Elevate Campuses IPO
Updated 31 Oct 2026, 1:45 pm.
Minimum investment (Retail)
₹14,842
1 lot · 41 shares at the upper price band
Price band
₹362
Latest GMP
₹7
+1.9% of the ₹362 upper band
Est. listing price
₹369
Issue size
₹2,100 Cr
Listing price
₹355.10
NSE ELEVATE, special pre-open price
Listing gain
-1.9%
Listing price against the issue price
First-day close
₹322.95
Since issue
-20.0%
₹289.6 close, 30 Oct 2026
As NSE lists it
The exchange's own issue data, NSE symbol ELEVATE · read 31 Oct 2026, 12:15 am
- Price band
- ₹343–362
- Bidding
- 23 Sept 2026 – 25 Sept 2026
- Subscribed (NSE)
- —
- Shares offered
- —
- Listed
- 30 Sept 2026
- Issue price
- ₹362
NSE's subscription counts bids on its own platform and can differ from the combined NSE + BSE figure above.
Allotment status
Check it on the registrar's page or either exchange with your PAN or application number.
- Allotment finalised28 Sept 2026(done)
- Refunds start29 Sept 2026(done)
- Shares credited to demat29 Sept 2026(done)
- Listing30 Sept 2026(done)
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 30 Sept 2026, 1:50 pm | ₹7 | ₹369 |
| 30 Sept 2026, 1:45 pm | ₹7 | ₹369 |
| 29 Sept 2026, 6:50 pm | ₹6 | ₹368 |
| 29 Sept 2026, 6:45 pm | ₹6 | ₹368 |
| 29 Sept 2026, 1:50 pm | ₹6 | ₹368 |
| 29 Sept 2026, 1:45 pm | ₹6 | ₹368 |
| 29 Sept 2026, 8:50 am | ₹6 | ₹368 |
| 29 Sept 2026, 8:45 am | ₹6 | ₹368 |
| 28 Sept 2026, 6:50 pm | ₹10 | ₹372 |
| 28 Sept 2026, 6:45 pm | ₹10 | ₹372 |
| 28 Sept 2026, 1:50 pm | ₹10 | ₹372 |
| 28 Sept 2026, 1:45 pm | ₹10 | ₹372 |
| 28 Sept 2026, 8:50 am | ₹10 | ₹372 |
| 28 Sept 2026, 8:45 am | ₹10 | ₹372 |
| 26 Sept 2026, 6:50 pm | ₹4 | ₹366 |
| 26 Sept 2026, 6:45 pm | ₹4 | ₹366 |
| 26 Sept 2026, 1:50 pm | ₹4 | ₹366 |
| 26 Sept 2026, 1:45 pm | ₹4 | ₹366 |
| 26 Sept 2026, 8:50 am | ₹4 | ₹364 |
| 26 Sept 2026, 8:45 am | ₹3 | ₹364 |
| 25 Sept 2026, 6:50 pm | ₹3 | ₹364 |
| 25 Sept 2026, 6:45 pm | ₹3 | ₹364 |
| 25 Sept 2026, 1:45 pm | ₹3 | ₹364 |
| 25 Sept 2026, 8:50 am | ₹3 | ₹364 |
| 25 Sept 2026, 8:45 am | ₹3 | ₹364 |
| 24 Sept 2026, 6:50 pm | ₹3 | ₹364 |
| 24 Sept 2026, 6:45 pm | ₹3 | ₹364 |
| 24 Sept 2026, 1:50 pm | ₹3 | ₹364 |
| 24 Sept 2026, 1:45 pm | ₹3 | ₹364 |
| 24 Sept 2026, 8:50 am | ₹4 | ₹364 |
| 24 Sept 2026, 8:45 am | ₹3 | ₹364 |
| 23 Sept 2026, 6:50 pm | ₹3 | ₹364 |
| 23 Sept 2026, 6:45 pm | ₹3 | ₹364 |
| 23 Sept 2026, 1:50 pm | ₹4 | ₹367 |
| 23 Sept 2026, 1:45 pm | ₹5 | ₹367 |
| 23 Sept 2026, 8:50 am | ₹5 | ₹367 |
| 23 Sept 2026, 8:45 am | ₹5 | ₹367 |
| 22 Sept 2026, 6:50 pm | ₹14 | ₹378 |
| 22 Sept 2026, 6:45 pm | ₹16 | ₹378 |
| 22 Sept 2026, 1:50 pm | ₹13 | ₹378 |
| 22 Sept 2026, 1:45 pm | ₹16 | ₹378 |
| 22 Sept 2026, 8:50 am | ₹16 | ₹378 |
| 22 Sept 2026, 8:45 am | ₹16 | ₹378 |
| 21 Sept 2026, 6:50 pm | ₹16 | ₹378 |
| 21 Sept 2026, 6:45 pm | ₹16 | ₹378 |
| 21 Sept 2026, 1:50 pm | ₹16 | ₹378 |
| 21 Sept 2026, 1:46 pm | ₹16 | ₹378 |
| 21 Sept 2026, 11:23 am | ₹16 | ₹378 |
| 21 Sept 2026, 8:45 am | ₹16 | ₹378 |
| 19 Sept 2026, 6:45 pm | ₹15 | ₹4 |
| 19 Sept 2026, 1:45 pm | ₹15 | ₹4 |
| 19 Sept 2026, 8:45 am | ₹15 | ₹4 |
| 18 Sept 2026, 6:45 pm | ₹0 | ₹0 |
| 18 Sept 2026, 1:45 pm | ₹0 | ₹0 |
| 18 Sept 2026, 8:45 am | ₹0 | ₹0 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹362
- Issue size
- ₹2,100 Cr
- Lot size
- 41
- Opens
- 23 Sept 2026
- Closes
- 25 Sept 2026
- Allotment
- 28 Sept 2026
- Listing
- 30 Sept 2026
- Est. listing price
- ₹369
- Listing price
- ₹355
- Listing gain
- -1.9%
- Registrar
- Kfin Technologies Ltd.
