Elevate Campuses IPO 2026: Details, GMP, Financials, Lot Size & Analysis

Elevate Campuses IPO is a ₹2,100 crore book-built issue that will open for subscription from September 23 to September 25, 2026. The IPO consists entirely of a fresh issue of ₹2,100 crore, with no offer for sale component. The price band has been fixed at ₹343 to ₹362 per equity share.

Elevate Campuses Limited operates student accommodation and K-12 education assets across India and the UAE. The company operates student accommodation under the Good Host Spaces and ScholarZ brands and also provides community and campus technology services.

As of August 31, 2025, its accommodation capacity catered to 94,758 students across 20 cities in India and one city in the UAE. The IPO proceeds are proposed to be used primarily for acquiring K-12 entities and campuses, repaying borrowings and funding inorganic growth.

The shares are proposed to list on BSE and NSE on September 30, 2026.

Elevate Campuses IPO Details

Elevate Campuses IPO Timeline

All dates are tentative and subject to change.

Elevate Campuses IPO GMP Today

As of September 19, 2026, the reported GMP for Elevate Campuses IPO is ₹16. Based on the upper price band of ₹362 and GMP of ₹16, the indicative estimated listing price is ₹378, representing a 4.42% premium over the issue price.

GMP Disclaimer: Grey Market Premium is sourced from market participants and is indicative only. GMP can change before listing and does not guarantee the actual listing price. Investors should conduct independent due diligence.

Elevate Campuses IPO Subscription Status

The Elevate Campuses IPO will open for bidding on September 23, 2026. Therefore, live subscription data is not available as of September 18.

Subscription figures will be updated once bidding begins across QIB, NII and Retail categories.

Elevate Campuses IPO Day-wise Subscription Trend

Current Elevate Campuses IPO Subscription

The IPO has not opened yet. Current subscription data will be available after bidding begins on September 23, 2026.

Elevate Campuses IPO Lot Size

The minimum bid is 41 shares, and bids can be placed in multiples of 41 shares.

Investment amounts are calculated at the upper price band of ₹362 per share.

Elevate Campuses IPO Reservation

About Elevate Campuses

Elevate Campuses Limited, incorporated in 2005, owns, operates and manages student accommodation assets associated with higher education institutions (HEIs), along with K-12 education assets.

The company's student accommodation business operates under the Good Host Spaces and ScholarZ brands. As of August 31, 2025, its capacity catered to 94,758 students across 20 cities in India and one city in the UAE.

Its owned portfolio includes five student accommodation campuses with 16,934 beds, 16 K-12 assets including three under development, and two student accommodation facilities managed by HEIs and owned by K-12 HoldCos across eight Indian cities. The company also has two K-12 assets in Dubai.

Its managed portfolio includes 14 student accommodation campuses with 49,338 beds.

Beyond accommodation, Elevate Campuses provides community and campus technology services, including media coverage of higher education institutions and community event management.

The company collaborates with institutions including Manipal Academy of Higher Education (MAHE), Manipal University Jaipur (MUJ), and Meraki Education.

Its integrated Elevate Platform brings together student accommodation and K-12 assets and is designed to support students across different stages of their educational 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 this period, its presence expanded from 17 cities and 23 institutes to 21 cities and 33 institutes.

As of August 31, 2025, the company employed 397 full-time employees.

Major Customers & Institutional Relationships

Elevate Campuses works with higher education and K-12 institutions. The supplied information specifically identifies:

• Manipal Academy of Higher Education (MAHE)
• Manipal University Jaipur (MUJ)
• Meraki Education

The company serves students, educational institutions and campus ecosystems through its owned and managed accommodation portfolio.

Elevate Campuses Product & Business Portfolio

The company's principal business areas include:

• Student Accommodation: Owned and managed student housing campuses serving students associated with higher education institutions.
• K-12 Assets: Ownership and development of K-12 education-related assets in India and Dubai.
• Campus & Community Technology: Services including media coverage of HEIs and community event management.
• Elevate Platform: An integrated platform combining student accommodation and K-12 assets.

