ELEVATE CAMPUSES LTD IPO: Company Review, Subscription and Allotment Updates
2026-09-22 — Company overview and issue details ELEVATE CAMPUSES LTD IPO (ABOUT THE COMPANY) ELEVATE CAMPUSES LTD – COMPANY BACKGROUND Elevate Campuses Ltd is into the education infrastructure business since 2005. It is engaged in…
2026-09-22 — Company overview and issue details
ELEVATE CAMPUSES LTD IPO (ABOUT THE COMPANY)
ELEVATE CAMPUSES LTD – COMPANY BACKGROUND
Elevate Campuses Ltd is into the education infrastructure business since 2005. It is engaged in owning, operating, and managing on-campus student accommodation for higher education institutions. It is also into the business of owning K12 school assets. As of March 2026, its portfolio has provided student accommodation for nearly 80,255 students, across 15 Indian cities as well as in the United Arab Emirates. Elevate Campuses Ltd has 7 owned campuses and 14 managed campuses. It provides the complete suite of services; which includes site selection, development, asset acquisition, asset positioning, and community engagement. It substantially caters to the Manipal group of institutions in India.
The promoters of Elevate Campuses Ltd are Genius BIDCO Holdings Pte Ltd and Genius Rajkot Investment Holdings Pte Ltd. The IPO will be entirely a fresh issue of shares with no offer for sale (OFS) component in the IPO. The fresh issue proceeds will be used for payment of purchase of K12 campuses and entities, repayment or prepayment of loans of the parent company and its subsidiaries, as well as for funding inorganic growth and other strategic initiatives of the company. The issue is being lead-managed by JM Financial, IIFL Capital Services, and Morgan Stanley India; while KFIN Technologies Ltd (KFINTECH) is the IPO registrar.
HIGHLIGHTS OF THE IPO ISSUE OF ELEVATE CAMPUSES LTD
Here are the key highlights of the public issue of Elevate Campuses Ltd.
The IPO is open from September 23rd, 2026 to September 25th, 2026. It has a face value of ₹1 per share and the IPO price band has been fixed in the range of ₹343 to ₹362 per share.
The IPO of Elevate Campuses Ltd will be entirely by way of a fresh issue of shares with no offer for sale (OFS) component in the IPO.
The Fresh Issue portion of the IPO comprises the issue of 5,80,11,049 shares (580.11 lakh shares), which at the upper price band of ₹362 per share, translates into a fresh issue size of ₹2,100.00 crore.
Since there is no OFS portion in the IPO; the fresh issue portion will double-up as the total issue size too. Therefore, the overall IPO will comprise of the fresh issue of 5,80,11,049 shares (580.11 lakh shares), which at the upper price band of ₹362 per share translates into an overall issue size of ₹2,100.00 crore.
Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 100.00% pre-IPO to 65.58% post-IPO.
The IPO of Elevate Campuses Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on September 22, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Elevate Campuses Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wednesday, 23 September, 2026 |
| IPO Close Date | Friday, 25 September, 2026 |
| Basis of Allotment | Monday, 28 September, 2026 |
| Initiation of Refunds to non-allottees | Tuesday, 29 September, 2026 |
| Credit of Shares to Demat | Tuesday, 29 September, 2026 |
| Listing Date on NSE and BSE | Wednesday, 30 September, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 2,61,04,972 shares | 43.67% of total IPO size |
| QIB Shares Offered | 1,83,67,347 shares | 30.73% of total IPO size |
| NII (HNI) Shares Offered | 91,83,673 shares | 15.36% of total IPO size |
| Retail Shares Offered | 61,22,448 shares | 10.24% of total IPO size |
| Total Shares Offered | 5,97,78,440 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Elevate Campuses Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 41 | ₹ 14,842 |
| Retail (Max) | 13 | 533 | ₹ 1,92,946 |
| S-HNI (Min) | 14 | 574 | ₹ 2,07,788 |
| S-HNI (Max) | 67 | 2,747 | ₹ 9,94,414 |
| B-HNI (Min) | 68 | 2,788 | ₹ 10,09,256 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 41 shares)
FINANCIAL HIGHLIGHTS OF ELEVATE CAMPUSES LTD
The table captures the key financials of Elevate Campuses Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 568.63 | 369.81 | 347.00 |
| Sales Growth (%) | 53.76% | 6.57% | |
| Profit after Tax (₹ in crore) | 173.76 | 49.74 | 39.69 |
| PAT Margins (%) | 30.56% | 13.45% | 11.44% |
| Total Equity (₹ in crore) | 956.29 | 699.78 | 655.77 |
| Total Assets (₹ in crore) | 5,773.35 | 2,421.20 | 2,104.74 |
| Return on Equity (%) | 18.17% | 7.11% | 6.05% |
| Return on Assets (%) | 3.01% | 2.05% | 1.89% |
| Asset Turnover Ratio (X) | 0.10 | 0.15 | 0.16 |
| Earnings per share (₹) | 17.47 | 5.63 | 4.48 |
| EBITDA (₹ in Crore) | 440.08 | 267.08 | 230.20 |
| EBITDA Margins (%) | 77.39% | 72.22% | 66.34% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Between FY24 and FY26, the net margins have improved from 11.4% to 30.6%. However, this was largely by an exceptional gain of ₹105 crore for the sale of hostel undertaking. In the absence of the exceptional gain in FY26, the net profit margins would have been in the range of 12% to 13% only. Investors have to look at a more sustainable scenario.