- Minimum investment
- ₹14,842 (1 lot · 41 shares)
- Face value
- ₹1 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital only
- Fresh issue
- ₹2,100 Cr
- Listing at
- BSE, NSE
- Refunds
- 29 Sept 2026
- Shares credited
- 29 Sept 2026
- Promoter holding
- 100% before · 65.58% after
- Lead managers
- JM Financial Ltd., IIFL Capital Services Ltd., Morgan Stanley India Co.Pvt.Ltd.
Offer documents & links
Subscription by category
As of 25 Sept 2026, 6:52 pm.
Total subscription
1.89x
Full issue details
Details as published for this issue, read 29 Sept 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 23 to 25 Sep, 2026 |
|---|---|
| Listing Date | Wed, Sep 30, 2026 (tentative) |
| Face Value | ₹ 1 per share |
| Price Band | ₹343 to ₹362 |
| Lot Size | 41 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 5,80,11,049 shares (agg. up to ₹ 2,100 Cr) |
|---|---|
| Fresh Issue | 5,80,11,049 shares (agg. up to ₹ 2,100 Cr) |
| Share Holding Pre Issue | 11,05,19,988 shares |
| Share Holding Post Issue | 16,85,31,037 shares |
IPO Timetable (Tentative)
- IPO Open
- Wed, Sep 23, 2026
- IPO Close
- Fri, Sep 25, 2026
- Allotment
- Mon, Sep 28, 2026
- Refund
- Tue, Sep 29, 2026
- Credit of Shares
- Tue, Sep 29, 2026
- Listing
- Wed, Sep 30, 2026
Issue Reservation
- QIB75.00%
- NII (HNI)15.00%
- Retail10.00%
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB | 4,35,08,288 | 75.00% | NA |
| - Anchor Investor | 2,61,04,972 | 45.00% | NA |
| - QIB (Ex. Anchor) | 1,74,03,316 | 30.00% | NA |
| NII (HNI) | 87,01,657 | 15.00% | NA |
| - bNII > ₹10L | 58,01,105 | 10.00% | 10,106 |
| - sNII < ₹10L | 29,00,552 | 5.00% | 5,053 |
| Retail | 58,01,104 | 10.00% | 1,41,490 |
| Total | 5,80,11,049 | 100.00% | — |
Elevate Campuses IPO comprises a total issue size of 5,80,11,049 shares. Out of which, 4,35,08,288 (75.00%) are allocated to QIB , 87,01,657 (15.00%) allocated to NII 58,01,104 (10.00%) allocated to RII .
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 |
Investors can bid for a minimum of 41 shares and in multiples thereof.
IPO Anchor Investors
| Bid Date | Tue, Sep 22, 2026 |
|---|---|
| Shares Offered | 2,61,04,972 |
| Anchor Portion (₹ Cr.) | 945.00 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Oct 28, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, Dec 27, 2026 |
Elevate Campuses IPO raises ₹ 945.00 crore from anchor investors . Elevate Campuses IPO Anchor bid date is September 22, 2026 .
📝 Anchor Investors Letter (PDF)
About Elevate Campuses Ltd.
Incorporated in 2005, Elevate Campuses Ltd. is an education infrastructure company engaged in owning, operating and managing on-campus student accommodation for higher education institutions (HEIs) and owning K-12 school assets. The Company operates its student accommodation business under the Good Host Spaces and ScholarZ brands.
As of March 31, 2026, the Company's Pre-Acquisition Group had a student accommodation capacity of 80,255 students across 15 cities in India and one city in the United Arab Emirates. Its 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 provides operational services covering deal sourcing, site selection, development, asset acquisition, asset repositioning and community engagement. It also provides community and campus technology services, including media coverage of HEIs and community events.
The Company works with educational institutions including Manipal Academy of Higher Education, Manipal University, Jaipur and Meraki Education. As of March 31, 2026, its owned student accommodation portfolio recorded an occupancy rate of 89.37% for the Academic Year 2025-26.