This model provides exposure to both education infrastructure and student accommodation demand.

Elevate Campuses IPO Objectives

The company proposes to use the IPO proceeds for the following purposes:
 

The largest identified allocation of ₹1,100 crore is for the purchase consideration of K-12 entities and campuses. Another ₹750 crore is proposed for repayment or prepayment of borrowings through investments in certain subsidiaries.
The total IPO size is ₹2,100 crore, while the supplied table identifies ₹1,850 crore for specific uses, with the balance intended for the remaining stated purposes.

Elevate Campuses Financial Performance

₹ crore
 

Elevate Campuses reported strong growth in FY26. Total income increased from ₹394.13 crore in FY25 to ₹603.39 crore in FY26, while PAT rose sharply from ₹49.74 crore to ₹173.76 crore.
The company also reported EBITDA of ₹545 crore in FY26 compared with ₹256.40 crore in FY25.
However, borrowings increased considerably to ₹4,120.53 crore in FY26 from ₹1,206.60 crore in FY25, making the company's debt position an important factor to evaluate alongside its expansion.

Elevate Campuses Key Financial Ratios

The FY26 PAT margin stood at 28.80%, while EBITDA margin was reported at 90.32%. RoNW improved to 18.17% from 7.11%.
At the same time, the Debt/Equity ratio increased from 2.71x to 4.98x, reflecting the significant increase in borrowings.

Elevate Campuses IPO Valuation

Based on the supplied figures, the post-IPO P/E is 35.11x, compared with 23.03x on the pre-IPO basis.
The valuation should be assessed alongside the company's growth in income and PAT, its asset expansion, and its significantly higher debt levels.

Elevate Campuses Promoter Holding

The promoters listed in the supplied IPO information are:

• Genius Bidco Holdings Pte. Ltd.
• Genius Rajkot Investment Holdings Pte. Ltd.

Promoter holding is reported at 100% before the IPO and 65.58% after the IPO.

Elevate Campuses IPO Peer Comparison

The supplied peer information does not provide a separate peer table for Elevate Campuses. Therefore, peer-specific valuation figures are not included here to avoid introducing unsupported data.

The company's business model combines student accommodation and K-12 education assets, which makes direct comparison with conventional real estate or education companies dependent on the specific business and financial metrics used.

Competitive Strengths

• Large student accommodation capacity across India and the UAE.
• Presence across 20 Indian cities and one UAE city as of August 2025.
• 94,758-student accommodation capacity.
• Combination of student housing and K-12 assets.
• Established relationships with educational institutions.
• Addition of 21,764 beds between AY2023 and August 2025.
• Strong FY26 growth in income and PAT.
• Integrated Elevate Platform covering accommodation and K-12 assets.

Risks Investors Should Consider

• Total borrowings increased sharply to ₹4,120.53 crore in FY26.
• Debt/Equity increased to 4.98x from 2.71x.
• ROCE declined from 9.90% in FY25 to 6.42% in FY26.
• The business is capital-intensive and expansion may require significant funding.
• Acquisition-led growth can create integration and execution requirements.
• A significant portion of IPO proceeds is proposed for acquisitions and debt repayment.
• Post-IPO P/E of 35.11x is higher than the supplied pre-IPO P/E of 23.03x.

Should You Invest in Elevate Campuses IPO?

Elevate Campuses combines student accommodation, K-12 assets and campus-related services, giving the company exposure to India's expanding education infrastructure and student housing ecosystem.

Its FY26 financial performance shows strong growth, with total income of ₹603.39 crore and PAT of ₹173.76 crore. RoNW also improved to 18.17%.

However, the company's debt profile requires close attention. Total borrowings increased to ₹4,120.53 crore in FY26, while the Debt/Equity ratio reached 4.98x. The proposed IPO proceeds are partly intended to reduce borrowings and partly to fund K-12 acquisitions and inorganic growth.

Investors evaluating the IPO can therefore consider the company's portfolio scale, acquisition strategy, earnings growth, leverage, valuation and ability to generate sustainable cash flows before making a decision.

