Elevate Campuses shares to list today: Check GMP ahead of debut

Shares of Elevate Campuses are set to make their debut on the BSE and NSE on Wednesday, September 30. Ahead of the listing, the IPO is commanding a grey market premium (GMP) of around 1%, indicating expectations of a largely flat listing.

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

The IPO opened for subscription on September 23 and closed on September 25, 2026. The issue was subscribed 1.89 times overall. The retail portion was subscribed 1.07 times, while the qualified institutional buyer (QIB) category was subscribed 2.66 times. The non-institutional investor (NII) category received 0.89 times subscription.


The basis of allotment was finalised on September 28, while the company’s shares are scheduled to list on both the NSE and BSE on September 30, 2026.

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

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 prevailing GMP, the estimated listing price stands at around Rs 367 per share.

The grey market premium is an unofficial indicator of market sentiment and can change frequently depending on demand and market conditions. It should not be considered a guarantee of the actual listing price.

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Elevate Campuses IPO: Objects of the issue

The company plans to use Rs 1,850 crore of the net IPO proceeds primarily towards the acquisition of K-12 entities and campuses. Of this, Rs 1,100 crore has been earmarked for acquisitions, supporting the company’s expansion through strategic investments.

Another Rs 750 crore will be used for the repayment and/or prepayment of certain outstanding borrowings of the company and select subsidiaries, including applicable prepayment penalties.

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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, which rose from Rs 394 crore in FY25 to Rs 603 crore in FY26. Profit after tax (PAT) surged 249%, increasing from Rs 50 crore in FY25 to Rs 174 crore in FY26, reflecting a significant improvement in profitability during the year.

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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 comprised 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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