Summary
The Elevate Campuses IPO is a mainboard IPO, scheduled to open on 23 September 2026 and close on 25 September 2026.
The tentative listing of the IPO shares is fixed on 30 September 2026.
The price band of a share is fixed at ₹343-₹362 per share, with a minimum application of 1 lot (41 shares).
The Elevate Campuses IPO is a ₹2,100 crore public issue that will open for subscription on 23 September 2026 and close on 25 September 2026. The price band has been fixed at ₹343 to ₹362 per equity share, with a lot size of 41 shares, making the minimum investment at the upper price band ₹14,842. The issue is entirely a fresh issue of equity shares, with no offer-for-sale component. The shares are proposed to be listed on the BSE and NSE, with the tentative listing date set for 30 September 2026.
Elevate Campuses IPO Key Details
The table below presents the essential details investors should know before applying for the Elevate Campuses IPO.
| IPO Open Date | 23 September 2026 |
| Close Date | 25 September 2026 |
| Face value | ₹1 per share |
| Issue Price | ₹343-₹362 per share |
| IPO Lot Size | 41 shares |
| Fresh issue | ₹2,100 crore |
| Offer for Sale | – |
| Type of issue | Mainboard IPO |
| Listing at | BSE and NSE |
| Total Issue Size (₹ Crore) | ₹2,100 crore |
| Minimum Investment | 1 lot (41 shares) |
Elevate Campuses IPO Timeline
Below is the complete schedule of events for the Elevate Campuses IPO.
| Bid Opening | 23 September 2026 |
| Bid Closing | 25 September 2026 |
| Tentative Allotment | 28 September 2026 |
| Initiation of Refunds | 29 September 2026 |
| Credit of Shares to Demat | 29 September 2026 |
| Tentative Listing Date | 30 September 2026 |
| UPI mandate closing date | 25 September 2026 |
Key Performance Indicators of Elevate Campuses IPO
These financial ratios highlight the company’s profitability, capital efficiency, and overall financial performance over the past three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (%) | |||
| ROCE (%) | 6.42 | 9.90 | 9.72 |
| Debt Equity (in times) | 4.98 | 2.71 | 1.50 |
| RoNW (%) | 18.17 | 7.11 | 6.05 |
| PAT Margin (%) | 28.80 | 12.62 | 10.95 |
| EBITDA margin (%) | 90.32 | 65.06 | 60.71 |
| Price to book | 1.14 |
Elevate Campuses IPO Financial Details
The Financial information of the Elevate Campuses IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 568.63 | 369.81 | 347.00 |
| Total Asset | 5,773.35 | 2,421.20 | 2,104.73 |
| Profit | 173.76 | 49.74 | 39.69 |
Elevate Campuses IPO Subscription Status
The subscription data will be available once bidding begins.
Bidding is open from 10:00 AM to 5:00 PM on public issue days.
Elevate Campuses IPO Grey Market Premium (GMP)
The current status of the Grey Market Premium for the Elevate Campuses IPO shows a GMP of ₹0.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Gain | Last updated |
| 20-09-2026 | ₹362 | ₹16 | ₹378 | 4.42% | 21-09-2026, 16;02 |
| 20-09-2026 | ₹362 | ₹16 | ₹378 | 4.42% | 20-09-2026, 23:37 |
| 19-09-2026 | ₹362 | ₹16 | ₹378 | 4.42% | 19-09-2026, 23:37 |
| 18-09-2026 | ₹362 | ₹15 | ₹377 | 4.14% | 18-09-2026, 23:37 |
GMP is the premium value of the IPO share in the unofficial market before it opens for subscription.
Elevate Campuses IPO Reservation
The following table shows the distribution of shares reserved for retail investors, QIBs, and NIIs under the IPO.
| Investor Category | Offered No. of Shares |
| QIBs | Not less than 75% of the issue |
| NIIs | Not more than 15% of the issue |
| Retails | Not more than 10% of the issue |
| Total | 100% |
Elevate Campuses IPO Lot Sizes
Refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | Shares | Amount in ₹ |
| 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 |
Elevate Campuses IPO Prospectus
Investors can access the offered prospectus for the Elevate Campuses IPO mentioned below.
About Elevate Campuses Ltd.
