateSeptember 30, 2026 (Tentative)
Issue Price₹343 to ₹362
Listing PriceTo Be Updated
Listing GainTo Be Updated
Listing Gain (%)To Be Updated

Elevate Campuses has not yet commenced stock-exchange trading. The tentative listing date is September 30, 2026 on BSE and NSE. The actual listing price and listing gain will become available after trading begins.

The current grey market premium is unofficial and can change before listing. Recent IPO-market sources have reported GMP around ₹15 to ₹16 per share. GMP should not be treated as a guaranteed listing price or return.

Elevate Campuses IPO Subscription Status

The Elevate Campuses IPO will open for public subscription on September 23, 2026 and close on September 25, 2026. Therefore, the final subscription figures are not available before the public bidding period begins.

Subscription figures for QIBs, NIIs and RIIs will be updated as bids are received during the IPO period.

Elevate Campuses IPO Subscription
Investor CategorySubscription
QIBTo Be Updated
NIITo Be Updated
RIITo Be Updated
Employee CategoryTo Be Updated
Total SubscriptionTo Be Updated

The Elevate Campuses IPO subscription data will become available after the issue opens on September 23, 2026. The final subscription figures will be known after the issue closes on September 25.

The issue has a minimum QIB allocation of 75%, while the NII and retail portions are capped at 15% and 10%, respectively, subject to the applicable IPO rules.

Elevate Campuses IPO Review

Elevate Campuses IPO is a ₹2,100 crore mainboard book-built issue comprising an entirely fresh issue of 5.80 crore equity shares. The price band is ₹343 to ₹362 and the lot size is 41 shares.

The company operates in education infrastructure, with its principal businesses covering student accommodation and K-12 assets. Its student accommodation portfolio includes owned and managed campuses across India and the UAE, while the proposed K-12 acquisitions are intended to broaden its education-infrastructure platform.

As of March 31, 2026, the company’s pre-acquisition group had capacity for 80,255 students. Its owned portfolio comprised seven student accommodation campuses with 20,368 beds, while the managed portfolio included 14 campuses with 55,487 beds.

The company reported total income of ₹603.39 crore in FY2026 compared with ₹394.13 crore in FY2025. PAT increased to ₹173.76 crore from ₹49.74 crore, while EBITDA increased to ₹545 crore from ₹256.40 crore.

The financial profile also includes substantial leverage. Total borrowings increased to ₹4,120.53 crore in FY2026. The IPO proposes to use ₹750 crore of net proceeds for repayment or prepayment of certain outstanding borrowings and applicable penalties.

Another major component of the IPO proceeds is the ₹1,100 crore allocation for acquiring K-12 entities and campuses. The remaining identified proceeds are intended for unidentified acquisitions, strategic initiatives and general corporate purposes.

At the upper price band of ₹362, the reported post-IPO P/E is approximately 35.11 times based on the stated FY2026 post-issue EPS. The reported ROCE is 6.42%, while RoNW is 18.17%. The debt-to-equity ratio is reported at 4.98.

The company’s business model provides exposure to the organised student accommodation and education-infrastructure markets. At the same time, investors need to consider debt levels, interest costs, occupancy levels, concentration among educational-institution partners, acquisition execution and the capital requirements associated with owned infrastructure.

The current GMP is unofficial and has been reported around ₹15 to ₹16 per share by recent market sources. It can change quickly before listing and should not be regarded as a reliable or guaranteed indication of the actual listing price.

Elevate Campuses IPO Strengths

  • Established education-infrastructure platform operating across student accommodation and K-12 assets.
  • Student accommodation capacity of 80,255 students as of March 31, 2026 for the pre-acquisition group.
  • Seven owned student accommodation campuses with 20,368 beds.
  • Fourteen managed student accommodation campuses with 55,487 beds.
  • Presence across multiple cities in India and the UAE.
  • Student accommodation operations under the Good Host Spaces and ScholarZ brands.
  • Owned student accommodation occupancy of 89.37% for Academic Year 2025-26.
  • Total income increased to ₹603.39 crore in FY2026.
  • FY2026 PAT increased to ₹173.76 crore.
  • FY2026 EBITDA increased to ₹545 crore.
  • Net worth increased to ₹956.29 crore in FY2026.
  • Proposed K-12 acquisitions can expand the company’s education-infrastructure portfolio.
  • ₹750 crore of net IPO proceeds is proposed for repayment or prepayment of certain borrowings.
  • Experienced leadership team with expertise across education infrastructure, real estate, finance and operations.

