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Latest GMP
- Lead Manager
- JM Financial Limited
- IPO Registrar
- KFin Technologies Limited
- IPO Open Date
- 23rd Sep 2026
- IPO Close Date
- 25th Sep 2026
- Allotment date
- 28th Sep 2026
- Listing date
- 30th Sep 2026
- Issue Size
- ₹ 2100 Cr.
- Issue Price Band
- ₹ 343 to 362
- Lot Size
- 41 Share
- Minimum Investment
- ₹ 14842
Disclaimer: IPO details, GMP, subscription figures, and other related information are for informational purposes only and may not always be accurate or up to date. Please verify the latest details from official sources before investing.
About Elevate Campuses Limited
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.
Portfolio & Capacity (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
- 14 managed campuses with 55,487 beds
Services
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.
Institutional Relationships
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.
Growth Track Record
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.
Workforce
As of March 31, 2026, it had 460 full-time employees in its Pre-Acquisition Group.
IPO Subscription Details
| Category | Shares Offered | Shares Applied | Subscription Times (x) |
|---|---|---|---|
| QIB (Ex Anchor) | 1,83,67,347 (54.55%) | 4,63,16,552 | 2.52 |
| NII | 91,83,673 (27.27%) | 77,58,512 | 0.84 |
| bNII (> ₹10L) | 61,22,449 (18.18%) | 50,61,450 | 0.83 |
| sNII (< ₹10L) | 30,61,224 (9.09%) | 26,97,062 | 0.88 |
| Retail | 61,22,448 (18.18%) | 62,11,705 | 1.01 |
| Total | 3,36,73,468 (100.00%) | 6,02,86,769 | 1.79 |
Grey Market Premium (GMP)
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 28-09-2026 | ₹362 | ₹9.5 | ₹371.5 ( 2.62% ) | ₹389.50 | 28-Sep-2026 10:04 AM |
| 26-09-2026 | ₹362 | ₹4 | ₹366 ( 1.10% ) | ₹164.00 | 26-Sep-2026 10:01 AM |
| 25-09-2026 | ₹362 | ₹2 | ₹364 ( 0.55% ) | ₹82.00 | 25-Sep-2026 05:39 PM |
| 24-09-2026 | ₹362 | ₹4.5 | ₹366.5 ( 1.24% ) | ₹184.50 | 24-Sep-2026 09:58 AM |
| 23-09-2026 | ₹362 | ₹5 | ₹367 ( 1.38% ) | ₹205.00 | 23-Sep-2026 10:11 AM |
| 22-09-2026 | ₹362 | ₹16 | ₹378 ( 4.42% ) | ₹656.00 | 22-Sep-2026 10:34 AM |
Financials of Elevate Campuses Limited
A quick overview of the key Financial Performance of Elevate Campuses Limited.
Total Assets (₹ Cr)
Revenue (₹ Cr)
Profit after Tax (₹ Cr)
*All values are in Rs. Cr
Company Financials
Revenue increased by 54%, Profit after Tax (PAT) increased by 249%, Total Assets increased by 138% between FY2025 and FY2026.
| Period Ended | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 347.00 | 369.81 | 568.63 |
| Assets | 2,104.74 | 2,421.20 | 5,773.35 |
| Total Income | 362.61 | 394.13 | 603.39 |
| Profit After Tax | 39.69 | 49.74 | 173.76 |
| EBITDA | 220.13 | 256.40 | 545.00 |
| Net Worth | 655.77 | 699.78 | 956.29 |
| Reserves & Surplus | 653.56 | 697.57 | 947.45 |
| Total Borrowings | 984.71 | 1,206.60 | 4,120.53 |
IPO Lot Size
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
2,747
₹ 9,94,414
B-HNI (Min)
68
2,788
₹ 10,09,256
| 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 | 2,747 | ₹ 9,94,414 |
| B-HNI (Min) | 68 | 2,788 | ₹ 10,09,256 |
Key Performance Indicators (KPI)
| KPI | Latest |
|---|---|
| ROCE (%) | 6.42 |
| Debt / Equity | 4.31 |
| RoNW (%) | 18.17 |
| PAT Margin (%) | 28.8 |
| EBITDA Margin (%) | 90.32 |
|
Pre IPO
Post IPO
|
|
| EPS (₹) |
19.65
-
|
| P/E (x) |
-
-
|
| Promoter Holding (%) |
100
-
|
IPO Lead Manager(s)
Lead Manager Details
- JM Financial Limited
- Contact Person: Prachee Dhuri
- SEBI Registration Number: INM000010361
- Investor Grievance Email: grievance.ibd@jmfl.com
- Website: https://www.jmfl.com
- Email: elevate.ipo@jmfl.com
- Phone: +91 22 6630 3030
- Address: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025, Maharashtra, India
Lead Manager Details
- IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
- Contact Person: Gaurav Mittal / Pawan Kumar Jain
- SEBI Registration Number: INM000010940
- Investor Grievance Email: ig.ib@iiflcap.com
- Website: https://www.iiflcapital.com
- Email: elevatecampuses.ipo@iiflcap.com
- Phone: +91 22 4646 4728
- Address: 24th Floor, One Lodha Place, Senapati Bapat Marg, Lower Parel (West), Mumbai 400013, Maharashtra, India
Lead Manager Details
- Morgan Stanley India Company Private Limited
- Contact Person: Keyur Thakar
- SEBI Registration Number: INM000011203
- Investor Grievance Email: investors_india@morganstanley.com
- Website: https://www.morganstanley.com
- Email: elevate_ipo@morganstanley.com
- Phone: +91 22 6118 1000
- Address: Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400 018
IPO Registrar
- Registrar Name
- KFin Technologies Limited
- Phone
- +91 40 6716 2222/ 1800 309 4001
- Contact Person
- M. Murali Krishna
- SEBI Registration Number
- INR000000221
- Address
- Registered Office: 301, The Centrium, 3rd Floor, 57, Lal Bahadur Shastri Road, Nav Pada, Kurla (West), Mumbai - 400070, Maharashtra, India; Corporate Office: Selenium Tower-B, Plot 31 & 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad - 500032, Telangana, India
- Website
- https://www.kfintech.com/
Company Contact Details
- Company Name
- Elevate Campuses Limited
- Phone
- +91 22 6820 1600
- Contact Person
- Jenny Vishal Shah
- Corporate Identity Number
- U74994MH2005PLC339336
- Address
- Naman Midtown, Unit No 902-906, 9th Floor, Tower B, Senapati Bapat Marg, Lower Parel, Mumbai 400 013, Maharashtra, India
- Website
- https://www.elevatecampuses.com/
Elevate Campuses Limited FAQs
