Elevate Campuses IPO subscribed 20% on day 1

The offer received bids for 67.94 lakh shares as against 3.36 crore shares on offer.

The initial public offer (IPO) of Elevate Campuses was subscribed 0.20 times on the first day of bidding on 23 September 2026, according to stock exchange data at 17:00 IST. The issue received bids for 67,94,110 shares against 3,36,73,468 shares on offer.

The IPO opened for subscription on 23 September 2026 and will close on 25 September 2026. The price band has been fixed at Rs 343 to Rs 362 per share.

The issue is entirely a fresh issue of shares worth Rs 2,100 crore at the upper end of the price band, with no offer-for-sale component. The minimum bid is 41 shares. The equity shares are proposed to be listed on the BSE and NSE.

On 22 September 2026, the company's board finalised the allocation of 2.61 crore equity shares to anchor investors at Rs 362 per share. Of the total allocation, 1.65 crore shares, or 63.49%, were allotted to eight domestic mutual funds through 24 schemes.

The company plans to use Rs 1,100 crore from the IPO proceeds towards the acquisition of K-12 entities and campuses from subsidiaries of its promoters. It proposes to acquire six special purpose vehicles that have investments in 16 K-12 assets with a combined bed/student capacity of 24,086. The six SPVs reported revenue of Rs 238.29 crore in FY2026 and had total assets of around Rs 1,604.12 crore and net worth of Rs 695.67 crore as of 31 March 2026.

Another Rs 750 crore will be used to repay certain borrowings, with the balance earmarked for general corporate purposes.

Elevate Campuses is an education infrastructure company that owns, operates and manages on-campus student accommodation for higher education institutions and owns K-12 school assets. Its student accommodation business operates under the Good Host Spaces and ScholarZ brands.

As of 31 March 2026, the company's pre-acquisition group had student accommodation capacity of 80,255 students across 15 cities in India and one city in the UAE. Its portfolio included seven owned student accommodation campuses with 20,368 beds across six Indian cities and two K-12 assets in Dubai with a total student capacity of 4,400. Its managed portfolio comprised 14 student accommodation campuses with 55,487 beds under management.

Elevate Campuses works with educational institutions including Manipal Academy of Higher Education, Manipal University, Jaipur and Meraki Education. Its owned student accommodation portfolio recorded an occupancy rate of 89.37% for Academic Year 2025-26.

The company has expanded its owned student accommodation portfolio from 9,153 beds when it began operations as an independent owner and operator in FY2018 to 20,368 beds as of 31 March 2026.

Financially, consolidated sales increased 53.8% to Rs 568.63 crore in FY2026 from Rs 369.81 crore in FY2025. Operating profit rose 67% to Rs 405.32 crore, while operating profit margin expanded to 71.28% from 65.64%.

Profit before exceptional items increased 9.5% to Rs 98.84 crore. Profit before tax after exceptional items rose 155.9% to Rs 203.76 crore, while profit after tax increased 249.3% to Rs 173.76 crore in FY2026.

As of 31 March 2026, consolidated borrowings stood at Rs 4,120.53 crore. The proposed repayment of Rs 750 crore from IPO proceeds is expected to reduce the company's interest cost.

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