Elevate Campuses IPO: dates, price band, lot size and GMP
Elevate Campuses IPO listed on 30 Sep at ₹355 (NSE, BSE). Issue dates 23 – 25 Sep 2026, price band ₹343 – ₹362, lot 41 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Updated 6 Oct 2026, 14:03 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Elevate Campuses IPO has a price band of ₹343 – ₹362, a lot of 41 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 23 – 25 Sep 2026 |
| Price band | ₹343 – ₹362 |
| Lot size | 41 shares |
| Issue size | ₹2,100.00 Cr |
| Fresh issue | ₹2,100 Cr |
| Subscription | 1.89x |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | JM Financial Ltd., IIFL Capital Services Ltd., Morgan Stanley India Co.Pvt.Ltd. |
| Status | Listed |
Timeline
- Issue opens: 23 Sep
- Issue closes: 25 Sep
- Allotment: 28 Sep
- Refunds: 29 Sep
- Demat credit: 29 Sep
- Listing: 30 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 2.66x |
| NII | 0.89x |
| sNII | 0.93x |
| bNII | 0.87x |
| Retail | 1.07x |
| Total | 1.89x |
Last updated 25 Sep 2026, 6:53 PM IST.
Issue details
| Face value | ₹1 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹6,100.82 Cr |
| P/E (pre-issue) | 23.03x |
| P/E (post-issue) | 35.11x |
| Fresh issue (shares) | 5,80,11,049 |
| Total shares offered | 5,80,11,049 |
| Promoter holding pre-issue | 100% |
| Promoter holding post-issue | 65.58% |
| Promoters | Genius Bidco Holdings Pte.Ltd., Genius Rajkot Investment Holdings Pte.Ltd. |
| Lead managers | JM Financial Ltd., IIFL Capital Services Ltd., Morgan Stanley India Co.Pvt.Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | Elevatecampuses.ipo@kfintech.com |
| Company website | elevatecampuses.com |
| Anchor bid date | 22 Sep 2026 |
| Anchor lock-in ends (50%) | 28 Oct 2026 |
| Anchor lock-in ends (remaining) | 27 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 41 | ₹14,842 |
| Retail (maximum) | 14 | 574 | ₹2,07,788 |
| sNII (minimum) | 14 | 574 | ₹2,07,788 |
| bNII (minimum) | 68 | 2,788 | ₹10,09,256 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 45% | 2,61,04,972 | |
| QIB | 30% | 1,74,03,316 | Not less than 75% of the Issue |
| NII (HNI) | 15% | 87,01,657 | Not more than 15% of the Issue |
| sNII | 5% | 29,00,552 | |
| bNII | 10% | 58,01,105 | |
| Retail | 10% | 58,01,104 | Not more than 10% of the Issue |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 23 Sep | 0.19x | 0.32x | 0.02x | 0.47x | 0.14x | 0.21x |
| Day 2 · 24 Sep | 0.19x | 0.35x | 0.07x | 0.49x | 0.25x | 0.24x |
| Day 3 · 25 Sep | 2.66x | 0.89x | 0.93x | 0.87x | 1.07x | 1.89x |
Key ratios as of 31 Mar 2025
| EPS (pre-issue) | ₹15.72 |
|---|---|
| EPS (post-issue) | ₹10.31 |
| P/E (pre-issue) | 23.03x |
| P/E (post-issue) | 35.11x |
| RoNW | 7.11% |
| RoCE | 9.9% |
| PAT margin | 12.62% |
| EBITDA margin | 65.06% |
| Price / book | 1.14x |
| NAV per share | ₹316.58 |
| Debt / equity | 2.71 |
| Market cap (upper band) | ₹6,100.82 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 5,773.35 | 2,421.2 | 2,104.74 | +138.4% |
| Total Income | 603.39 | 394.13 | 362.61 | +53.1% |
| Profit After Tax | 173.76 | 49.74 | 39.69 | +249.3% |
| EBITDA | 545 | 256.4 | 220.13 | +112.6% |
| NET Worth | 956.29 | 699.78 | 655.77 | +36.7% |
| Reserves and Surplus | 947.45 | 697.57 | 653.56 | +35.8% |
| Total Borrowing | 4,120.53 | 1,206.6 | 984.71 | +241.5% |
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.
