Elevate Campuses IPO
Elevate Campuses IPO is a mainboard book-building public issue of approximately ₹2,100 crore.
The issue is entirely a fresh issue of 5,80,11,049 equity shares. There is no offer-for-sale component in the issue.
The IPO will open for subscription on 23 September 2026 and close on 25 September 2026. The shares are proposed to be listed on both NSE and BSE.
The IPO price band has been fixed at ₹343 to ₹362 per share, while the minimum application lot is 41 shares.
Elevate Campuses IPO Details
Elevate Campuses Ltd. is entering the primary market with a mainboard IPO of approximately ₹2,100 crore. The issue is structured entirely as a fresh issue, meaning the proceeds are intended to go to the company rather than existing selling shareholders.
The company is offering 5,80,11,049 equity shares through the IPO. The price band is fixed between ₹343 and ₹362 per share.
Retail investors can apply for a minimum of 41 shares. At the upper price band of ₹362, the minimum retail application amount is ₹14,842.
The company is expected to use a substantial portion of the IPO proceeds for acquisitions, repayment or prepayment of borrowings and future strategic initiatives.
Elevate Campuses IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | 23 September 2026 |
| IPO Close Date | 25 September 2026 |
| IPO Size | ₹2,100 Crore |
| Price Band | ₹343 to ₹362 per share |
| Face Value | ₹1 per share |
| Lot Size | 41 Shares |
| Issue Type | Book Building |
| Issue Structure | 100% Fresh Issue |
| Listing Exchange | NSE and BSE |
| Market Cap at Upper Band | ₹6,100.82 Crore |
| Expected Allotment | 28 September 2026 |
| Refund / Unblocking | 29 September 2026 |
| Demat Credit | 29 September 2026 |
| Tentative Listing Date | 30 September 2026 |
Elevate Campuses IPO Issue Size
| Issue Component | Shares | Approx. Amount |
|---|---|---|
| Total Issue | 5,80,11,049 | Up to ₹2,100 Cr |
| Fresh Issue | 5,80,11,049 | Up to ₹2,100 Cr |
| Offer for Sale | Nil | Nil |
Important: Elevate Campuses IPO is a 100% fresh issue. There is no offer-for-sale component in this IPO.
Elevate Campuses IPO Timeline
| Event | Date |
|---|---|
| IPO Opens | Wednesday, 23 September 2026 |
| IPO Closes | Friday, 25 September 2026 |
| Allotment | Monday, 28 September 2026 |
| Refund / Unblocking | Tuesday, 29 September 2026 |
| Shares Credited to Demat | Tuesday, 29 September 2026 |
| Listing | Wednesday, 30 September 2026 |
Elevate Campuses IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not less than 75% of the Issue |
| Retail Individual Investors | Not more than 10% of the Issue |
| Non-Institutional Investors (NII) | Not more than 15% of the Issue |
Elevate Campuses IPO Lot Size
Investors can bid for a minimum of 41 shares and thereafter in multiples of 41 shares.
| Investor Category | Lots | Shares | Investment at ₹362 |
|---|---|---|---|
| Retail Minimum | 1 | 41 | ₹14,842 |
| Retail Maximum | 13 | 533 | ₹1,92,946 |
| S-HNI Minimum | 14 | 574 | ₹2,07,788 |
| S-HNI Maximum | 67 | 2,747 | ₹9,94,414 |
| B-HNI Minimum | 68 | 2,788 | ₹10,09,256 |
About Elevate Campuses Ltd.
Incorporated in 2005, Elevate Campuses Ltd. is an education infrastructure company involved in owning, operating and managing student accommodation for higher education institutions as well as owning K-12 school assets.
The company’s student accommodation business operates under the Good Host Spaces and ScholarZ brands.
As of 31 March 2026, the company’s Pre-Acquisition Group had student accommodation capacity of approximately 80,255 students across 15 cities in India and one city in the UAE.
Its portfolio included seven owned student accommodation campuses with approximately 20,368 beds across six Indian cities and 14 managed campuses with approximately 55,487 beds.
The company provides services across areas such as deal sourcing, site selection, development, asset acquisition, asset repositioning and community engagement.
It also offers community and campus technology services, including media coverage of higher education institutions and community events.
Elevate Campuses works with educational institutions including Manipal Academy of Higher Education, Manipal University, Jaipur and Meraki Education.
Its owned student accommodation portfolio recorded an occupancy rate of approximately 89.37% for Academic Year 2025-26 as of 31 March 2026.
Since becoming an independent owner and operator of student accommodation in FY2018, the company has expanded its owned accommodation portfolio from approximately 9,153 beds to 20,368 beds.
As of 31 March 2026, the company had approximately 460 full-time employees in its Pre-Acquisition Group.
Elevate Campuses Business Strengths
- Established presence in the student accommodation and education infrastructure segment.
- Portfolio of owned and managed student accommodation campuses across multiple Indian cities.
- Exposure to the growing demand for organised student housing around higher education institutions.
- Diversified presence across student accommodation and K-12 education assets.
- Operations under established brands including Good Host Spaces and ScholarZ.
- Relationships with educational institutions and university ecosystems.
- Experience across asset acquisition, development, repositioning and campus operations.
