Elevate Campuses Limited IPO
ListedMainboardMiscellaneous
1.89×
Subscribed
Price band
₹343 – ₹362
Lot size
41
1 lot = ₹14,842
Issue size
₹2.1k Cr
Open – close
23 Sept 2026
to 25 Sept 2026
Listing
30 Sept 2026
Listing gain
-1.91%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
We can't judge this issue yet. A verdict needs at least three independent dimensions — valuation, growth, profitability, balance sheet, issue structure, governance or demand — and this issue does not yet publish enough of them for a read that would mean anything. The offer document has been analysed but reports too few of these to conclude on. A confident score from two fields would be worse than this notice.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens23 Sept 2026
- Closes25 Sept 2026
- Allotment28 Sept 2026
- Listing30 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB2.66x
Non-institutionalNII / HNI0.89x
Big NIIabove ₹10L0.87x
Small NII₹2L – ₹10L0.93x
Retail individualRII1.07x
86,331 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 25 Sept 2026.
Chance of allotment
Retail1.07× subscribed
~1 in 1.1
Minimum 1 lot · 41 shares · ₹14,842 blocked
Retail is 1.07× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 1.1 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII0.89× subscribed
Full allotment
Minimum 14 lots · 574 shares · ₹2,07,788 blocked
The HNI portion is under-subscribed at 0.89×, so applications should be allotted in full.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹16+4.4%
over the upper band · last seen 14 Oct 2026 · flat since 22 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹343 – ₹362
Face value₹1
Lot size41shares
Minimum application₹14,842at cut-off
Total issue size₹2.1k Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
Debt / equity4.31×
ROCE6.42%
RoNW18.17%
PAT Margin28.80%
EBITDA Margin90.32%
NAV432.62
ISININE147X01013
RegistrarKARVY
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 4,35,08,287 | — |
| Anchor Investor | 2,61,04,972 | — |
| QIB (Ex. Anchor) | 1,74,03,315 | — |
| NII (HNI) | 87,01,657 | — |
| bNII > ₹10L | 58,01,105 | 10106.00% |
| sNII < ₹10L | 29,00,552 | 5053.00% |
| Retail | 58,01,105 | 141490.00% |
Total issue 5,80,11,049 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,8421 lot · 41 sh
Retail (Max)₹1,92,94613 lots · 533 sh
S-HNI (Min)₹2,07,78814 lots · 574 sh
S-HNI (Max)₹9,94,41467 lots · 2,747 sh
B-HNI (Min)₹10,09,25668 lots · 2,788 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted2,61,04,972
Anchor portion₹945 Cr
Bid date22 Sept 2026
Lock-in ends (50%)28 Oct 2026
Lock-in ends (rest)27 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses from the fellow subsidiaries of our Promoters₹1.1k Cr
- 02Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable of borrowings availed by our Company and certain of our wholly-owned Subsidiaries, namely GHS Shoolini, GHS Sonipat, Data Ram Sons Private Limited, Souk HIS UAE and Souk NLCS UAE, through investment in such Subsidiaries₹750 Cr
- 03Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
High leveragemedium
Debt-to-equity of 4.31x.
mediumThe Pre-Acquisition Group derived 65.74%, 99.24% and 99.72% of its revenue from operations in the Financial Years 2026, 2025 and 2024, respectively, from the student accommodation business in our Owned Portfolio. Any inability to maintain occupancy rates may adversely affect our business, results of
mediumThe Pre-Acquisition Group derived 61.46%, 89.00% and 88.60% of its revenue from operations for the Financial Years 2026, 2025 and 2024, respectively, from three of its largest HEIs. Any adverse developments affecting such HEIs may adversely affect our business, results of operations, financial condi
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.6%
Listed up
8 of 8
Best
+65.3%
BLS Polymers Limited
Worst
0.6%
EAAA India Alternatives Limited
Bombay Coated and Special Steels Limitedsame segment
60.8× sub+11.0%
M. K. Sons Fine Jewels Limitedsame segment
5.1× sub+5.6%
BLS Polymers Limitedsame segment
241.2× sub+65.3%
SFC Environmental Technologies Limitedsame segment
9.5× sub+7.6%
EAAA India Alternatives Limitedsame segment
5.3× sub+0.6%
Jio Platforms Limitedsame segment
21.6× sub+21.4%
Paras Healthcare Limitedsame segment
2.2× sub+3.9%
Zetwerk Manufacturing Businesses Limitedsame segment
3.1× sub+5.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Elevate Campuses Limited
Elevate Campuses is an education infrastructure company that owns, operates, and manages on-campus student accommodation across higher education institutions (HEIs) and owns K-12 education assets. Its student accommodation business operates under the “Good Host Spaces” and “ScholarZ” brands. As of March 31, 2026, its owned portfolio comprised seven student accommodation campuses with 20,368 beds across six Indian cities and two K-12 assets in Dubai, UAE. Its managed portfolio comprised 14 student accommodation campuses with 55,487 beds under management. The company also provides community and campus technology services for its managed portfolio, including media coverage of HEIs and organising community events. Overall, its portfolio had the capacity to cater to 80,255 students and was present across 15 cities in India and one city in the UAE as of March 31, 2026. The company’s operations include deal sourcing, site selection, development, asset acquisition, asset repositioning, and community engagement.
Founded 2005MD Narasimha JayakumarSector Miscellaneous
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Elevate Campuses Limited IPO GMP today?
The most recent grey-market premium recorded for Elevate Campuses Limited is ₹16 per share — about 4.4% over the ₹362 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Elevate Campuses Limited IPO subscribed?
Elevate Campuses Limited is subscribed 1.89× overall (QIB 2.66×, NII 0.89×, retail 1.07×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, KARVY.
What is the minimum investment in the Elevate Campuses Limited IPO?
One lot is 41 shares, so a retail application at the ₹362 cut-off price blocks ₹14,842. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Elevate Campuses Limited IPO?
The retail portion is subscribed 1.07×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 1. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Elevate Campuses Limited IPO allotment date?
Allotment is scheduled for 2026-09-28, with listing on 2026-09-30. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, KARVY.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.