Elevate Campuses IPO Risk Factors

  • The company operates an asset-heavy education-infrastructure business.
  • Total borrowings were ₹4,120.53 crore in FY2026.
  • The reported debt-to-equity ratio was 4.98 in FY2026.
  • The company’s business requires substantial capital investment.
  • Student accommodation revenue can be affected by occupancy levels and institutional enrolment.
  • A portion of the business is dependent on relationships with higher education institutions.
  • Acquisitions of K-12 entities and campuses involve integration and execution risks.
  • The ₹1,100 crore K-12 acquisition allocation represents a significant portion of the net IPO proceeds.
  • Future unidentified acquisitions may involve valuation, integration and execution risks.
  • Interest expenses can affect profitability because of the company’s debt position.
  • Changes in education regulations or institutional operating arrangements may affect the business.
  • Competition exists from other student accommodation and education-infrastructure providers.
  • The business has exposure to property, lease, construction, maintenance and campus-operating costs.
  • GMP is unofficial and may not correspond with the actual listing price.

Elevate Campuses IPO Promoters

The promoters of Elevate Campuses Limited are Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd. The company reported 100% promoter holding before the IPO, with the post-issue promoter holding expected to reduce to approximately 65.58%.

The promoter entities are investment vehicles associated with the ownership structure of the company. The company’s disclosures state that its promoters are ultimately owned and controlled by funds of Hillhouse Investment.

Elevate Campuses IPO Promoters Details
PromoterDesignation
Genius Bidco Holdings Pte. Ltd.Promoter
Genius Rajkot Investment Holdings Pte. Ltd.Promoter

Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd. are identified as the promoters of Elevate Campuses Limited.

Elevate Campuses IPO Management Team

NameDesignation
Anami Narayan RoyChairman & Independent Director
Vinod Raja RaoWhole-time Director & Chief Financial Officer
Siddhartha GuptaNon-executive Director
Joseph Raymond GagnonNon-executive Director
Mukesh TiwariNon-executive Director
Rashmi Satish JoshiIndependent Director
Jayakumar Narasimha RaghavanChief Executive Officer
Stanislos Simon D’brittoChief Operating Officer
Ajay KumarChief Investment Officer
Viraj PrasadSenior Vice President – Finance
Jenny Vishal ShahCompany Secretary & Compliance Officer
Kasturi VermaGeneral Counsel
Kunal Arvind PatwaChief Investment Officer – K12 Schools
Karan Ashok ShahHead – Internal Audit

The company’s board consists of Anami Narayan Roy, Vinod Raja Rao, Siddhartha Gupta, Joseph Raymond Gagnon, Mukesh Tiwari and Rashmi Satish Joshi. The management team includes Jayakumar Narasimha Raghavan as Chief Executive Officer and Vinod Raja Rao as Whole-time Director and Chief Financial Officer, along with senior executives responsible for operations, investment, finance, legal, K-12 investments and internal audit.

Elevate Campuses IPO Registrar Details

ParticularDetails
Registrar NameKFin Technologies Limited
WebsiteKFin Technologies IPO Status
IPO Allotment StatusTo Be Updated
Email ID[email protected]
Contact Number+91 40 7961 5565

KFin Technologies Limited is the registrar to the Elevate Campuses IPO. The company’s investor-relations disclosure identifies KFin Technologies as its registrar and share transfer agent.

Elevate Campuses IPO Lead Manager Details

ParticularDetails
Lead ManagersJM Financial Limited; IIFL Capital Services Limited; Morgan Stanley India Company Private Limited

JM Financial Limited, IIFL Capital Services Limited and Morgan Stanley India Company Private Limited are the book running lead managers for the Elevate Campuses IPO.

