Elevate Campuses IPO Day 3: GMP, subscription status and key details. Should you subscribe?

The Elevate Campuses IPO entered its third and final day of bidding on Friday, September 25, with the issue seeing a relatively measured response from investors so far. In the grey market, the IPO is commanding a modest 1% premium, pointing to expectations of a listing close to the issue price, based on the prevailing GMP.

On Day 2, the issue was subscribed 23% overall, with bids received against the 3.36 crore shares on offer. The retail portion was also subscribed 23%, with investors bidding for the 61.22 lakh shares reserved for that category.

The Rs 2,100-crore Elevate Campuses IPO has a price band of Rs 343 to Rs 362 per share. The book-built issue comprises 5.80 crore equity shares, entirely a fresh issue aggregating to Rs 2,100 crore. There is no offer-for-sale (OFS) component.


The IPO opened for subscription on September 23 and will close today, September 25. The basis of allotment is expected to be finalised on September 28, while the company's shares are scheduled to list on both the NSE and BSE on September 30, 2026.

JM Financial, IIFL Capital Services and Morgan Stanley India are the book-running lead managers for the issue, while KFin Technologies is the registrar.

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Elevate Campuses IPO subscription status

On Day 2, the Elevate Campuses IPO was subscribed 23% overall, with bids placed against the 3.36 crore shares available in the issue.

The Retail Individual Investors (RII) category was subscribed 23%, against 61.22 lakh shares reserved for the segment.

The Non-Institutional Investors (NII) category received 33% subscription, with bids coming in against the 91.83 lakh shares offered to the segment.

Meanwhile, the Qualified Institutional Buyers (QIBs) category was subscribed 18%, against 1.83 crore shares reserved for institutional investors.

Elevate Campuses IPO GMP

The Elevate Campuses IPO is currently commanding a grey market premium (GMP) of Rs 5 per share, or around 1%, over the upper price band of Rs 362. Based on the current GMP, the estimated listing price of the shares stands at around Rs 367 per share. The grey market premium indicates that the IPO is currently trading at a modest premium ahead of its market debut. However, GMP is unofficial and can change frequently depending on market sentiment and demand.

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Should Investors Subscribe?

According to a research report by Sushil Finance, Elevate Campuses has recorded strong growth in both revenue and profitability. The brokerage noted that total income grew at a CAGR of 29% to Rs 603.39 crore in FY2026, while diluted EPS increased from Rs 4.48 to Rs 17.81. Return on net worth (RONW) also improved from 6.05% to 18.17%. The report highlighted that total income increased 8.69% in FY2025 to Rs 394.13 crore before accelerating 53.10% in FY2026 to Rs 603.39 crore. EBITDA followed a similar trajectory, rising 16.48% in FY2025 to Rs 256.40 crore before increasing 112.55% in FY2026 to Rs 545 crore.

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Sushil Finance also pointed to Elevate Campuses' 78,542-bed portfolio, describing it as substantially larger than those of the next-largest organised student-accommodation players. The report highlighted an occupancy rate of 89.37%, along with long-term contracts with higher education institutions that include minimum-occupancy guarantees and inflation-linked escalations. The company's K-12 education business in Dubai provides an additional revenue stream, while the fresh-issue-only structure means the entire Rs 2,100 crore raised through the IPO will accrue to the company rather than existing shareholders through an OFS.

Sushil Finance has assigned a "Subscribe" recommendation to the IPO for investors with a medium- to long-term investment horizon.

IPO Objects of the Issue

The company plans to use the Rs 1,850 crore net proceeds primarily to fund the Rs 1,100 crore acquisition of K-12 entities and campuses. This will support the company's expansion through strategic acquisitions.

Another Rs 750 crore will be used for the repayment and/or prepayment of certain outstanding borrowings, including applicable prepayment penalties, of the company and select subsidiaries. The remaining proceeds will be allocated towards unidentified acquisitions, other strategic initiatives and general corporate purposes.

Financial Performance

Elevate Campuses Ltd. reported a 53% increase in total income, rising from Rs 394 crore in FY25 to Rs 603 crore in FY26, reflecting strong growth in revenue during the year. The company's profit after tax (PAT) surged 249%, from Rs 50 crore in FY25 to Rs 174 crore in FY26, marking a significant improvement in profitability.

About Elevate Campuses

Incorporated in 2005, Elevate Campuses Ltd. is an education infrastructure company that owns, operates and manages student accommodation for higher education institutions and K-12 school assets. Its student accommodation business operates under the Good Host Spaces and ScholarZ brands.

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 and 14 managed campuses with 55,487 beds. 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.

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