Elevate Campuses IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 2.66x |
| NII | 0.89x |
| sNII (₹2L–₹10L) | 0.93x |
| bNII (above ₹10L) | 0.87x |
| Retail (RII) | 1.07x |
| Total | 1.89x |
Bidding day 3 · final figures at close of bidding: 30 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 23 Sept 2026
- Close Date
- 25 Sept 2026
- Listing Date
- 30 Sept 2026
- Face Value
- ₹1
- Fresh Issue
- ₹2100 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE, BSE
- Registrar
- KFin Technologies (KFintech)
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 41 | ₹14,842 |
| Retail (Max) | 14 | 574 | ₹2,07,788 |
| B-HNI (Min) | 68 | 2,788 | ₹10,09,256 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 2,61,04,972 | 45% |
| QIB (ex-anchor) | 1,74,03,316 | 30% |
| NII | 87,01,657 | 15% |
| — sNII (< ₹10L) | 29,00,552 | 5% |
| — bNII (> ₹10L) | 58,01,105 | 10% |
| Retail | 58,01,104 | 10% |
| Total | 5,80,11,049 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 362.61 | 39.69 | 220.13 | 655.77 | 2,104.74 | 984.71 | — |
| FY 2025 | 394.13 | 49.74 | 256.4 | 699.78 | 2,421.2 | 1,206.6 | — |
| FY 2026 | 603.39 | 173.76 | 545 | 956.29 | 5,773.35 | 4,120.53 | 15.72 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 23.03x
- P/E (post-issue)
- 35.11x
- RoNW
- 18.17%
- RoCE
- 6.42%
- Debt / Equity
- 4.98
- EPS (pre-issue)
- ₹15.72
- EPS (post-issue)
- ₹10.31
- EBITDA Margin
- 90.32%
- PAT Margin
- 28.8%
- P/BV
- 1.14x
- NAV / share
- ₹432.62
- Market Cap
- ₹6,100.82 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses | ₹1,100 Cr |
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by Company and certain of Subsidiaries, namely GHS Shoolini, GHS Sonipat, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries | ₹750 Cr |
| Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes, | ₹129.61 Cr |
| Issue Expenses | ₹120.39 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| BRLMs’ fees and commissions (including underwriting commission | ₹56.35 Cr |
| Selling commission, commission and processing fees for SCSBs and Bankers to the Issue and fees payable to the Sponsor Bank(s) for Bids made by UPI Bidders. Brokerage, selling commission and bidding charges for members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹1.58 Cr |
| Fees payable to the Registrar to the Issue | ₹0.01 Cr |
| Listing fees, SEBI filing fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹6.58 Cr |
| Printing and stationery expenses | ₹0.49 Cr |
| Advertising and marketing expenses for the Issue | ₹11.93 Cr |
| Fees payable to other parties to the Issue, including but not limited to Statutory Auditors, legal counsel, independent chartered accountant and industry expert | ₹36.09 Cr |
| Miscellaneous | ₹7.36 Cr |
Promoters & Shareholding
Promoters: <p>Genius Bidco Holdings Pte.Ltd., Genius Rajkot Investment Holdings Pte.Ltd.</p>
- Holding (pre-issue)
- 100%
- Holding (post-issue)
- 65.58%
- Dilution
- 34.42%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| SBI MULTI ASSET ALLOCATION FUND | Other | 27,62,416 | ₹362 | 100 | 10.58% |
| SBI MULTICAP FUND | Other | 24,86,158 | ₹362 | 90 | 9.52% |
| HDFC BALANCED ADVANTAGE FUND | Other | 16,57,466 | ₹362 | 60 | 6.35% |
| 360 ONE REAL ASSETS DEVELOPMENT FUND | Other | 15,19,337 | ₹362 | 55 | 5.82% |
| 360 ONE BEST IN CLASS | Other | 13,81,208 | ₹362 | 50 | 5.29% |
