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IPO ·
NSE, BSE
Elevate Campuses Ltd
Listed
Owns and operates on-campus student housing and K-12 school assets (Good Host Spaces, ScholarZ brands).
Issue details
Price band
₹343 – ₹362
Face value
₹1
Lot size
41 shares
Minimum investment
₹14,842
Issue size
₹2,100 Cr
Fresh issue
₹2,100 Cr
Offer for sale
—
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
23 Sep 2026
Closes
25 Sep 2026
UPI mandate cut-off
5:00 PM on 25 Sep 2026
Allotment
28 Sep 2026
Refunds
29 Sep 2026
Shares in demat
29 Sep 2026
Listing
30 Sep 2026
Subscription and listing
Subscription
1.49x
Listing price
₹355.10
Registrar
KFin Technologies Ltd
Lead manager
JM Financial, IIFL Capital Services, Morgan Stanley India
Subscription by category
Total
1.49x
Total applications
82,345
Anchor investors
Amount raised
₹945.00 Cr
Bid date
22 Sep 2026
50% lock-in ends
27 Oct 2026
Rest lock-in ends
26 Dec 2026
Listing day
Issue price
₹362
Open
₹355.10
High
₹372.75
Low
₹290.10
Day close
₹322.95
Listing gain at open
-1.91%
Issue structure
Shares reserved per category and share of the total issue
QIB
4,35,08,288
75.00%
Anchor Investor
2,61,04,972
45.00%
QIB (Ex. Anchor)
1,74,03,316
30.00%
NII
87,01,657
15.00%
bNII > ₹10L
58,01,105
10.00%
sNII < ₹10L
29,00,552
5.00%
Retail
58,01,104
10.00%
Total
5,80,11,049
100.00%
Finaccle’s quick read
Avoid
Debt/equity of 4.98 and ROCE of 6.42% in FY26, with PAT jumping from ₹49.74 Cr to ₹173.76 Cr and a post-issue P/E of 35.11.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Elevate Campuses owns, runs and manages on-campus student housing for colleges and universities, under the Good Host Spaces and ScholarZ brands, and also owns K-12 school assets. It has capacity of about 80,255 beds across 15 Indian cities and one UAE city, including 7 owned campuses with 20,368 beds at about 89% occupancy. It is controlled by Singapore-based Genius Bidco entities and has 460 full-time staff.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
18.17%
ROCE
6.42%
Debt / equity
4.98
PAT margin
28.80%
P/E post issue
35.11
Market cap
₹6,100.82 Cr
Use of IPO money
Purchase consideration for K-12 entities and campuses
₹1,100.00 Cr
Repayment/prepayment of borrowings
₹750.00 Cr
Inorganic growth and general corporate purposes
₹129.61 Cr
Issue expenses
₹120.39 Cr
Strengths
✓
Large student housing platform of about 80,000 beds
✓
High occupancy of 89.37% in owned campuses
✓
Long-term, annuity-like rental income
✓
Entire issue is fresh capital
✓
Backed by an institutional promoter group
Risks to watch
!
Debt/equity of 4.98 with borrowings of ₹4,120.53 Cr
!
Low ROCE of 6.42% in FY26
!
FY26 PAT more than tripled, with EBITDA margin of 90% suggesting one-offs
!
Post-issue P/E of 35.11 is rich
!
Over half the proceeds fund acquisitions
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.