Elevate Campuses’ Rs 2,100 cr IPO opens for subscription. Check GMP, other details

Elevate Campuses IPO opened for subscription today, September 23, giving investors a three-day window to place their bids. Ahead of the issue opening, the company’s shares are commanding a 1% premium in the grey market, suggesting a largely muted listing expectation despite the positive premium.

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

The IPO will remain open for subscription from September 23 to September 25. The share allotment is expected to be finalised on September 28, while the company’s shares are likely to make their debut on both the NSE and BSE on September 30, 2026.


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

With the IPO opening amid a 1% grey market premium, investors will be watching subscription trends closely over the three-day bidding period, along with the company's valuation and demand across investor categories.

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.

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.

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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 248%, from Rs 50 crore in FY25 to Rs 174 crore in FY26, marking a significant improvement in profitability.

About Elevate Campuses Ltd.

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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