Elevate Campuses IPO opens today: Should you subscribe? Check price band, reviews, fresh GMP & more
Elevate Campuses is selling its shares in the price band of Rs 343-362 apiece, applied for a minimum of 41 shares and its multiples to raise Rs 2,100 crore between September 23-25.
- Sep 23, 2026,
- Updated Sep 23, 2026 9:43 AM IST
The initial public offering (IPO) of Elevate Campuses opens for subscription on Wednesday, September 23. The education infra player is selling its shares in the price band of Rs 343-362 apiece and investors can apply for a minimum of 41 equity shares and its multiples thereafter. The issue will closed for bidding on Friday, September 25.
Elevate Campuses aims to raise a total of Rs 2,100 crore from its IPO, which is entirely a fresh share sale of 5,80,11,049 shares. The net proceeds from the issue shall be utilized towards payment of the purchase consideration for the acquisition of the K-12 entities and campuses, repayment of debt availed by the company and its subsidiaries, funding inorganic acquisition and general corporate purposes.
Incorporated in 2005, Mumbai-based Elevate Campuses 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. It operates its student accommodation business under the Good Host Spaces and ScholarZ brands.
Ahead of its IPO, Elevate Campuses raised Rs 945 crore from 40 anchor investors as it allocated 2,61,04,972 equity shares at Rs 362 apiece. Its anchor book included names like SBI MF, HDFC MF, Ashoka India Funds, Whiteaok Capital MF, Mirae Asset MF, Bandhan MF, Government Pension Fund Global, PGIM MF, TATA AIG General Insurance, Amundi Funds India, Grow MF, Bofa Securities and more.
For the financial year ended on March 31, 2026, Elevate Campuses reported a net profit Rs 173.76 crore with a revenue of Rs 603.39 crore. The company clocked a net profit at Rs 49.74 crore with a revenue of Rs 394.13 crore for the financial year 2024-25. At the current valuations, the company is commanding a market capitalization of Rs 6,100 crore.
Elevate Campuses has reserved 75 per cent of the issue for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent issue. Retail investors will have only 10 per cent of allocation in the IPO. Last heard, Elevate Campuses was commanding a grey market premium of Rs 5-6 only, suggesting a 1-2 per cent listing pop for the investors.
JM Financial Ltd, IIFL Capital Services and Morgan Stanley India are the book running lead managers of Elevate Campuses IPO and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both BSE Lt and NSE on September 30, Wednesday. Here's what a host of brokerage firms say about the IPO of Elevate Campuses:
SBI Securities Rating: Neutral Elevate Campuses delivered revenue, EBITDA and Adjusted PAT CAGR of 28 per cent, 37.4 per cent and 17.6 per cent, respectively during FY24-FY26, supported by portfolio expansion and operating scale growth will be driven by the addition of 2,128 beds at IIT Madras and UPES Dehradun combined, scaling of the asset-light managed portfolio and consolidation of 16 domestic K-12 assets, said SBI Securities.
"Although the proposed Rs 750 crore debt repayment would aid deleveraging, the overall debt size remains elevated. It is valued at a post-issue Adjusted P/E and EV/EBITDA multiple of 88.6 times and 19.4 times respectively. We assign a 'neutral' rating to the issue and would like to track the performance of the company for a few quarters post listing," it added.
Sushil Finance Rating: Subscribe for long-term A 78,542-bed portfolio that is 2.1 times the next-largest organised student-accommodation player and 6.2 times the third-largest, with occupancy of 89.37 per cent and long-term HEI contracts carrying minimum-occupancy guarantees and inflation linked escalations giving strong revenue visibility in a structurally under-penetrated market, said Sushil Finance.
The K-12 diversification into Dubai adds a second, higher-margin annuity stream on a triple-net lease structure. This is a 100 per cent fresh issue. Every rupee raised builds the balance sheet and funds growth rather than cashing out existing holders, aligning promoter and public-shareholder interests. We recommend 'subscribe' for investors with a medium-to-long-term horizon," it said.
BP Equities Rating: Subscribe "The issue of Elevate Campuses is valued at 20.3 times P/E and 13.8 times EV/EBITDA. Given the company’s scale, strong earnings growth, high occupancy, revenue visibility and multiple growth avenues across student accommodation and K-12 education, we recommend a 'subscribe' rating for investors with a medium- to long-term horizon," said BP Equities.
Master Capital Services Rating: Subscribe for long-term Elevate Campuses is positioned to benefit through its presence across owned and managed student accommodation and K-12 assets. Its assetlight managed model, Its established relationships with reputed HEIs, growing bed capacity and presence across the education infrastructure value chain support its participation in the sector’s growth, said Master Capital with a 'subscribe for long-term' view.
Ventura Securities Rating: Subscribe Elevate Campuses has expanded through a combination of organic growth and acquisitions across student accommodation and K-12 assets. It operates through a combination of asset ownership and asset-light campus management, providing end-to-end infrastructure and operating services to educational institutions, said Ventura with a 'subscribe' rating.