| MIRAE ASSET AGGRESSIVE HYBRID FUND | Other | 12,43,079 | ₹362 | 45 | 4.76% |
| BANDHAN SMALL CAP FUND | Other | 12,43,079 | ₹362 | 45 | 4.76% |
| ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK INDIA OPPORTUNITIES FUND | Other | 9,80,392 | ₹362 | 35.49 | 3.76% |
| TATA AIG GENERAL INSURANCE CO.LTD. | Insurance | 9,66,821 | ₹362 | 35 | 3.7% |
| GOVERNMENT PENSION FUND GLOBAL | FII/FPI | 9,66,821 | ₹362 | 35 | 3.7% |
| SBI RETIREMENT BENEFIT FUND-AGGRESSIVE PLAN | Other | 9,49,765 | ₹362 | 34.38 | 3.64% |
| WHITEOAK CAPITAL REIT & INVIT ALTERNATES FUND I | Other | 8,28,733 | ₹362 | 30 | 3.17% |
| HDFC RETIREMENT SAVINGS FUND-EQUITY PLAN | Other | 6,90,604 | ₹362 | 25 | 2.65% |
| SBI INFRASTRUCTURE FUND | Other | 6,90,604 | ₹362 | 25 | 2.65% |
| MAGNUM HYBRID LONG SHORT FUND | Other | 5,52,475 | ₹362 | 20 | 2.12% |
| PGIM INDIA SMALL CAP FUND | Other | 5,49,851 | ₹362 | 19.9 | 2.11% |
| INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD. | Other | 4,83,390 | ₹362 | 17.5 | 1.85% |
| SOCIETE GENERALE-ODI | Other | 4,83,390 | ₹362 | 17.5 | 1.85% |
| PGIM INDIA FLEXI CAP FUND | Other | 4,16,970 | ₹362 | 15.09 | 1.6% |
| BOFA SECURITIES EUROPE SA-ODI | Other | 4,14,387 | ₹362 | 15 | 1.59% |
| HDFC HOUSING OPPORTUNITIES FUND | Other | 4,14,346 | ₹362 | 15 | 1.59% |
| MIRAE ASSET MULTI ASSET ALLOCATION FUND | Other | 4,14,346 | ₹362 | 15 | 1.59% |
| ASHOKA INDIA EQUITY INVESTMENT TRUST PLC | Other | 4,00,816 | ₹362 | 14.51 | 1.54% |
| WHITEOAK CAPITAL FLEXI CAP FUND | Other | 4,00,570 | ₹362 | 14.5 | 1.53% |
| SBI RETIREMENT BENEFIT FUND-AGGRESSIVE HYBRID PLAN | Other | 3,92,903 | ₹362 | 14.22 | 1.51% |
| IKIGAI SMALL CAP FUND | Other | 2,76,258 | ₹362 | 10 | 1.06% |
| SBI LONG TERM ADVANTAGE FUND-SERIES VI | Other | 2,76,258 | ₹362 | 10 | 1.06% |
| SBI LONG TERM ADVANTAGE FUND-SERIES V | Other | 2,76,258 | ₹362 | 10 | 1.06% |
| MIRAE ASSET INFRASTRUCTURE FUND | Other | 2,76,258 | ₹362 | 10 | 1.06% |
| AMUNDI FUNDS INDIA EQUITY CONTRA | Other | 2,76,258 | ₹362 | 10 | 1.06% |
| EDELWEISS RECENTLY LISTED IPO FUND | Other | 2,76,258 | ₹362 | 10 | 1.06% |
| GROWW SMALL CAP FUND | Other | 2,76,258 | ₹362 | 10 | 1.06% |
| WHITEOAK CAPITAL MULTI CAP FUND | Other | 1,79,539 | ₹362 | 6.5 | 0.69% |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. | FII/FPI | 1,38,155 | ₹362 | 5 | 0.53% |
| NEO PRIME FUND | Other | 1,38,170 | ₹362 | 5 | 0.53% |
| DURO INDIA OPPORTUNITIES FUND PTE.LTD. | Other | 1,38,170 | ₹362 | 5 | 0.53% |
| VIRIDIAN ASIA OPPORTUNITIES MASTER FUND | Other | 1,38,170 | ₹362 | 5 | 0.53% |
| WHITEOAK CAPITAL DIVIDEND YIELD FUND | Other | 1,10,495 | ₹362 | 4 | 0.42% |
| SBI RETIREMENT BENEFIT FUND-CONSERVATIVE HYBRID PLAN | Other | 30,176 | ₹362 | 1.09 | 0.12% |
| SBI RETIREMENT BENEFIT FUND-CONSERVATIVE PLAN | Other | 8,364 | ₹362 | 0.3 | 0.03% |
Anchor bidding took place on 22 Sept 2026. Anchor lock-in: 50% of shares unlock on 27 Oct 2026, the remainder on 26 Dec 2026.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Elevate Campuses IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Elevate Campuses IPO
The Elevate Campuses mainboard IPO is open between 23 Sept 2026 and 25 Sept 2026, offered at a price band of ₹343–362 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹2,100 crore. Retail investors bid in lots of 41 shares, a minimum application of ₹14,842.
