Elevate Campuses
- Issue price
- ₹ 362
- Issue size
- ₹ 2,100 Cr.
- Min. investment
- ₹ 14,842
- Listing price
- ₹ 355.1
- Subscribed
- 1.79x
- Lot size
- 41 shares
- P/E
- 35.11
- RoNW
- 18.17%
- RoCE
- 6.42%
- Debt / Equity
- 4.98
- PAT margin
- 28.80%
- EBITDA margin
- 90.32%
- EPS
- ₹ 10.31
- NAV
- ₹ 432.62
- Promoter stake
- 65.58%
About
Elevate Campuses Ltd was started in 2005. It is an education infrastructure company. It owns, runs and manages student accommodation on the campuses of higher education institutions, and it also owns K-12 school assets. Its accommodation business trades under the Good Host Spaces and ScholarZ brands. As on 31 March 2026 its pre-acquisition group had capacity for 80,255 students across 15 cities in India and one city in the United Arab Emirates. That capacity came in two forms. Seven campuses with 20,368 beds across six Indian cities were owned outright, and a further 14 campuses with 55,487 beds were managed on behalf of others. Beyond running the hostels it provides operational services covering finding deals, choosing sites, development, acquiring assets, repositioning them and community engagement, along with campus technology and media services. It works with institutions including Manipal Academy of Higher Education, Manipal University Jaipur and Meraki Education. Its owned portfolio recorded an occupancy rate of 89.37% for the academic year 2025-26. It has operated as an independent owner and operator of student accommodation since FY2018.
Timeline
- doneOpens23 Sep
- doneCloses25 Sep
- doneAllotment28 Sep
- doneRefunds29 Sep
- doneDemat credit29 Sep
- doneListing30 Sep
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 16 on 19 Sep 2026
- Lowest
- ₹ 2.5 on 24 Sep 2026
- First quoted
- ₹ 15 on 18 Sep 2026
Subscription
How many times each investor group bid for its share, as of 30 Sep 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 41 | ₹ 14,842 |
| Retail (Max) | 13 | 533 | ₹ 1,92,946 |
| S-HNI (Min) | 14 | 574 | ₹ 2,07,788 |
| B-HNI (Min) | 68 | 2,788 | ₹ 10,09,256 |
Company overview
Financials
| Assets | 5,773.35 | 2,421.2 | 2,104.74 |
| Total Income | 603.39 | 394.13 | 362.61 |
| Profit After Tax | 173.76 | 49.74 | 39.69 |
| EBITDA | 545 | 256.4 | 220.13 |
| NET Worth | 956.29 | 699.78 | 655.77 |
| Reserves and Surplus | 947.45 | 697.57 | 653.56 |
| Total Borrowing | 4,120.53 | 1,206.6 | 984.71 |
Strengths
- Profit has grown more than four times in two years, from Rs 39.69 crore in FY2024 to Rs 49.74 crore in FY2025 and Rs 173.76 crore in FY2026.
- Sales have grown well, from Rs 362.61 crore in FY2024 to Rs 603.39 crore in FY2026.
- The operating margin is exceptional, with an EBITDA margin of 90.32% and EBITDA rising from Rs 220.13 crore in FY2024 to Rs 545.00 crore in FY2026.
- The scale is substantial, with capacity for 80,255 students across 15 Indian cities and one city in the UAE.
- Occupancy of 89.37% for the academic year 2025-26 shows the owned beds are being filled.
- It works with established institutions including Manipal Academy of Higher Education and Manipal University Jaipur, which brings a steady flow of students.
- Running both owned and managed campuses lets it grow capacity without funding every bed itself.
- The whole issue is fresh capital with no offer for sale.
Risks
- Debt is extremely high. Total borrowing was Rs 4,120.53 crore against a net worth of Rs 956.29 crore, a debt to equity ratio of 4.98, and it more than tripled in one year from Rs 1,206.60 crore.
- Return on capital employed is only 6.42% despite the 90% EBITDA margin. That gap shows how much capital is tied up relative to what the business actually earns on it.
- The P/E and EPS are not stated in the data available to us, so the issue cannot be compared with peers on earnings from here.
- Rs 1,100 crore of the Rs 2,100 crore issue goes to paying for an acquisition of K-12 entities and campuses. That is buying growth rather than building it, and acquisitions of this size carry integration risk.
- The promoter details and the pre and post issue promoter holding are not stated in the available data, so the extent of dilution is not clear.
- Fourteen of its 21 campuses are managed rather than owned, so a large part of the bed count depends on contracts that come up for renewal.
- Demand depends on higher education enrolment and on the institutions it partners with continuing to grow.
- Total assets more than doubled in one year to Rs 5,773.35 crore, largely funded by borrowing, and that capital has yet to prove its return.