Kunwarji Financial Services Rating: Subscribe for long-term "We recommend to subscribe this IPO with long term view only. It is well positioned to capitalize on the growing demand for quality student accommodation and K-12 infrastructure, supported by an established presence and scalable growth opportunities, said Kunvarji Wealth. "Continued execution and disciplined capital allocation will remain key to sustaining growth," it added.
The initial public offering (IPO) of Elevate Campuses opens for subscription on Wednesday, September 23. The education infra player is selling its shares in the price band of Rs 343-362 apiece and investors can apply for a minimum of 41 equity shares and its multiples thereafter. The issue will closed for bidding on Friday, September 25.
Elevate Campuses aims to raise a total of Rs 2,100 crore from its IPO, which is entirely a fresh share sale of 5,80,11,049 shares. The net proceeds from the issue shall be utilized towards payment of the purchase consideration for the acquisition of the K-12 entities and campuses, repayment of debt availed by the company and its subsidiaries, funding inorganic acquisition and general corporate purposes.
Incorporated in 2005, Mumbai-based Elevate Campuses 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. It operates its student accommodation business under the Good Host Spaces and ScholarZ brands.
Ahead of its IPO, Elevate Campuses raised Rs 945 crore from 40 anchor investors as it allocated 2,61,04,972 equity shares at Rs 362 apiece. Its anchor book included names like SBI MF, HDFC MF, Ashoka India Funds, Whiteaok Capital MF, Mirae Asset MF, Bandhan MF, Government Pension Fund Global, PGIM MF, TATA AIG General Insurance, Amundi Funds India, Grow MF, Bofa Securities and more.
For the financial year ended on March 31, 2026, Elevate Campuses reported a net profit Rs 173.76 crore with a revenue of Rs 603.39 crore. The company clocked a net profit at Rs 49.74 crore with a revenue of Rs 394.13 crore for the financial year 2024-25. At the current valuations, the company is commanding a market capitalization of Rs 6,100 crore.
Elevate Campuses has reserved 75 per cent of the issue for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent issue. Retail investors will have only 10 per cent of allocation in the IPO. Last heard, Elevate Campuses was commanding a grey market premium of Rs 5-6 only, suggesting a 1-2 per cent listing pop for the investors.
JM Financial Ltd, IIFL Capital Services and Morgan Stanley India are the book running lead managers of Elevate Campuses IPO and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both BSE Lt and NSE on September 30, Wednesday. Here's what a host of brokerage firms say about the IPO of Elevate Campuses:
SBI Securities Rating: Neutral Elevate Campuses delivered revenue, EBITDA and Adjusted PAT CAGR of 28 per cent, 37.4 per cent and 17.6 per cent, respectively during FY24-FY26, supported by portfolio expansion and operating scale growth will be driven by the addition of 2,128 beds at IIT Madras and UPES Dehradun combined, scaling of the asset-light managed portfolio and consolidation of 16 domestic K-12 assets, said SBI Securities.
"Although the proposed Rs 750 crore debt repayment would aid deleveraging, the overall debt size remains elevated. It is valued at a post-issue Adjusted P/E and EV/EBITDA multiple of 88.6 times and 19.4 times respectively. We assign a 'neutral' rating to the issue and would like to track the performance of the company for a few quarters post listing," it added.
Sushil Finance Rating: Subscribe for long-term A 78,542-bed portfolio that is 2.1 times the next-largest organised student-accommodation player and 6.2 times the third-largest, with occupancy of 89.37 per cent and long-term HEI contracts carrying minimum-occupancy guarantees and inflation linked escalations giving strong revenue visibility in a structurally under-penetrated market, said Sushil Finance.
The K-12 diversification into Dubai adds a second, higher-margin annuity stream on a triple-net lease structure. This is a 100 per cent fresh issue. Every rupee raised builds the balance sheet and funds growth rather than cashing out existing holders, aligning promoter and public-shareholder interests. We recommend 'subscribe' for investors with a medium-to-long-term horizon," it said.
BP Equities Rating: Subscribe "The issue of Elevate Campuses is valued at 20.3 times P/E and 13.8 times EV/EBITDA. Given the company’s scale, strong earnings growth, high occupancy, revenue visibility and multiple growth avenues across student accommodation and K-12 education, we recommend a 'subscribe' rating for investors with a medium- to long-term horizon," said BP Equities.
Master Capital Services Rating: Subscribe for long-term Elevate Campuses is positioned to benefit through its presence across owned and managed student accommodation and K-12 assets. Its assetlight managed model, Its established relationships with reputed HEIs, growing bed capacity and presence across the education infrastructure value chain support its participation in the sector’s growth, said Master Capital with a 'subscribe for long-term' view.
Ventura Securities Rating: Subscribe Elevate Campuses has expanded through a combination of organic growth and acquisitions across student accommodation and K-12 assets. It operates through a combination of asset ownership and asset-light campus management, providing end-to-end infrastructure and operating services to educational institutions, said Ventura with a 'subscribe' rating.
Kunwarji Financial Services Rating: Subscribe for long-term "We recommend to subscribe this IPO with long term view only. It is well positioned to capitalize on the growing demand for quality student accommodation and K-12 infrastructure, supported by an established presence and scalable growth opportunities, said Kunvarji Wealth. "Continued execution and disciplined capital allocation will remain key to sustaining growth," it added.