Elevate Campuses IPO listing: Shares make muted debut, list at nearly 2% discount

Shares of Elevate Campuses Ltd. are set to debut on the bourses on Wednesday, September 30, after its ₹2,100 crore initial public offering (IPO) was subscribed 1.79 times during the three-day bidding period from September 23 to September 25.

The issue received bids for 6,02,69,672 equity shares against 3,36,73,468 shares on offer. The qualified institutional buyers (QIBs) portion was subscribed 2.52 times, while the non-institutional investor (NII) category was subscribed 84%. The retail portion was subscribed 1.01 times.

Elevate Campuses had fixed the IPO price band at ₹343-₹362 per share. At the upper end of the price band, the issue values the company at a market capitalisation of around ₹6,100 crore.

Ahead of the listing, Elevate Campuses shares were commanding a premium of around ₹6 per share in the unlisted market. However, grey market premium (GMP) rates are speculative in nature and may not reflect the actual listing price.

The company was completely promoter-owned before the IPO. Following the issue, the promoter stake will fall to 65.58%.

About Elevate Campuses

Backed by Singapore-based Hillhouse Investment, Elevate Campuses owns and manages student housing for colleges and universities and owns K-12 school buildings that it leases to educational institutions. The company is an education infrastructure provider and is not an educator itself.

Elevate Campuses owns hostels and paying guest (PG) accommodation on or near university campuses, including those associated with Manipal, O.P. Jindal Global University and Shoolini University, among others.

Of the company's total bed capacity, 20,368 beds are fully owned, while 55,487 beds are operated under management contracts with institutions. The company earns rental income and fees from services such as dining, laundry, gyms and other campus facilities.

K-12 refers to the education system covering kindergarten through Grade 12.

How will Elevate Campuses use IPO proceeds?

Nearly half of the ₹2,100 crore raised through the IPO will be used to acquire 16 K-12 entities and campuses from the promoter group and its connected entities.

Another ₹750 crore will be used to repay or pre-pay borrowings, while the remaining proceeds will be deployed towards unidentified inorganic growth opportunities and general corporate purposes.

Financial performance

During financial year 2026, Elevate Campuses reported a 32.2% year-on-year increase in revenue to ₹806.9 crore, compared with ₹610.5 crore in financial year 2025.

Its EBITDA margin expanded sharply to 85.9% in financial year 2026 from 66.5% a year earlier. Profitability also more than tripled to ₹207 crore from ₹68.1 crore in financial year 2025.

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