Elevate Campuses IPO Objects of the Issue
The company proposes to use the net proceeds from the IPO for acquisitions, debt repayment and future strategic initiatives.
| Use of Funds | Estimated Amount |
|---|---|
| Purchase consideration for acquisition of K-12 entities and campuses | ₹1,100 Crore |
| Repayment and/or prepayment of certain outstanding borrowings and applicable prepayment penalties | ₹750 Crore |
| Funding inorganic growth through unidentified acquisitions, strategic initiatives and general corporate purposes | As specified in the offer documents |
| Total Identified Uses | ₹1,850 Crore |
The stated objects above represent the identified uses of the IPO proceeds. Investors should refer to the company’s RHP for the complete utilisation details and applicable conditions.
Elevate Campuses Financial Performance
Elevate Campuses reported significant growth in its recent financial performance. Between FY2025 and FY2026, total income increased by approximately 53%, while profit after tax increased by approximately 249%.
| Particulars (₹ Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| 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 |
| Reserves & Surplus | 947.45 | 697.57 | 653.56 |
| Total Borrowings | 4,120.53 | 1,206.60 | 984.71 |
Note: Financial figures are presented in ₹ crore and are based on the restated consolidated financial information provided for the respective periods.
Elevate Campuses IPO Key Performance Indicators
| KPI | 31 March 2026 | 31 March 2025 |
|---|---|---|
| ROCE | 6.42% | 9.90% |
| Debt / Equity | 4.98 | 2.71 |
| RoNW | 18.17% | 7.11% |
| PAT Margin | 28.80% | 12.62% |
| EBITDA Margin | 90.32% | 65.06% |
| NAV | ₹432.62 | ₹316.58 |
| Price to Book Value | — | 1.14x |
Elevate Campuses IPO Valuation
At the upper IPO price of ₹362 per share, Elevate Campuses has an estimated post-issue market capitalisation of approximately ₹6,100.82 crore.
Based on the supplied IPO valuation data, the post-issue earnings multiple is higher than the corresponding pre-issue multiple. Investors may compare the company’s valuation with other listed businesses in the education infrastructure, student accommodation and related asset-management segments.
| Valuation Metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹15.72 | ₹10.31 |
| P/E | 23.03x | 35.11x |
| Market Capitalisation | ₹4,000.82 Cr | ₹6,100.82 Cr |
Elevate Campuses Shareholding Pattern
| Category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter & Promoter Group | 100% | 65.58% |
| Public | — | 34.42% |
| Total | 100% | 100% |
Company Promoters: Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd.
Elevate Campuses IPO Offer for Sale
Elevate Campuses IPO does not have an offer-for-sale component. The entire issue comprises newly issued equity shares.
Therefore, the IPO proceeds, subject to the issue terms and applicable expenses, are intended to be available to the company for the stated objects of the issue.
Elevate Campuses IPO Pros and Cons
Potential Positives
- Established student accommodation platform with owned and managed properties.
- Presence across multiple cities in India and international exposure through its UAE operations.
- Significant growth in revenue and profit in FY2026.
- High reported EBITDA margin in FY2026.
- IPO proceeds are intended partly for acquisitions and debt reduction.
- Exposure to organised student housing and education infrastructure.
- Portfolio includes both student accommodation and K-12 assets.
Key Risks
- The company has a relatively high debt-to-equity ratio of 4.98 as of 31 March 2026.
- Total borrowings increased substantially compared with FY2025.
- Student accommodation occupancy and demand can vary by location, institution and academic cycle.
- The business is exposed to the performance and expansion of higher education institutions.
- A substantial portion of the IPO proceeds is planned for acquisitions and strategic expansion.
- Future growth may depend on successfully integrating acquired assets and businesses.
- Changes in education regulations, property costs and financing conditions could affect operations.
Elevate Campuses IPO Registrar & Lead Managers
IPO Registrar: Kfin Technologies Ltd.
Book Running Lead Managers:
- JM Financial Ltd.
- IIFL Capital Services Ltd.
- Morgan Stanley India Company Pvt. Ltd.
Elevate Campuses Ltd. Contact Details
Registered Office:
Naman Midtown, Unit No. 902-906,
9th Floor, Tower B,
Senapati Bapat Marg,
Lower Parel,
Mumbai, Maharashtra – 400013
Phone: +91 22 6820 1600
Email: companysecretary@elevatecampuses.com
Elevate Campuses IPO Quick Summary
Elevate Campuses IPO is a mainboard book-building public issue of approximately ₹2,100 crore.
The IPO opens on 23 September 2026 and closes on 25 September 2026. The price band is fixed at ₹343 to ₹362 per share.
The minimum application size is 41 shares. At the upper price band, one retail lot requires an investment of ₹14,842.
The entire issue comprises a fresh issue of 5,80,11,049 shares. There is no offer-for-sale component.
The company operates in education infrastructure, with a focus on student accommodation and K-12 school assets. Its student accommodation operations include the Good Host Spaces and ScholarZ brands.
The company proposes to use IPO proceeds for the acquisition of K-12 entities and campuses, repayment or prepayment of certain borrowings, and other strategic initiatives and corporate purposes.
The expected allotment date is 28 September 2026, while the tentative listing date on NSE and BSE is 30 September 2026.
Elevate Campuses IPO FAQs
Disclaimer
This Elevate Campuses IPO information is provided solely for educational and informational purposes. IPO investments are subject to market risks, and actual listing performance may differ from expectations. Investors should carefully review the company’s RHP, financial statements, risk factors and other official disclosures before making any investment decision. TradingMinds does not provide investment advice or guarantee IPO listing gains.