VALUATION METRICS OF ELEVATE CAMPUSES LTD IPO
At the IPO price of ₹362 (upper band), the stock gets discounted at a P/E ratio of 20.7X, based on the latest FY26 EPS of ₹17.47. however, as stated earlier, this includes an exceptional gain of ₹105 crore from the sale of hostel undertaking. If that is eliminated, then the EPS would have been closer to ₹9.90 per share and the P/E discounting would be closer to 36.6X. IPO investors have to look at valuations after removing the impact of exceptional gains to get the real picture. The only concern could be that for such valuations, its net margins, ROE, and ROA levels are too low.
Apart from the financial numbers, there are some additional benefits that the company brings to the table. It is an industry leader in the outsourced accommodation business and is nearly twice the size of its nearest competitor. As of date, the company has captured less than 0.9% of the total addressable market (TAM). That leaves a huge potential. The company has fine tuned its inventory policies to optimize its stock to meet demand. With a presence in Dubai, it is also capturing the wealthier global market. Investors can look at the stock for its unique positioning, but only from a longer-term perspective.
2026-09-22 — Anchor allocation
ELEVATE CAMPUSES LTD IPO (ANCHOR ALLOCATION 43.67%)
BRIEF ON ANCHOR ALLOCATION OF ELEVATE CAMPUSES LTD
The anchor issue of Elevate Campuses Ltd saw a strong response on 22nd September 2026 with 43.67% of the IPO size absorbed by anchors. Out of 5,97,78,440 shares (597.78 lakh shares) on offer in the IPO; anchors picked up 2,61,04,972 shares (261.05 lakh shares) accounting for 43.67% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹362 per share. This includes the face value of ₹1 per share plus a share premium of ₹361 per share. The anchor bidding opened and closed on 22nd September 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Elevate Campuses Ltd
| Bid Date | September 22, 2026 |
|---|---|
| Shares Offered | 2,61,04,972 shares |
| Anchor Portion Size (₹ in crore) | ₹945.00 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Oct 27, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Dec 26, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN ELEVATE CAMPUSES LTD
On 22nd September 2026, Elevate Campuses Ltd allotted 2,61,04,972 shares to a total of 40 anchor investors. The allocation was done at the upper IPO price band of ₹362 per share which resulted in overall anchor allocation of ₹945.00 crore. The anchors have already absorbed 43.67% of the total issue size of ₹2,163.98 crore, after factoring in the employee discount offered in the IPO, if any.
Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹550.49 crores, or, 58.25% of the overall anchor allocation of shares, one trading day ahead of the IPO of Elevate Campuses Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | SBI Multi Asset Allocation Fund | 27,62,416 | 10.58% | ₹ 100.00 |
| 02 | SBI Multicap Fund | 24,86,158 | 9.52% | ₹ 90.00 |
| 03 | HDFC Balanced Advantage Fund | 16,57,466 | 6.35% | ₹ 60.00 |
| 04 | 360-One Real Assets Development Fund | 15,19,337 | 5.82% | ₹ 55.00 |
| 05 | 360-One Best in Class | 13,81,208 | 5.29% | ₹ 50.00 |
| 06 | Mirae Asset Aggressive Hybrid Fund | 12,43,079 | 4.76% | ₹ 45.00 |
| 07 | Bandhan Small Cap Fund | 12,43,079 | 4.76% | ₹ 45.00 |
| 08 | Ashoka Whiteoak Opportunities Fund | 9,80,392 | 3.76% | ₹ 35.49 |
| 09 | Government Pension Fund Global | 9,66,821 | 3.70% | ₹ 35.00 |
| 10 | Tata AIG General Insurance | 9,66,821 | 3.70% | ₹ 35.00 |
| Grand Total | 1,52,06,777 | 58.25% | ₹ 550.49 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 2,61,04,972 shares allocated to the anchors in the IPO, there was an allocation of 1,65,74,496 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 24 MF schemes of 8 asset management companies (AMC). Mutual funds accounted for 63.49% of the overall anchor allocation.
Out of the 2,61,04,972 shares allocated to the anchors in the IPO, there was no allocation of shares made to life insurance companies regulated by IRDAI.
The remaining anchor allocation was spread across FPIs, ODIs, SIFs, general insurers, and alternate investment funds (AIFs).
NEXT STEPS IN ELEVATE CAMPUSES LTD IPO
Post the closure of the IPO subscription on 25th September 2026, the basis of allotment will be finalized on 28th September 2026 and the refunds will be initiated on 29th September 2026. In addition, the demat credits are expected to also happen on 29th September 2026 and the stock will list on 30th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 29th September 2026 under ISIN (INE147X01013).
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