Elevate Campuses Limited Contact Details

ParticularDetails
Company NameElevate Campuses Limited
Registered OfficeNaman Midtown, Unit No. 902-906, 9th Floor, Tower B, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
WebsiteElevate Campuses official website
Email ID[email protected]
Contact Number+91 22 6820 1600

The registered office of Elevate Campuses Limited is located at Naman Midtown, Lower Parel, Mumbai. The company publishes investor and grievance-related contact information through its investor-relations website.

How to Check Elevate Campuses IPO Allotment Status

Through the Registrar

Investors can check the Elevate Campuses IPO allotment status through the official KFin Technologies IPO portal after the basis of allotment is finalised.

  1. Visit the official KFin Technologies IPO allotment portal.
  2. Select Elevate Campuses IPO from the available issue list.
  3. Select PAN, Application Number or the applicable search option.
  4. Enter the required details.
  5. Submit the information to view the allotment status.
Through BSE

Investors can also check the allotment status through the BSE website after the allotment information is made available.

  1. Visit the official BSE IPO allotment section.
  2. Select Elevate Campuses IPO.
  3. Enter the PAN or application details.
  4. Complete the verification process if required.
  5. Submit the details to check the allotment status.

Elevate Campuses IPO Conclusion

Elevate Campuses IPO is a ₹2,100 crore mainboard book-built issue consisting entirely of a fresh issue of 5.80 crore shares. The price band is ₹343 to ₹362 per share and the lot size is 41 shares.

The company operates in education infrastructure, with a focus on student accommodation for higher education institutions and K-12 assets. Its student accommodation platform includes owned and managed campuses across India and the UAE, while its proposed K-12 acquisitions are intended to expand its education-infrastructure portfolio.

The company reported total income of ₹603.39 crore and PAT of ₹173.76 crore in FY2026. EBITDA stood at ₹545 crore and net worth was ₹956.29 crore. At the same time, total borrowings stood at ₹4,120.53 crore, making the proposed ₹750 crore debt repayment or prepayment an important part of the IPO objects.

The IPO proceeds are also intended to fund a ₹1,100 crore acquisition of K-12 entities and campuses, followed by funding for unidentified acquisitions, strategic initiatives and general corporate purposes.

The reported FY2026 ROCE was 6.42%, RoNW was 18.17% and debt-to-equity was 4.98. Investors should consider these metrics alongside the company’s operating scale, occupancy levels, acquisition plans, debt position and valuation.

The IPO is scheduled to open on September 23 and close on September 25, 2026. The tentative allotment date is September 28 and the proposed listing date is September 30, 2026 on BSE and NSE.

The GMP is an unofficial market indicator and recent reports have placed it around ₹15 to ₹16. It can change before listing and should not be treated as a guaranteed indication of the actual listing price or post-listing performance.

Elevate Campuses IPO FAQs

What is the Elevate Campuses IPO?

Elevate Campuses IPO is a mainboard book-built issue of ₹2,100 crore comprising an entirely fresh issue of 5,80,11,049 equity shares.

When will Elevate Campuses IPO open?

The Elevate Campuses IPO will open for subscription on September 23, 2026.

When will Elevate Campuses IPO close?

The Elevate Campuses IPO will close on September 25, 2026.

What is the Elevate Campuses IPO price band?

The Elevate Campuses IPO price band is ₹343 to ₹362 per equity share.

What is the Elevate Campuses IPO lot size?

The Elevate Campuses IPO lot size is 41 shares. One lot requires ₹14,842 at the upper price band of ₹362.

What is the minimum investment required for Elevate Campuses IPO?

The minimum retail investment is ₹14,842 for 41 shares at the upper price band.

What is the Elevate Campuses IPO allotment date?

The tentative basis of allotment date is September 28, 2026. Refunds and demat credit are scheduled for September 29, 2026.

What is the Elevate Campuses IPO listing date?

The tentative listing date is September 30, 2026 on BSE and NSE.

Who is the registrar of Elevate Campuses IPO?

KFin Technologies Limited is the registrar of the Elevate Campuses IPO.

Who are the lead managers of Elevate Campuses IPO?

JM Financial Limited, IIFL Capital Services Limited and Morgan Stanley India Company Private Limited are the book running lead managers of the Elevate Campuses IPO.

Save your Brokerage Now! Open Free Demat Account
Scroll to Top