Issue structure
The IPO is structured entirely as a fresh issue of ₹2,100 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward payment of the purchase consideration for the acquisition of the k-12 entities and campuses (₹1,100 crore), alongside repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of availed by company and certain of subsidiaries, namely ghs shoolini, ghs sonipat, souk his uae and souk nlcs uae, through investment in such subsidiaries (₹750 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Elevate Campuses reported revenue of ₹603.39 crore and a net profit of ₹173.76 crore. Revenue grew from ₹362.61 crore in FY2024 to ₹603.39 crore in FY2026 (+66.0%). Net worth stood at ₹956.29 crore at the end of FY2026. At the upper band, that puts the issue at roughly 23.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 35.11× post-issue earnings and 1.14× book value, against a return on net worth of 18.17% and a debt-to-equity ratio of 4.98. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Genius Bidco Holdings Pte.Ltd., Genius Rajkot Investment Holdings Pte.Ltd.</p>. Promoter holding stands at 100% before the issue and comes down to 65.58% after listing.
Grey market premium (GMP)
In the unofficial grey market, Elevate Campuses shares are quoted at a premium of ₹6.5 implying an expected listing around ₹368.5, about +1.8% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Elevate Campuses IPO was subscribed 1.89 times overall. The strongest demand came from qualified institutional buyers (QIB) at 2.66 times, with non-institutional investors (NII) at 0.89× and retail investors at 1.07×.
Listing performance
Elevate Campuses listed on 30 Sept 2026 at ₹356.5, a discount of -1.5% over the issue price of ₹362.
What to weigh
When evaluating the Elevate Campuses IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Elevate Campuses
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’s capacity caters to 94,758 students across 20 cities in India and one city in the United Arab Emirates. Its student accommodation business operates under the brands “Good Host Spaces” and “ScholarZ.” The company’s Owned Portfolio includes five student accommodation campuses with 16,934 beds, 16 K-12 assets (three under development), and two student accommodation facilities managed by HEIs and owned by K-12 HoldCos across eight Indian cities, along with two K-12 assets in Dubai. The Managed Portfolio includes 14 student accommodation campuses with 49,338 beds. In addition, the company delivers community and campus technology services such as media coverage of HEIs and community event management. The company collaborates with leading institutions including Manipal Academy of Higher Education (MAHE), Manipal University Jaipur (MUJ), and Meraki Education. Its integrated Elevate Platform combines student accommodation and K-12 assets, supporting students throughout their lifecycle. Between Academic Year 2023 and August 2025, the company added 21,764 beds and six K-12 assets on a post-acquisition group basis. During the same period, its presence expanded from 17 cities and 23 institutes to 21 cities and 33 institutes, including both greenfield and brownfield K-12 developments. As of August 31, 2025, Elevate Campuses Ltd. employed 397 full-time staff.
Elevate Campuses — Contact Details
- Registered office
- Naman Midtown, Unit No 902-906, 9 th Floor, Tower B, Senapati Bapat Marg,, Lower Parel,, Mumbai, Maharashtra, 400013
- Phone
- +91 22 6820 1600
- Website
- www.elevatecampuses.com/
- Registrar (IPO queries)
- Elevatecampuses.ipo@kfintech.com
Frequently asked questions
- What is the Elevate Campuses IPO price band?
- The Elevate Campuses IPO price band is ₹343 to ₹362 per share, with a lot size of 41 shares.
- What was the Elevate Campuses IPO GMP before listing?
- The final grey market premium recorded before the Elevate Campuses IPO listed was ₹6.5. The IPO listed on 30 Sept 2026 at ₹356.5, -1.5% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Elevate Campuses IPO open and close?
- The Elevate Campuses IPO opens on 23 Sept 2026 and closes on 25 Sept 2026.
- When is the Elevate Campuses IPO allotment and listing date?
- Allotment is expected on 28 Sept 2026. The shares are scheduled to list on 30 Sept 2026 on NSE and BSE.
- How many times was the Elevate Campuses IPO subscribed?
- The Elevate Campuses IPO was subscribed 1.89 times in total across all investor categories.
- What is the reservation split in the Elevate Campuses IPO?
- Of the total shares offered, retail investors get 10%, QIBs 30% (plus 45% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Elevate Campuses and what is their holding?
- The promoters are <p>Genius Bidco Holdings Pte.Ltd., Genius Rajkot Investment Holdings Pte.Ltd.</p>. Promoter holding is 100% before the issue and 65.58% after listing.
- What is the P/E ratio of the Elevate Campuses IPO?
- At the upper price band, the Elevate Campuses IPO is valued at 23.03× pre-issue earnings and 35.11× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Elevate Campuses IPO?
- The net proceeds go primarily toward payment of the purchase consideration for the acquisition of the k-12 entities and campuses, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Elevate Campuses IPO?
- The book-running lead managers are JM Financial Ltd., Morgan Stanley India Co.Pvt.Ltd., IIFL Capital Services Ltd.. KFin Technologies (KFintech) is the registrar to the issue.
- Is Elevate Campuses a Mainboard or SME IPO?
- Elevate Campuses is a Mainboard IPO, listing on NSE and BSE.