What the money is for
| Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses | 1,100 |
| 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 |
| Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes, | — |
Promoters
- Genius Bidco Holdings Pte.Ltd
- Genius Rajkot Investment Holdings Pte.Ltd
Anchor investors
40 anchors put in ₹ 944.98 Cr., including 24 mutual funds.
| SBI RETIREMENT BENEFIT FUND-AGGRESSIVE PLAN | 9,49,765 | 34.38 | 3.64% |
| SBI RETIREMENT BENEFIT FUND-AGGRESSIVE HYBRID PLAN | 3,92,903 | 14.22 | 1.51% |
| SBI RETIREMENT BENEFIT FUND-CONSERVATIVE HYBRID PLAN | 30,176 | 1.09 | 0.12% |
| SBI RETIREMENT BENEFIT FUND-CONSERVATIVE PLAN | 8,364 | 0.3 | 0.03% |
| SBI MULTICAP FUND | 24,86,158 | 90 | 9.52% |
| SBI MULTI ASSET ALLOCATION FUND | 27,62,416 | 100 | 10.58% |
| MAGNUM HYBRID LONG SHORT FUND | 5,52,475 | 20 | 2.12% |
| SBI LONG TERM ADVANTAGE FUND-SERIES V | 2,76,258 | 10 | 1.06% |
| SBI LONG TERM ADVANTAGE FUND-SERIES VI | 2,76,258 | 10 | 1.06% |
| SBI INFRASTRUCTURE FUND | 6,90,604 | 25 | 2.65% |
| HDFC RETIREMENT SAVINGS FUND-EQUITY PLAN | 6,90,604 | 25 | 2.65% |
| HDFC BALANCED ADVANTAGE FUND | 16,57,466 | 60 | 6.35% |
| HDFC HOUSING OPPORTUNITIES FUND | 4,14,346 | 15 | 1.59% |
| ASHOKA WHITEOAK ICAV-ASHOKA WHITEOAK INDIA OPPORTUNITIES FUND | 9,80,392 | 35.49 | 3.76% |
| ASHOKA INDIA EQUITY INVESTMENT TRUST PLC | 4,00,816 | 14.51 | 1.54% |
| WHITEOAK CAPITAL REIT & INVIT ALTERNATES FUND I | 8,28,733 | 30 | 3.17% |
| WHITEOAK CAPITAL DIVIDEND YIELD FUND | 1,10,495 | 4 | 0.42% |
| WHITEOAK CAPITAL FLEXI CAP FUND | 4,00,570 | 14.5 | 1.53% |
| WHITEOAK CAPITAL MULTI CAP FUND | 1,79,539 | 6.5 | 0.69% |
| 360 ONE REAL ASSETS DEVELOPMENT FUND | 15,19,337 | 55 | 5.82% |
| 360 ONE BEST IN CLASS | 13,81,208 | 50 | 5.29% |
| MIRAE ASSET INFRASTRUCTURE FUND | 2,76,258 | 10 | 1.06% |
| MIRAE ASSET AGGRESSIVE HYBRID FUND | 12,43,079 | 45 | 4.76% |
| MIRAE ASSET MULTI ASSET ALLOCATION FUND | 4,14,346 | 15 | 1.59% |
| BANDHAN SMALL CAP FUND | 12,43,079 | 45 | 4.76% |
| GOVERNMENT PENSION FUND GLOBAL | 9,66,821 | 35 | 3.7% |
| PGIM INDIA FLEXI CAP FUND | 4,16,970 | 15.09 | 1.6% |
| PGIM INDIA SMALL CAP FUND | 5,49,851 | 19.9 | 2.11% |
| TATA AIG GENERAL INSURANCE CO.LTD. | 9,66,821 | 35 | 3.7% |
| AMUNDI FUNDS INDIA EQUITY CONTRA | 2,76,258 | 10 | 1.06% |
| EDELWEISS RECENTLY LISTED IPO FUND | 2,76,258 | 10 | 1.06% |
| GROWW SMALL CAP FUND | 2,76,258 | 10 | 1.06% |
| IKIGAI SMALL CAP FUND | 2,76,258 | 10 | 1.06% |
| INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD. | 4,83,390 | 17.5 | 1.85% |
| SOCIETE GENERALE-ODI | 4,83,390 | 17.5 | 1.85% |
| BOFA SECURITIES EUROPE SA-ODI | 4,14,387 | 15 | 1.59% |
| NEO PRIME FUND | 1,38,170 | 5 | 0.53% |
| DURO INDIA OPPORTUNITIES FUND PTE.LTD. | 1,38,170 | 5 | 0.53% |
| VIRIDIAN ASIA OPPORTUNITIES MASTER FUND | 1,38,170 | 5 | 0.53% |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. | 1,38,155 | 5 | 0.53% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 1 a share
- Registrar
- KFin Technologies Limited
- Lead managers
- JM Financial Ltd., IIFL Capital Services Limited
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.