Elevate Campuses Ltd. is an infrastructure company that owns and engages in operating and managing student accommodation facilities for higher education institutions and owns K-12 education assets. The company began operations as an independent owner and operator of student accommodation and has expanded through organic growth and strategic acquisitions. As of March 31, 2026, its platform covered 17 higher education institutions and 13 operational schools, with additional K-12 assets under development, across 15 cities in India and one city in the UAE. The company operates student accommodation under the Good Host Spaces and ScholarZ brands and focuses on providing purpose-built campus infrastructure and accommodation services.
Promoters:
- Genius Bidco Holdings PTE. Ltd.
- Genius Rajkot Investment Holdings PTE. Ltd.
| Book Runner | JM Financial Ltd. IIFL Capital Services Ltd. Morgan Stanley India Company Pvt. Ltd. |
| Issue Registrar | Kfin Technologies Ltd. |
Purpose of Elevate Campuses IPO
The company intends to deploy the funds raised through this public issue toward specific operational and strategic goals, as detailed in the table below.
| Particulars | Est. Amount in ₹ Crores |
| Funding of purchase for acquisition of K-12 entities and campuses | 1,100.0 |
| For repayment of prepayment of outstanding borrowings | 750.0 |
| General Corporate Purposes | – |
| Total | – |
Elevate Campuses Ltd.- Strengths and benefits
- Student Accommodation with K-12 assets: The company is expanding beyond student accommodation into K-12 education infrastructure. The proposed acquisition of additional K-12 entities and campuses is expected to broaden its asset base and revenue sources.
- Diverse Infrastructure Platform: The company has built a sizeable platform covering student accommodation and K-12 assets. Its operations extend across 21 cities in India and one city in the UAE, giving it a multi-location presence.
- Relationship with Higher Education Institutions: The company works with established higher education institutions for its student accommodation business. Its long-term arrangements with institutions can provide visibility into occupancy and cash flows, subject to the terms and continuation of those agreements.
Elevate Campuses Ltd- Risks and limitations
- High Dependence on Accommodation: A significant portion of the company’s revenue continues to come from its student accommodation business. Any sustained decline in occupancy could adversely affect revenue, profitability and cash flows. The company’s owned-bed occupancy was 89.37% in FY2026, compared with 99.47% in FY2025.
- High Debt Levels: The company had total borrowings of about ₹4,120.53 crore in FY2026, while its debt-to-equity ratio was reported at 4.31 times in the financial information used for the IPO.
- Vacancy Risks: The RHP identifies risks relating to the County and Woodstock assets, which have faced vacancy and leasing issues. Delays in finding occupants or leasing these assets could adversely affect the company’s results and cash flows.
Elevate Campuses IPO Review
Elevate Campuses Limited is launching a ₹2,100 crore IPO consisting entirely of a fresh issue. The issue has a price band of ₹343 to ₹362 per share, and investors can bid for a minimum of 41 shares or 1 lot. The IPO is scheduled to open on 23 September 2026 and close on 25 September 2026, with allotment expected on 28 September and listing on 30 September 2026.
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Elevate Campuses IPO FAQs
The Elevate Campuses IPO is a ₹2,100 crore public issue consisting entirely of a fresh issue of equity shares. The price band is ₹343 to ₹362 per share, and the issue is scheduled to open on 23 September 2026 and close on 25 September 2026.
Investors can apply for the Elevate Campuses IPO through their supported online trading or demat platform using the IPO application facility. Investors need a valid demat account and should ensure that the required funds are available for the application.
The Elevate Campuses IPO has both growth opportunities and risks. The company has reported strong growth in revenue and profit and operates across student accommodation and K-12 education infrastructure. At the same time, investors should consider its high debt levels, customer concentration, occupancy risks and the proposed acquisition of K-12 assets before making an investment decision.
The Elevate Campuses IPO will open for subscription on 23 September 2026 and close on 25 September 2026.
The lot size is 41 shares. At the upper price band of ₹362 per share, one lot requires an investment of ₹14,842.
The tentative allotment date for the Elevate Campuses IPO is 28 September 2026. Refunds and credit of shares to demat accounts are scheduled for 29 September 2026.
The tentative listing date for Elevate Campuses shares is 30 September 2026 on the BSE and NSE.
