Elevate Campuses IPO Review: Price Band, Dates, Lot Size, Financials and RisksElevate Campuses IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The Elevate Campuses IPO opens on September 23 and closes on September 25, 2026. Elevate Campuses Limited is an education infrastructure company engaged in owning, operating, and managing on-campus student accommodation for higher education institutions (HEIs) and owning K-12 school assets. The company operates its student accommodation business under the Good Host Spaces and ScholarZ brands. The company is raising ₹2,100 crore through a fresh issue of 5.80 crore shares.

IPO Snapshot

Event	Date
IPO Opens	September 23, 2026
IPO Closes	September 25, 2026
Allotment Date	September 28, 2026
Refund	September 29, 2026
Shares Credited to Demat	September 29, 2026
Listing Date (BSE, NSE)	September 30, 2026

Price Band and Lot Size

Detail	Value
Price Band	₹343 to ₹362 per share
Face Value	₹1 per share
Lot Size	41 shares
Minimum Investment	₹14,063 to ₹14,842
Retail Maximum	13 lots, or 533 shares (₹1,92,946)
Fresh Issue	₹2,100 crore (5,80,11,049 shares)
Offer for Sale	Nil
Total Issue Size	₹2,100 crore
Listing	BSE and NSE

Pre-issue shareholding stood at 11,05,19,988 shares, rising to 16,85,31,037 shares post-issue. The entire issue is a fresh issue, so all proceeds will go to the company for the stated objects.

What Does Elevate Campuses Actually Do

Elevate Campuses Limited, incorporated in 2005, is an education infrastructure company engaged in owning, operating, and managing on-campus student accommodation for higher education institutions (HEIs) and owning K-12 school assets. The company operates its student accommodation business under the Good Host Spaces and ScholarZ brands.

As of March 31, 2026, the company’s Pre-Acquisition Group had a student accommodation capacity of 80,255 students across 15 cities in India and one city in the United Arab Emirates. Its portfolio included seven owned student accommodation campuses with 20,368 beds across six Indian cities and 14 managed campuses with 55,487 beds.

The company provides operational services covering deal sourcing, site selection, development, asset acquisition, asset repositioning, and community engagement. It also provides community and campus technology services, including media coverage of HEIs and community events.

The company works with educational institutions including Manipal Academy of Higher Education, Manipal University, Jaipur and Meraki Education. As of March 31, 2026, its owned student accommodation portfolio recorded an occupancy rate of 89.37% for the Academic Year 2025-26.

Since commencing operations as an independent owner and operator of student accommodation in Financial Year 2018, the company has expanded its owned student accommodation portfolio from 9,153 beds to 20,368 beds as of March 31, 2026.

As of March 31, 2026, the company had 460 full-time employees in its Pre-Acquisition Group.

The Money Numbers

Metric	FY24	FY25	FY26
Total Income (₹ Crore)	362.61	394.13	603.39
Profit After Tax (₹ Crore)	39.69	49.74	173.76
Total Assets (₹ Crore)	2,104.74	2,421.20	5,773.35
Net Worth (₹ Crore)	655.77	699.78	956.29

All numbers are taken from the company’s official IPO document (RHP) and cross-checked with trusted sources.

Total income grew from ₹362.61 crore in FY24 to ₹603.39 crore in FY26, up 53% between FY25 and FY26. Profit after tax more than tripled from ₹49.74 crore in FY25 to ₹173.76 crore in FY26, up 249%. Total assets increased from ₹2,104.74 crore to ₹5,773.35 crore, while net worth grew from ₹655.77 crore to ₹956.29 crore over the same period.

EBITDA rose from ₹220.13 crore in FY24 to ₹256.40 crore in FY25 and ₹545.00 crore in FY26, with EBITDA margin improving from 60.71% to 90.32%. Total borrowings stood at ₹4,120.53 crore in FY26, with debt-to-equity at 4.98 times.

Return ratios were strong: ROE stood at 18.17% and ROCE at 6.42% in FY26, with RoNW at 18.17% and NAV of ₹432.62 per share. Basic EPS for FY26 was ₹15.72 pre-issue and ₹10.31 post-issue. At the upper price band of ₹362, this implies a pre-issue P/E of 23.03 times and a post-issue P/E of 35.11 times. Price-to-book value at the offer price works out to 1.14 times.

Objects of the Issue

Purpose	Amount (₹ Crore)
Payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses	1,100.00
Repayment and/or prepayment of certain outstanding borrowings of the Company and certain Subsidiaries	750.00
Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes	Balance amount
Total identified objects	1,850.00

Against a fresh issue of ₹2,100 crore, the company has earmarked ₹1,100 crore for payment of the purchase consideration for the acquisition of the K-12 Entities and Campuses and ₹750 crore for repayment and/or prepayment of certain outstanding borrowings of the company and certain subsidiaries (GHS Shoolini, GHS Sonipat, Souk HIS UAE and Souk NLCS UAE). The remaining approximately ₹250 crore will be used for funding inorganic growth through unidentified acquisitions, other strategic initiatives, and general corporate purposes.

Strengths

• Strong revenue growth, with total income increasing 66.5% from FY24 to FY26.
• Exceptional profitability improvement, with PAT more than tripling from ₹49.74 crore to ₹173.76 crore between FY25 and FY26.
• Leading position in the organized student accommodation market in India.
• Diversified portfolio across 15 cities in India and one city in the UAE.
• High occupancy rate of 89.37% for owned student accommodation in Academic Year 2025-26.
• Strong brand presence under Good Host Spaces and ScholarZ.
• Experienced management team with a track record in education infrastructure.
• Partnerships with reputed educational institutions, including Manipal Academy of Higher Education.
• Strong EBITDA margin improvement from 60.71% to 90.32% between FY24 and FY26.
• Scalable business model with potential for further expansion.

Risks

• High debt-to-equity ratio of 4.98 times in FY26, indicating significant leverage.
• ROCE of 6.42% is moderate compared to the high leverage.
• The company operates in the education infrastructure sector with exposure to regulatory changes in the education sector, student enrollment cycles, and competition from other accommodation providers.
• A significant portion of the fresh-issue proceeds (₹1,100 crore out of ₹2,100 crore) is earmarked for acquisitions, which carries execution and integration risk.
• The business is capital intensive, with total assets of ₹5,773.35 crore and total borrowings of ₹4,120.53 crore as of FY26.
• Occupancy rates are subject to seasonal variations and student enrollment trends.
• The company’s expansion depends on securing suitable properties and partnerships with educational institutions.
• The K-12 school acquisition strategy carries regulatory and operational risks specific to the school education sector.
• Geographic concentration in certain cities may expose the company to regional economic and regulatory risks.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 23 and September 25.

If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks Elevate Campuses’ live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.

Frequently Asked Questions