Elevate Campuses, a student accommodation and K-12 education asset manager, launched its Rs. 2,100-crore initial public offering (IPO) on September 23, 2026. By midday, the issue had attracted bids for only 5% of the shares on offer, reflecting cautious investor sentiment. The price band is set at Rs. 343–Rs. 362 per share, and the subscription window remains open until September 25.
Day One Subscription Details
As per NSE data at 12:08 p.m. IST, investors bid for 15,98,836 shares against the total 3,36,73,468 shares available. The retail portion saw 7% subscription, while non-institutional investors subscribed to 12% of their allocation. A later update at 12:40 p.m. maintained the overall subscription at 5%, with retail at 8% and non-institutional at 13%. The qualified institutional buyer (QIB) portion had received no bids at that time. These figures are midday snapshots and may change before the issue closes.
Price Band, Lot Size, and Listing Timeline
The IPO consists entirely of fresh equity shares with no offer-for-sale component. At the upper end of the price band, the company aims to raise Rs. 2,100 crore. The minimum bid is 41 shares, costing Rs. 14,842 at Rs. 362 per share. The company is expected to list on the NSE and BSE on September 30, subject to completion of the offer process.
Proceeds from the IPO will be used to acquire K-12 education entities and campuses, repay borrowings, and meet other corporate needs. The company has allocated Rs. 750 crore for debt repayment or prepayment. Prior to the public issue, Elevate Campuses raised Rs. 945 crore from anchor investors.
About Elevate Campuses
Elevate Campuses owns and manages student accommodation at higher education institutions and also owns K-12 school assets. Its services include housing, dining, safety, and campus operations. As of March 31, 2026, the company’s owned student accommodation portfolio covered seven campuses with over 20,000 beds, and it managed an additional 14 campuses with more than 55,000 beds. The company reported capacity to serve 80,255 students across 15 Indian cities and one city in the UAE as of FY26.
Planned expansions include adding 2,128 beds at IIT Madras and UPES Dehradun, as well as growth in the managed portfolio and K-12 assets. These additions are part of the company’s growth strategy but do not affect the midday subscription figures.
Brokerage Views and Concerns
Brokerages have issued neutral calls on the IPO. SBI Securities assigned a ‘neutral’ rating, noting that debt would remain elevated despite the planned Rs. 750-crore repayment and preferring to track the company’s performance post-listing. Swastika also gave a ‘neutral’ call, citing leverage, client concentration, and the proposed use of proceeds for a related-party acquisition.
Swastika highlighted that Elevate Campuses’ FY26 profit after tax of Rs. 173.8 crore included an exceptional gain of about Rs. 105 crore from an asset sale. Excluding that gain, profit is estimated at around Rs. 68–70 crore, making the valuation appear demanding.
Meanwhile, the unofficial grey market price was reported at Rs. 367, a premium of Rs. 5 over the top of the IPO band. Grey market prices are unofficial and do not determine the listing price.