Elevate Campuses IPO Allotment Status

The tentative basis of allotment date is September 28, 2026.
The expected schedule is:

• Basis of allotment: September 28
• Refunds: September 29
• Demat credit: September 29
• Listing: September 30

Investors can check their allotment status through the IPO registrar, Kfin Technologies Ltd., after the allotment process is completed.

Elevate Campuses IPO Registrar

Kfin Technologies Ltd.

Plot No. 31 & 32, Financial District
Nanakramguda, Serilingampally

• Website: https://ipostatus.kfintech.com/
• Phone: 040-79615565
• Email: Elevatecampuses.ipo@kfintech.com

Elevate Campuses IPO Lead Managers

The book-running lead managers are:

• JM Financial Ltd.
• Morgan Stanley India Co. Pvt. Ltd.
• IIFL Capital Services Ltd.

Elevate Campuses Company Details

• Company: Elevate Campuses Ltd.
• Registered Office: Naman Midtown, Unit No. 902-906, 9th Floor, Tower B, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra – 400013
• Website: https://www.elevatecampuses.com/
• Phone: +91 22 6820 1600
• Email: companysecretary@elevatecampuses.com

Elevate Campuses IPO Summary

Elevate Campuses IPO is a ₹2,100 crore fresh issue opening from September 23 to September 25, 2026, with a price band of ₹343–₹362 per share and a lot size of 41 shares.

The minimum retail investment at the upper price band is ₹14,842. The company operates student accommodation and K-12 education assets across India and the UAE, with capacity serving 94,758 students as of August 31, 2025. Its FY26 total income stood at ₹603.39 crore, while PAT increased to ₹173.76 crore from ₹49.74 crore in FY25.

The company reported RoNW of 18.17% and PAT margin of 28.80%, but total borrowings increased sharply to ₹4,120.53 crore. IPO proceeds are primarily proposed for K-12 acquisitions, debt repayment and inorganic growth. As of September 19, 2026, the reported GMP is ₹16, indicating an estimated listing price of ₹378 based on the current grey-market indication.

Elevate Campuses IPO FAQs

What is the Elevate Campuses IPO size?

The total IPO size is ₹2,100 crore, consisting entirely of a fresh issue.

What is the Elevate Campuses IPO price band?

The price band is ₹343 to ₹362 per share.

What is the Elevate Campuses IPO lot size?

The minimum lot size is 41 shares, requiring ₹14,842 at the upper price band.

When will Elevate Campuses IPO open and close?

The IPO will open on September 23, 2026 and close on September 25, 2026.

What is the Elevate Campuses IPO listing date?

The tentative listing date is September 30, 2026 on BSE and NSE.

What is the Elevate Campuses IPO GMP today?

As of September 19, 2026, the reported GMP is ₹16. Indicating an estimated listing price of ₹378 based on the current grey-market indication.

Who is the registrar of Elevate Campuses IPO?

Kfin Technologies Ltd. is the registrar for the IPO.

What does Elevate Campuses do?

Elevate Campuses owns, operates and manages student accommodation and K-12 education assets, along with community and campus technology services, across India and the UAE.

Disclaimer: This article is for informational purposes only and should not be considered investment advice. IPO details, GMP, subscription figures, financial information and tentative dates may change. Investors should refer to the official offer documents and conduct independent due diligence before making any investment decision.

Author: Komal Bhatt

Komal Bhatt is a finance content writer at InvestKraft, specialising in well-researched articles on financial products, stock markets, and investment opportunities, with a particular focus on unlisted shares.

She holds a Master’s degree in Commerce from the University of Delhi, which gives her a solid academic foundation in finance and business. With over three years of hands-on experience in creating digital finance content, Komal has developed a clear understanding of investor needs through her work on wealth management, NISM certification programs, and market education materials.

Komal is passionate when it comes to breaking down complex financial concepts into simple, accurate and actionable insights. Her goal is to help everyday investors understand markets better and make more informed decisions based on reliable, research-backed information.