Objects of the issue
- 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: ₹2,100 Cr
Strengths (per the offer document)
- Strong operational capabilities and superior asset management expertise — We have established strong operating capabilities across the value chain, including pipeline sourcing, development, acquisition, asset repositioning, infrastructure management, and student…
- Enhancement of value-added services — 6,575 students (on a non-annualized basis), respectively, in Academic Year 2025-2026 (as of March 31, 2026) from 2,159 students and 3,439 students, in Academic Year 2023-2024.
- Commitment to superior student experience and well being — We are committed to providing a quality, student-centric experience across our student accommodations and K- 12 Assets.
- Strategically located, quality modern portfolio — The Pre-Acquisition Group is present across cities like Jaipur in Rajasthan, Bengaluru and Mangalore in Karnataka and Dehradun in Uttarakhand.
- Highly experienced senior management team — Our management team’s deep domain expertise and strategic leadership has been instrumental in scaling our portfolio.
Risk factors (as disclosed by the company)
- The Pre-Acquisition Group derived 65.74%, 99.24% and 99.72% of its revenue from operations in the Financial Years 2026, 2025 and 2024, respectively — Our ability to generate revenue and maintain profitability is dependent on sustaining high occupancy rates across student accommodation in our Owned Portfolio.
- The Pre-Acquisition Group derived 61.46%, 89.00% and 88.60% of its revenue from operations for the Financial Years 2026, 2025 and 2024, respectively — We derive a significant portion of our revenue from operations from our largest HEIs.
- The Pre-Acquisition Group derived 70.13%, 100.00% and 100.00% of its revenue from operations in the Financial Years 2026, 2025 and 2024, respectively — We derive a significant portion of our revenue from operations from HEIs and other student accommodation assets located in the northern and southern regions of India.
- Delays in payment of lease rentals by the operators of K-12 Assets or monthly management fees by HEIs in our Managed Portfolio for student accommodation… — The Pre-Acquisition Group and Post-Acquisition Group derived a portion of its revenue from management fees payable by HEIs on a monthly basis in our Managed Portfolio for student accommodation…
- Our agreements with HEIs and K-12 Operators are subject to risks of early termination, non-renewal, and renegotiation, which could adversely affect our business — We operate under long-term contractual arrangements across our student accommodation and K-12 Assets, which include framework agreements, service level agreements, hostel service agreements (“HSAs”)…
- The sale of our student accommodation business at T.A — On February 24, 2025, our Board of Directors approved a plan to transfer all rights, title and interest in the student accommodation business at T.A.
- The Post-Acquisition Group will rely on HEIs and K-12 Operators they engage with for the quality of education provided to students — Our ability to attract and retain students, and thereby generate revenue, is dependent on the perception of quality, reputation, and standing of the HEIs and K-12 Operators which we collaborate with…
- Our expansion into greenfield development projects exposes us to regulatory, execution, financing and reputational risks — Historically, our growth has primarily been driven through acquisition of existing facilities and brownfield developments.
From the RHP (strengths pages 327–331, risk factors pages 30–37). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Elevate Campuses IPO GMP today and trend
- Elevate Campuses IPO subscription status, day by day
- Elevate Campuses IPO allotment status and how to check
Frequently asked questions
When does the Elevate Campuses IPO open and close?
The issue is scheduled for 23 – 25 Sep 2026.
What is the Elevate Campuses IPO price band?
The price band is ₹343 – ₹362 per share with a lot size of 41 shares.
How big is the Elevate Campuses IPO?
The total issue size is ₹2,100.00 Cr.
When will Elevate Campuses list?
The tentative listing date is 30 Sep on the main board.
How do I apply for the Elevate Campuses IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Elevate Campuses · as filed with SEBI · bseindia.com
- Red herring prospectus (RHP), Elevate Campuses · as filed · nsearchives.nseindia.com
- Registrar allotment page, Kfin Technologies Ltd. · allotment 28 Sep · ipostatus.kfintech.com
- NSE public issues page · listing 30 Sep · nseindia.com
- BSE public issues page · listing 30 Sep · bseindia.com
- Elevate Campuses company website · elevatecampuses.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 30 Sep, 04:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Elevate Campuses IPO”, https://buyunlistedshares.com/ipo/elevate-campuses-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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