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IPO Open

Wed, Sep 23, 2026

IPO Close

Fri, Sep 25, 2026

Price Band

₹343 to ₹362

Market Cap

₹6,100.82 Cr * on Upper Price

IPO Details

  • IPO Date
    23 to 25 Sep, 2026
  • Listing Date
    Wed, Sep 30, 2026
  • 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
  • Allotment
    Mon, Sep 28, 2026
  • Credit of Shares
    Tue, Sep 29, 2026
  • IPO Close
    Fri, Sep 25, 2026
  • Refund
    Tue, Sep 29, 2026
  • Listing
    Wed, Sep 30, 2026

Issue Reservation

Investor Category Shares
QIB Not less than 75% of the Issue
Retail Not more than 10% of the Issue
NII Not more than 15% of the Issue

IPO Lot Size

Investors can bid for a minimum of 41 shares and in multiples thereof.

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 2747 ₹9,94,414
B-HNI (Min) 68 2788 ₹10,09,256

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)

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.    (Amount in ₹ Crore)

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

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% ₹109.94
Property Share Investment Trust-Propshare Celestia Mainboard ₹244.65 Cr ₹1050000 null ₹10,35,000.00 -1.43% ₹9,95,500.00

IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # 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,
  • Total
    1,850.00

Key Performance Indicator (KPI)

Key Performance Indicator (KPI)

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
  • 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

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 0 0 0 0
Members 0 0 0 0

IPO Registrar

Kfin Technologies Ltd.

IPO Lead Manager(s)

  1. JM Financial Ltd.
  2. IIFL Capital Services Ltd.
  3. Morgan Stanley India Co.Pvt.Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

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
  • Visit Website

IPO FAQs

Elevate Campuses IPO is a main-board IPO of 5,80,11,049 equity shares of the face value of ₹1 aggregating up to ₹2,100 Crores. The issue is priced at ₹343 to ₹362. The minimum order quantity is 41.

The IPO opens on Wed, Sep 23, 2026, and closes on Fri, Sep 25, 2026.

Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Angel One customers can apply online in Elevate Campuses IPO using UPI as a payment gateway. Angel Onecustomers can apply in Elevate Campuses IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Elevate Campuses IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Elevate Campuses IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Elevate Campuses IPO opens on Wed, Sep 23, 2026 and closes on Fri, Sep 25, 2026.

Elevate Campuses IPO lot size is 41, and the minimum amount required for application is ₹14,842.

You can apply in Elevate Campuses IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Elevate Campuses IPO will be done on Monday, September 28, 2026, and the allotted shares will be credited to your demat account by Tue, Sep 29, 2026. Check the Elevate Campuses IPO allotment status.

The Elevate Campuses IPO listing date is not yet announced. The tentative date of listing is Wed, Sep 30, 2026.

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