Since commencing operations as an independent owner and operator of student accommodation in Financial Year 2018, the Company has expanded its owned student accommodation portfolio from 9,153 beds to 20,368 beds as of March 31, 2026.
As of the same date, it had 460 full-time employees in its Pre-Acquisition Group.
Company Financials (Restated Consolidated)
Total Income
Profit After Tax
EBITDA
NET Worth
| 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 |
| Reserves and Surplus | 947.45 | 697.57 | 653.56 |
| Total Borrowing | 4,120.53 | 1,206.60 | 984.71 |
| Amount in ₹ Crore |
Elevate Campuses Ltd.'s revenue increased by 53% and profit after tax (PAT) rose by 249% between the financial year ending with March 31, 2026 and March 31, 2025.
Recently Listed IPOs in Real Estate Investment Trusts (REITs)
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Bagmane Prime Office REIT | Mainboard | ₹3,405.00 Cr | ₹100 | null | ₹103.60 | +3.60% | ₹109.14 |
| Property Share Investment Trust-Propshare Celestia | Mainboard | ₹244.65 Cr | ₹1050000 | null | ₹10,35,000.00 | -1.43% | ₹10,01,000.50 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses | 1,100.00 |
| 2 | 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 | 750.00 |
| 3 | Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes, | 129.61 |
| 4 | Issue Expenses | 120.39 |
| Total | 2,100.00 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
ROCE
RoNW
PAT Margin
EBITDA Margin
| KPI | Mar 31, 2026 | Mar 31, 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 | — | 1.14 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 15.72 | 10.31 |
| P/E (x) | 23.03 | 35.11 |
| Market Cap at Offer Price | ₹4,000.82 Cr. | ₹6,100.82 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
Pre IPO
- Promoter and Promoter Group100%
Post IPO
- Promoter and Promoter Group65.58%
- Public34.42%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and 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 Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 6 | 0 | 3 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 2.66 | 1,74,03,315 | 4,63,16,552 |
| NII | 0.89 | 87,01,657 | 77,53,715 |
| bNII (> ₹10L) | 0.87 | 58,01,105 | 50,61,450 |
| sNII (< ₹10L) | 0.93 | 29,00,552 | 26,92,265 |
| Retail | 1.07 | 58,01,105 | 61,99,405 |
| Total | 1.89 | 3,19,06,077 | 6,02,69,672 |
The Elevate Campuses IPO is subscribed 1.89 times on September 25, 2026 6:52:06 PM (Day 3). The public issue subscribed 1.07 times in the retail category, 2.66 times in the QIB category, and 0.89 times in the NII category. Check Day by Day Subscription Details (Live Status)
Reload
Total Applications: 86,331
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs’ fees and commissions (including underwriting commission | 56.35 |
| 2 | 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 |
| 3 | Fees payable to the Registrar to the Issue | 0.01 |
| 4 | Listing fees, SEBI filing fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 6.58 |
| 5 | Printing and stationery expenses | 0.49 |
| 6 | Advertising and marketing expenses for the Issue | 11.93 |
| 7 | 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 |
| 8 | Miscellaneous | 7.36 |
| Total | 120.39 |
📰 Elevate Campuses Ltd. - Useful Articles
› Elevate Campuses IPO: Derisked business model with significant upside
IPO Registrar
Kfin Technologies Ltd.
040-79615565
Elevatecampuses.ipo@kfintech.com
IPO Lead Manager(s)
JM Financial Ltd.
IIFL Capital Services Ltd.
Morgan Stanley India Co.Pvt.Ltd.
Contact Details
Elevate Campuses Ltd. Address
Naman Midtown, Unit No 902-906
9 th Floor, Tower B, Senapati Bapat Marg,
Lower Parel,
Mumbai, Maharashtra , 400013
+91 22 6820 1600
companysecretary@elevatecampuses.com
Elevate Campuses IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
Elevate Campuses IPO allotment status: Subscription bids decide winners
Alice Blue · 28 Sept 2026
Elevate Campuses IPO Allotment Status: 0.22x Subscribed, Check Online
Univest · 28 Sept 2026
Elevate Campuses IPO ends with 0.43x subscription
Business Standard · 28 Sept 2026
IPO allotments today: How to check allotment status for Elevate Campuses, Swastika Infra & ArMee Infotech
The Economic Times · 28 Sept 2026
Elevate Campuses IPO Allotment Status: Check Allocation Online
HDFC Sky · 28 Sept 2026
Elevate Campuses IPO allotment today; check status on BSE, NSE and registrar
Moneycontrol.com · 28 Sept 2026
Elevate Campuses IPO allotment status: How to check online on NSE, BSE, KFin Technologies; listing date, time revealed
upstox.com · 28 Sept 2026
Elevate Campuses Allotment Status Today: How To Check On BSE, NSE And Kfin Technologies
NDTV Profit · 28 Sept 2026
Elevate Campuses: common questions
Answered from this issue's own record.
