Elevate Campuses IPO closed its first day of subscription at 0.05x, driven primarily by retail participation which reached 0.07x, while institutional demand remained absent.

Subscription Status

The issue witnessed a tepid response on Day 1, with the total subscription multiple remaining significantly below the 1x threshold required for full allotment. The cumulative demand reflects cautious investor sentiment, particularly from institutional categories.

Intra-day Timeline on 23-09-2026

Subscription momentum picked up slightly towards noon, with the total multiple jumping from 0.01x to 0.05x between 11:15 IST and 12:15 IST.

Category-wise Breakdown

• Retail: This segment led the demand with a subscription level of 0.07x, marking a 40% increase from the initial snapshot.
• Non-Institutional Investors (NII): Small HNIs (sHNI) subscribed to 0.18x of their quota, while Big HNIs (bHNI) recorded 0.01x.
• Qualified Institutional Buyers (QIB): Institutional participation was non-existent, with QIBs subscribing to 0.00x.
• Employees: No subscriptions were recorded from the employee category.

Offer Details

• Price Band: ₹343.00 - ₹362.00
• Issue Size: ₹14,063 crore - ₹5,00,000 crore
• Min Bid Qty: 41 shares
• Open Date: 2026-09-23
• Close Date: 2026-09-25

About the Company

Elevate Campuses Limited operates an institutionalized platform for owning, operating, and managing on-campus student accommodation across Higher Educational Institutions (HEIs) in India and Dubai, along with K-12 school assets. The company operates under the 'Good Host Spaces' and 'ScholarZ' brands. As of March 31, 2026, it manages a capacity of 80,255 students across 16 cities, with 20,368 owned beds and 55,487 managed beds.

Financial Highlights

The company reported robust growth in FY2026, with revenue from operations rising 53.76% YoY to ₹5,686.33 million. Restated profit stood at ₹1,737.59 million, supported by a high EBITDA margin of 90.32%.

Objects of the Issue

• Acquisition of K-12 Assets: Utilize net proceeds towards payment of purchase consideration for acquiring K-12 Entities and Campuses from fellow subsidiaries of Promoters.
• Debt Repayment: Repay or prepay outstanding borrowings availed by the company and certain wholly-owned subsidiaries to reduce indebtedness.
• Inorganic Growth: Fund unidentified acquisitions and strategic initiatives to complement business operations.
• General Corporate Purposes: Marketing, brand building, capital expenditure for infrastructure, and working capital requirements.

Risk Factors

• Revenue Concentration: A significant portion of revenue is derived from just three HEIs (O.P. Jindal Global University, Manipal University Jaipur, and Shoolini University).
• Occupancy Dependency: Revenue heavily depends on occupancy rates in the Owned Portfolio, which declined from 99.92% in AY2024 to 89.37% in AY2026.
• High Indebtedness: Total borrowings stood at ₹41,205.34 million as of March 31, 2026, with significant exposure to floating interest rates.
• Integration Risks: Challenges associated with acquiring K-12 assets from promoter entities, including operational issues and statutory approval discrepancies.